<img src="https://ml-eu.globenewswire.com/Resource/Download/3d8c3a25-afdd-4926-b0fc-d1dd8c235dc4?size=2" nborder="0" align="left" hspace="5" vspace="5" title="Imagotipo principal positivo.png" alt="Circular AV"/><div style="float:right;padding:0 0 15px 20px;margin:15px 0 20px 20px;width:300px">
 Pablo Cano Escoriaza
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 <img src="https://ml-eu.globenewswire.com/Resource/Download/b83ac42b-f3a9-4818-9c37-b51eb7e67587" title="Pablo Cano Escoriaza" alt="Pablo Cano, Citywire AAA-rated co-founder of Circular." />
 <figcaption>Pablo Cano, Citywire AAA-rated co-founder of Circular.</figcaption>
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 Álvaro Sanmartín, co-founder of Circular
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 <img src="https://ml-eu.globenewswire.com/Resource/Download/a84aa090-c716-4ebb-a05b-b9f74c7689f4" title="Álvaro Sanmartín, co-founder of Circular" alt="Álvaro Sanmartín, co-founder of Circular and Spanish State Economist." />
 <figcaption>Álvaro Sanmartín, co-founder of Circular and Spanish State Economist.</figcaption>
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</div>MADRID, 15 September.- <a href="https://www.globenewswire.com/Tracker?data=Y-UPi29lEDL71BanZ71tPJD0j2uQIkojW-R2NCUuqvdFNoTBTE4XDasCdrX2SDYNMOw-Vy1nlOl1-Jlf-AqsVA==" rel="nofollow" target="_blank" title="Circular">Circular</a>, a new independent Spanish investment firm founded by financial professionals <a href="https://www.globenewswire.com/Tracker?data=zpjy6StAoOYR0v4WnD6msAZHAT_cJC8VSfysheAdZ0qxOXua_LZ6jz8mFM3_6AXFAj_Eau-LjiTDuruzc3WSn2iGRQScc55UFI2YAYiaqGHIUuAL8EqklyhpQBpZu2Yn" rel="nofollow" target="_blank" title="Pablo Cano">Pablo Cano</a> and <a href="https://www.globenewswire.com/Tracker?data=ovESWTxM9AO17nAIilQs1sZ6hQ8edpcNrlzsVcbg_vNf2wbTRnlfmymTDQ40w3B0mwsVEiZfKnXnDrafuxeFtGqyrxNEJpW6Y1rT_IEu5v4OLWKpilLmk5sjCn2Wu1LUsLo-sEv3NIxlC2gx157mZg==" rel="nofollow" target="_blank" title="Álvaro Sanmartín">Álvaro Sanmartín</a>, has begun operating with more than 175 million euros under management. The firm, which has received approval from Spain's securities regulator, the National Securities Market Commission (CNMV), will channel its activity through two investment funds, Alinea European Equities and Alinea Global. "Circular is an independent firm built on our own investment approach, one we have worked with for many years and that many clients already know," explains Sanmartín. "We are starting with more than 175 million because there are investors who already know how we manage money and want us to keep doing it with complete independence."  Both Cano and Sanmartín hold Citywire's AAA rating, the highest the firm awards. Pablo Cano has more than 25 years of experience in asset management. He worked at Ibercaja Gestión and at Aviva Gestión, where he served as Head of Equities. He later joined Bankinter, where he came to manage more than 1 billion euros in assets. At each of these firms he has managed funds that earned Morningstar's five-star rating. Álvaro Sanmartín, a Spanish State Economist who graduated top of his class, has been Partner and Chief Economist at Amchor Investment Strategies, and a partner at KPMG. He served as Director General for Macroeconomic Analysis and International Economics at Spain's Ministry of Economy and Finance, and as a board member of Cesce and of the Fábrica Nacional de Moneda y Timbre, the Spanish Royal Mint, among others. Based in Madrid, the Circular management team is completed by partner Emilio García, with more than 20 years of experience in the management of investment funds and pension plans, among them funds that earned Morningstar's five-star rating. Circular will combine bottom-up fundamental company analysis, led by Cano, with top-down macroeconomic analysis, directed by Sanmartín. Alinea European Equities is a European equity fund based on active management and direct investment. It invests in companies with reference shareholders, in which directors buy their own shares, with visible business models and the capacity to generate cash steadily and increasingly. It is the fundamental company analysis fund led by Cano. "No one knows a business better than the people who run it. That is why we look for companies where the directors buy shares with their own money. It is a model that has worked for decades and that very few apply with discipline," explains Cano. Alinea Global is an actively managed fund with a global focus, prioritising capital preservation over 12-month horizons. The strategy rests on the macroeconomic analysis directed by Sanmartín. "Macroeconomics does not always help you predict what the market will do over very short periods. But it does help identify opportunities and anticipate where the significant risks may lie, which for us are the ones that can generate portfolio losses over horizons longer than 12 months," says Sanmartín. Both funds are domiciled in Luxembourg under the European UCITS framework and are transferable. For further information: <a href="https://www.globenewswire.com/Tracker?data=IQwkEe4e_rvbCWv2NkmSPpxhBo3UgQk_dgWS2RmGUyQZ0elTdqc6DRN5zms9VRwsaXm2UftvXspDtvYPjkdRR8Ox9uytmCzfN1yYt1Sgu_g=" rel="nofollow" target="_blank" title="www.circularav.com">www.circularav.com</a> SAFE HARBOR This is a press release issued for information purposes only. It is a communication to the press and does not constitute advertising, product marketing, investment advice or a solicitation of any kind directed at investors. It does not constitute an offer, invitation or recommendation to subscribe for or purchase units in any of the funds mentioned. Past performance does not guarantee future returns. Investment in funds is subject to risks, including the loss of the capital invested. Before investing, please consult the prospectus and the key investor information document available on the firm's website. This document is not directed at US Persons or at residents of the United States, and does not constitute an offer or solicitation to sell units in the United States or in any other jurisdiction where such an offer or solicitation is not authorised or would be contrary to law. The units of the funds mentioned have not been and will not be registered under the US Securities Act of 1933 and may not be offered or sold in the United States. Circular Agencia de Valores is authorised and supervised by Spain's National Securities Market Commission (CNMV). 
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Circular, the new independent firm founded by Spanish fund managers Pablo Cano and Álvaro Sanmartín, launches with more than 175 million euros under management

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