OUTLAY 2010, SICAV S.A.

As of May 02 2016.

Total returns on €1,000

Objective

Market Cap: LargeInvestment Style: Value

Fund type SIMCAV

Investment style (stocks)

Income treatment Accumulation

Morningstar category --

IMA sector

Launch date 13/03/2000

Price currency EUR

Domicile Spain

ISIN ES0167771031

Manager & start dateNot Disclosed

13/03/2000

Profile

Pricing frequency Daily

Fund size 7.13m GBPAs of Mar 31 2016

Share class size 7.13m GBPAs of Mar 31 2016

Net expense ratio 1.56%

Initial charge --

Annual charge 0.70%

Exit charge 0.00%

Min. initial investment 1.00 share

Min. additional investment 1.00 share

Min. regular investment --

UK ISA --

Available for sale Spain

Investment

Non-UK stock 87.91%

Cash 16.79%

UK stock 6.98%

Other 0.22%

UK bond 0.00%

Non-UK bond -11.90%

Financial Services 47.13%

Consumer Cyclical 15.42%

Industrials 11.71%

Basic Materials 8.04%

Consumer Defensive 7.25%

United States 41.84%

Eurozone 35.08%

United Kingdom 6.98%

Latin America 5.59%

Europe - ex Euro 5.40%

Diversification

ASSET TYPE

TOP 5 SECTORS - EQUITY

TOP 5 REGIONS

Overall rating as of March 2016

Morningstar Rating

Lipper ratings are not available for this fund.

Lipper Leader Scorecard Methodology

A Bestinvest rating is not available for this fund.

Bestinvest Rating

As of Apr 28 2016.

Trailing total returns

5 years 3 years 1 year 6 months 3 months 1 month

OUTLAY 2010, SICAV S.A.Fund

+5.75% +5.64% +7.31% +7.46% +11.71% +4.21%

Fund quartile 1st 1st 1st 1st 1st 1st

Funds in category 198 222 270 283 294 299

As of Mar 31 2016.

Trailing returns analysis

Trailing period- 3 months

The chart shows how frequently the fund's 3-month return is positive or negative. Each bar is an observationperiod (the fund's return over the past 3 months, at month's end).

Best & worst 3 month trailing return since inception Rate of return

February 2009 - May 2009 +29.00%

August 2008 - November 2008 -38.70%

As of Mar 31 2016.

Risk vs return

Data delayed at least 15 minutes, as of Feb 29 2016.

Top 10 holdings

CompanyPortfolioweight

Shortallocation

Longallocation

Futuro|bundesrepubDeutschland02/15/2025

-15.42%

Berkshire Hathaway IncB

10.69%

American InternationalGroup Inc

8.92%

Bank of AmericaCorporation

7.01%

Citigroup Inc 5.43%

Tesco PLC 4.80%

Tecnicas Reunidas SA 4.70%

Qualitas ControladoraSAB de CV

4.47%

RosenbauerInternational AG

3.76%

Semapa SA 3.70%

Per cent of portfolio in top 10 holdings: 38.05%

As of Mar 31 2016.

Risk measures - 3 year

Benchmark used: Cat 25%Barclays EurAgg TR&75%FTSE Wld TRFund Category average

Alpha 0.02 --

Beta 0.79 --

Information ratio -0.39 --

R squared 66.17 --

Sharpe ratio 0.61 --

Standard deviation 7.98% --

The performance data shown in tables and graphs on this page is calculated in GBP of the fund/index/average (as applicable), on a Bid To Bid / Nav to Nav basis, with gross dividends re-invested on ex-

dividend date. Past performance is not necessarily a guide to future performance; unit prices may fall as well as rise.

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