Full Prospectus MARAL MACRO, FI

CNMV Fund Registration No.: 4374

The value of the assets of an investment fund, whatever its investment policy, is subject to market fluctuations, so investors may experience gains or losses. The simplified prospectus is a separable part of the full prospectus, which contains the Management Rules and more detailed information. The simplified prospectus must be delivered, before the contract is entered into, together with the most recently published half-yearly report. All these documents, with the latest quarterly and annual reports, may be requested free of charge and may be consulted by electronic means at the Management Company or at the distributors, as well as in the CNMV Registers. For further clarifications, please contact these entities. GENERAL INFORMATION ABOUT THE FUND Date of incorporation of Fund: 06/05/2011 Management Company: ABANTE ASESORES GESTION, SGIIC, S.A. Depositary: BANKINTER, S.A. Auditor: PricewaterhouseCoopers Auditores, S.L. INVESTMENT POLICY Fund and investor risk profile: High. Category: Investment Fund. ABSOLUTE RETURN. Indicative investment horizon: 3-5 years. Management objective, investment policy and risks: The Fund is a global absolute return fund. Its objective is to obtain positive risk-adjusted returns under any market circumstances (bull or bear markets). The annual return target of the Fund is set at 10%, with an average annual volatility target of around 7%, so that the Sharpe ratio is close to 1, bearing in mind that there is neither a guaranteed maximum annual loss nor a guaranteed minimum annual return. Manageme nt decisions are taken through Global Macro strategies, which seek to identify movements in interest rates, shares, exchange rates, commodities and credit, depending on the stage of the business cycle, the policies of central banks and other macroeconomic factors that may exert a material influence on the prices of the different financial assets. The Fund may invest, without there being any predetermined percentages, in public or private equity or fixed income assets (i ncluding sight deposits or term deposits maturing within one year at credit institutions of EU or OECD countries subject to prudential supervision and unlisted money market instruments, provided they are liquid), derivatives on equity indices, exchange rate derivatives, commodity derivatives for which there is a secondary trading market, and credit derivatives. There is no predetermined rule regarding geographical area (the Fund may invest in emerging countries, where appropriate), industry sector or capitalisation. With respect to the fixed income portfolio, the Fund will invest in securities that are highly rated (minimum A- by S&P or equivalent) or medium-rated (BBB+/BBB/BBBby S&P or equivalent). Where the securities are unrated, the issuer rating will be used. The duration of the fixed income por tfolio will be between 0 and 15 years. The Fund may invest up to 10% of the assets in other collective investment schemes (CISs) not belonging to the Management Companys Group that are qualifying assets, whether harmonised or not. The total exposure to currency risk is not predefined and may be from 0 to 100% of the total exposure. All management will be carried out within a strict risk control framework. The risk measurement model used will be absolute Value at Risk (VaR), with a time horizon of one day and a confidence level of 99%. The maximum daily VaR limit will be 4.47% of the assets. The Fund intends to use significant leverage, although this leverage will be determined by the maximum VaR assumable by the Fund. As this is intended to be a multi-asset fund, the expected leverage may vary between 0% and 250%. The Fund will adopt an active management style, which may entail higher brokerage expenses than are traditional. The Fund may invest more than 35% of its assets in securities issued or guaranteed by an EU Member State, an Autonomous Community of Spain, a local authority, the international bodies of which Spain is a member and sovereigns that have a credit rating no lower than that of the Kingdom of Spain. It may buy and sell exchange-traded and OTC derivatives for hedging and investment purposes. Such buying and selling entails risks due to the possibility that the hedge is not perfect, due to the leverage it entails and due to the absence of a clearing house. The upper limit to market risk exposure through financial derivatives is the amount of the net assets. Up to an overall maximum of 10% of the assets may be invested in assets that could add greater risk than the rest of the investment s because of their characteristics, including liquidity, type of issuer or degree of investor protection. Specifically, the Fund may invest in: - Shares or fixed income assets admitted to trading in any market or trading system that does not have characteristics similar to those of the official Spanish markets or that are not subject to regulation or that have other mechanisms to guarantee liquidity with at least the same frequency as that with which the investing fund services redemptions of its shares or units. Assets and markets will be selected seeking investment opportunities or possibilities of diversification, without it being possible to predetermine asset classes or locations. - Shares or units of any collective investment scheme (CIS), whether investing in financial assets or in real estate (in the latter case its redemption value will be at least quarterly), including those that may invest more than 10% in other CISs. Both Spanish and foreign CISs not belonging to the Management Companys Group will be selected in which clear investment opportunities are perceived, irrespective Date of registration with the CNMV: 10/06/2011 Management Group: ABANTE Depositary Group: BANKINTER

1 Prospectus last updated: 16/06/2011

of the market in which the CISs operate or the assets in which they invest. The selection will focus mainly on CISs with geographical exposure to the markets of OECD countries, although other markets are not ruled out. - Shares or units of hedge funds and funds of hedge funds not belonging to the Management Companys Group. These CISs will be selected on the basis of quantitative criteria. It will be a requirement that they help to optimise the risk/return balance of the portfolio as a whole and that they be managed by management companies with acknowledged management and back office expertise. - Shares and units of regulated private equity firms, whether managed by companies belonging to the Management Companys Group or not, or of foreign private equity firms similar to the Spanish ones. - Deposits in any credit institution, without there being any restriction at maturity and without there being any predetermined requirement regarding the location of the institutions. Warnings about the primary risks of the investments: The investments described in this prospectus may, among other risks, entail equity market risk, interest rate risk, exchange rate risk, credit risk, liquidity risk, emerging market risk, and geographic or sectoral concentration risk. Consequently, the redemption value per unit may have high volatility. Complementary information about the investments: The VaR risk measurement model may entail an exposure to market risk through financial derivatives that is greater than the net asset value indicated in the section on management objective, investment policy and risks. The investment horizon may vary from intra-day positions to exposures with a time horizon of 1 year; in general, however, the investments will be centred on securities and financial instruments with high liquidity. The asset allocation is intended to achieve a balance between expected return, based on the managers judgement, and the risk contribution of each particular strategy. The investment decision making techniques used to achieve the stated objective are Top-Down Fundamental Analysis, Micro Analysis, Quantitative Analysis and Technical Analysis. The Fund invests in other CISs, although it may not invest more than 10% of its assets in them. Lower portfolio risk may be permitted on a temporary basis without this entailing a change in investment objectives. Details of the risks inherent in the investments: Credit risk: Investing in fixed income assets entails credit risk associated with the issuer or with the securities. Credit risk is the ri sk that the issuer will be unable to pay principal and interest when due. Rating agencies assign credit ratings to certain fixed income issuers/securities to indicate their probable credit risk. As a general rule, the price of a fixed income security will fall if the issuer fails to meet payments of principal or interest, the rating agencies downgrade the issuer or the security, or other news affects market perceptions of its credit risk. Issuers and securities with a high credit rating have low credit risk, while issuers and securities with a medium credit rating have moderate credit risk. Selecting fixed income issuers or securities without a credit rating or with a low credit r ating entails accepting a high credit risk. Emerging country investment risk: Investments in emerging markets may be more volatile than investments in developed markets. Some emerging countries may have relatively unstable governments, economies based on a small number of industries, and securities markets in which a limited number of securities are traded. The risk of nationalisation or expropriation of assets and of social, political and economic upheaval is higher in emerging markets than in developed markets. The securities markets of emerging countries usually have a considerably smaller trading volume than those of developed countries, resulting in lack of liquidity and high price volatility. Market risk: Market risk is a general risk inherent in the fact of investing in any class of asset. The market price of assets depends in particular on trends in the financial markets and on the economic circumstances of the issuers, which in turn are influenced by the general state of the world economy and political and economic circumstances in the issuers countries. In particular, investments entail: - Market risk due to investment in equity securities: Arising from changes in the price of equity assets. The equity market generally has high volatility, which means that equity prices can change by a significant amount. - Interest rate risk: Changes or fluctuations in interest rates affect the price of fixed income assets. Interest rate increases generally push the prices of fixed income assets down, while interest rate decreases push prices up. The sensitivity of the prices of fixed income securities to fluctuations in interest rates increases with the time to maturity of the assets. - Exchange rate risk: Investing in assets denominated in currencies other than the reference currency of the investments entails a risk arising from fluctuations in the exchange rate. Liquidity risk: Investments in small cap stocks or in small markets with limited trading volume may be illiquid, which may adversely affect the prices at which the Fund may be obliged to sell, buy or change its positions. Geographic or sector concentration risk: Concentrating a substantial proportion of the investments in a single country or a limited number of countries entails accepting the risk that economic, political and social conditions in those countries may have a significant impact on the return of the investment. Similarly, the return of a fund that concentrates its investments in a single sector or a limited number of sectors will be closely tied to the profitability of companies in those sectors. Companies in the same sector often face the same obstacles, problems and regulatory burdens, so the prices of their securities may react in a similar and more harmonised way to these or other market conditions. Changes in the prices of the assets in a portfolio will therefore have a bigger impact on the return to the investor if the portfolio is concentrated than it would if the portfolio were more diversified. Risks due to investing in financial derivatives: The use of financial derivatives, even as hedges of cash investments, also entails risks, such as the possibility that the movement in the value of the derivative contracts and of the hedged items may not be perfectly correlated, so that the hedge may not be as effective as expected.

2 Prospectus last updated: 16/06/2011

Investments in financial derivatives entail other risks in addition to those of cash investments due to the leverage they entail, which makes them especially sensitive to changes in the price of the underlying and may multiply any losses on the portfolio. Furthermore, purchasing derivatives that are not traded on a derivatives exchange entails additional risks such as counterparty default, given that there is no clearing house to bring the parties together and ensure that transactions are completed satisfactorily. The portfolio composition may be consulted in the periodic reports. PROCEDURE FOR SUBSCRIPTIONS AND REDEMPTIONS Frequency of calculation of the net asset value (NAV): Daily. NAV applicable: That of the day of the subscription or redemption request. Place of publication of the NAV: Trading Bulletin of the Madrid Stock Exchange. Processing of subscription and redemption orders: Orders submitted after 2:00 p.m. or on non-business days will be executed together with the orders submitted on the following business day. For these purposes, a business day is any day from Monday to Friday except bank holidays throughout Spain. Days on which there is no market for assets representing more than 5% of the NAV will not be considered business days. Distributors may set earlier cutoff times than those established for general purposes by the Management Company, in which case they must notify unitholders accordingly. The Management Company may require up to 10 days notice for redemptions in excess of 300,000.00 euros. When the total amount paid out to the same unitholder in a given 10-day period equals 300,000.00 euros or more, the Management Company will require 10 days notice for any further redemption requests, whatever the amount, submitted within the 10 days following the last redemption. In calculating the figures specified in this paragraph, the total amount of the redemptions ordered by any one representative will be taken into account. However, if there is liquidity, the redemption requests of any unitholder will be settled in the same way as an y other request received that day; and if there is insufficient liquidity to meet the redemption request, the necessary liquidity will be generated, without waiting for the maximum time limit of 10 days to expire. In that case, the NAV applicable to these redemptions will be the NAV applicable to transactions carried out on the day on which the results of the asset sales the Fund has to carry out in order to obtain the necessary cash to meet the redemption requests were recognised. Payment for units redeemed will be made by the Depositary no later than three business days after the date of the NAV applicable to the redemption request. Exceptionally, this time limit may be extended to five business days when special rules applicable to investments exceeding five percent of the assets so require. In the case of transfers, the unitholder must take into account the special rules applicable to transfers as opposed to subscriptions and redemptions. SALES INFORMATION Currency of the units: Euros. Minimum initial investment: 10 euros. Benefits or services associated with the investment: Abante Asesores Distribucin, A.V., S.A., as Distributor, offers clients the possibility of submitting periodic subscription or redemption orders for the amount, time, frequency and payment dates indicated in the request. Main distributors: Abante Asesores Distribucin, A.V., S.A. and any other legally authorised entity with which a distribution agreement has been signed. FEES AND EXPENSES Fees applied Management (annual) Applied directly to the fund Depositary (annual) Applied directly to the fund 0.1% Assets 1.35% 9% Assets Results Percent Calculation basis Tranches / terms

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Independently of these fees, the fund may bear the following costs: brokerage, settlement, CNMV rates, auditing, and interest on loans or overdrafts. The legally stipulated upper limits to fees and discounts are as follows: Management fee: 2.25% per year if calculated on the funds assets 18% if calculated on the funds annual return 1.35% per year on the assets, plus 9% on the annual return if calculated on both variables Depositary fee: 0.20% per year of the funds assets. Subscription and redemption fees and discounts: 5% of the price of the units. Calculation of performance fee: The Management Company will establish a system for calculating performance fees that avoids any investor having to pay fees when the redemption value of his units is less than a value reached previously by the Fund for wh ich he has already paid performance fees. Accordingly, a performance fee will be charged only in years in which the redemption value is higher than any other value reached previously in years in which a performance fee was charged (high water mark). Notwithstanding the foregoing, any given high water mark will only be binding on the Management Company for a period of 3 years. RETURN AND EXPENSES The information contained in the Funds last published half-yearly report on the past performance of the unit and overall fund expenses expressed as a percentage of average assets is attached hereto as an annexe. It should be noted that past performance is not an indicator of future performance. OTHER INFORMATION This document contains the necessary information for an investor to be able to make an informed judgement about a proposed investment. Read it carefully and, if necessary, seek professional advice. The information contained in this prospectus may be changed in the future. Any such changes will be made public in the manner required by law, giving the unitholder the right to withdraw, where appropriate. The positive verification and consequent registration of the prospectus by the CNMV does not imply any recommendation to subscribe for the units described in the prospectus nor any pronouncement regarding the solvency of the fund or the yield or quality of the units offered. Periodic reporting requirements The Management Company or the Depositary must send each unitholder an account statement at least once a month. If a period en ds without any subscriptions or redemptions, the sending of the statement may be postponed until the following period, although a statement must always be sent at the end of the year. Where the unitholder expressly so requests, the statement may be sent by electronic means. The Management Company shall send successive annual and half-yearly reports to unitholders free of charge, unless the unitholder expressly waives the right to receive them, and also quarterly reports to any unitholders that expressly request them. Where the unitholder so requests, said reports will be sent by electronic means. Taxation The taxation of the income obtained by unitholders from their units will depend on the tax legislation applicable to them in their particular circumstances. In case of doubt, investors are advised to seek professional advice. The returns obtained by Investment Funds are taxed at 1% for Corporate Income Tax. Income obtained by natural persons residing in Spain as a result of the redemption or transfer of units is treated as either a capital gain, subject to withholding tax at 19%, or a capital loss. Income obtained by natural persons residing in Spain as a result of the redemption or transfer of units will be included, for personal income tax purposes, in the net tax base for savings income. The net tax base for savings income, less the personal and family allowance referred to in the Personal Income Tax Law, will be taxed at the rate of 19% for the first 6,000 and 21% for the rest. The foregoing is without prejudice to the tax regime provided for in current laws and regulations applicable to transfers between CISs. With respect to income obtained by legal persons who are non-residents or who are subject to special tax regimes, the legal rules will apply. Financial statements: The accounting period ends on 31 December of the calendar year. INFORMATION ABOUT THE MANAGEMENT COMPANY AND RELATIONS WITH THE DEPOSITARY Date of incorporation: 30/11/2001 Date of registration and registration no.: Registered on 11/01/2002 under number 194 in the appropriate CNMV register. Registered office: PADILLA, 32 in MADRID, province of MADRID, postal code 28006 As recorded in the CNMV Register, the issued capital amounts to 2,125,100.00 euros. The Significant holdings of the Management Company may be consulted in the CNMV Register in which it is registered. Information about related party transactions: On behalf of the Fund, the Management Company may carry out the kinds of related party transactions envisaged in article 67 of the Law on Collective Investment Undertakings (LIIC). For this purpose the Management Company has adopted procedures, which are described

4 Prospectus last updated: 16/06/2011

in its Rules of Conduct, for preventing conflicts of interest and ensuring that related party transactions are carried out in the exclusive interest of the Fund and at prices or on terms equal to or better than market prices or terms. The periodic reports will include information about any related party transactions carried out. If the Management Company has delegated some of its functions to another entity, the periodic reports will include any related party transactions carried out on behalf of the Fund with this other entity or with entities related to it. Internal systems for monitoring market depth: The Management Company has internal systems for monitoring the depth of the market for the securities in which the Fund invests, considering the usual trading volume and the volume invested, with the aim of ensuring orderly settlement of the Funds investments through the normal trading mechanisms. Information about the Directors: Directors Name SANTIAGO SATRUSTEGUI PEREZ DE VILLAAMIL SANTIAGO SATRUSTEGUI PEREZ DE VILLAAMIL JOAQUIN CASASUS OLEA, JOAQUIN CASASUS OLEA, M DE LAS VIAS HERRERA HERNAMPEREZ ANGEL OLEA RICO MARTA EIZAGUIRRE CAVESTANY

Position CHAIRMAN CEO GENERAL MANAGER DIRECTOR DIRECTOR DIRECTOR SECRETARY (NOT A DIRECTOR)

Represented by

Date appointed 28/04/2006 28/04/2006 18/02/2004 28/04/2006 18/02/2004 18/02/2004 17/04/2007

Other activities of the Directors: As stated in the CNMV Register, SANTIAGO SATRUSTEGUI PEREZ DE VILLAAMIL, JOAQUIN CASASUS OLEA, M DE LAS VIAS HERRERA HERNAMPEREZ and MARTA EIZAGUIRRE CAVESTANY carry on activities outside the company that are significant in relation to the company. The Management Company and the Depositary do not belong to the same economic group, based on the circumstances described in art. 4 of the Securities Market Law (Ley del Mercado de Valores). DETAILS OF THE DEPOSITARY Date of registration and registration no.: Registered on 06/06/1990 under number 27 in the CNMV register. Registered office: PASEO DE LA CASTELLANA no. 29 in MADRID, postal code 28046 Principal activity: Credit institution

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OTHER FUNDS MANAGED BY THE SAME MANAGEMENT COMPANY

Name ABANTE ASESORES GLOBAL, FI ABANTE BOLSA ABSOLUTA, FI ABANTE BOLSA, FI ABANTE PATRIMONIO GLOBAL, FI ABANTE RENTA, FI ABANTE RENTABILIDAD ABSOLUTA, FI ABANTE SELECCION, FI ABANTE TESORERIA, FI ABANTE VALOR, FI GESTIOHNA BOLSA DINAMICA, FI GESTIOHNA MODERADO, FI KALAHARI ALPHA FI OKAVANGO DELTA, FI SMART-ISH FONDO DE GESTORES F.I. BUCLE INVERSOR, SICAV, S.A. CARTERA KEFREN, SICAV, S.A. FALUM INVERSIONES, SICAV S.A. NEMORINO SICAV S.A. NOMIT GLOBAL, SICAV, S.A. SANTEUL INVEST, SICAV S.A. PERSONS RESPONSIBLE FOR THE CONTENT OF THE PROSPECTUS

Type of fund Investment Fund Investment Fund Investment Fund Investment Fund Investment Fund Investment Fund Investment Fund Investment Fund Investment Fund Investment Fund Investment Fund Investment Fund Investment Fund Investment Fund SICAV SICAV SICAV SICAV SICAV SICAV

The Management Company and the Depositary assume responsibility for the content of this Prospectus and declare that, in their judgment, the information contained in the prospectus is accurate and nothing has been omitted that would be likely to alter its import.

6 Prospectus last updated: 16/06/2011