European Investment : Portfolio Holdings as at 31 December 2015

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PORTFOLIO HOLDINGS AS AT 31 DECEMBER 2015

Rank	Company	Sector	Country	% of Net Assets
1	PostNL	Industrials	Netherlands	4.0
2	Roche*	Health Care	Switzerland	3.7
3	Ryanair	Consumer Services	Ireland	3.6
4	BNP Paribas	Financials	France	3.5
5	Novartis	Health Care	Switzerland	3.4
6	Bayer	Basic Materials	Germany	3.4
7	Royal Dutch Shell A	Oil & Gas	Netherlands	3.4
8	ENI	Oil & Gas	Italy	3.2
9	Stora Enso	Basic Materials	Finland	3.2
10	Total	Oil & Gas	France	3.1
11	E.ON	Utilities	Germany	3.1
12	Unipol Gruppo Finanziario	Financials	Italy	3.0
13	Nokia	Technology	Finland	3.0
14	SAP	Technology	Germany	2.9
15	GAM	Financials	Switzerland	2.9
16	Hexagon B	Technology	Sweden	2.8
17	Commerzbank	Financials	Germany	2.8
18	Rocket Internet	Financials	Germany	2.7
19	Telecom Italia	Telecommunications	Italy	2.7
20	Leoni	Industrials	Germany	2.7
21	Sanofi	Health Care	France	2.6
22	Swedbank A	Financials	Sweden	2.6
23	DIA	Consumer Services	Spain	2.6
24	Aryzta	Consumer Goods	Switzerland	2.5
25	DNB	Financials	Norway	2.5
26	Petroleum Geo-Services	Oil & Gas	Norway	2.5
27	ABB	Industrials	Switzerland	2.2
28	United Internet	Technology	Germany	2.2
29	BBVA	Financials	Spain	2.1
30	Prysmian	Industrials	Italy	2.1
31	TDC	Telecommunications	Denmark	2.0
32	Piaggio	Consumer Goods	Italy	2.0
33	Ipsos	Consumer Services	France	1.7
34	Outotec	Industrials	Finland	1.5
35	Delta Lloyd	Financials	Netherlands	1.3
36	Valeo	Consumer Goods	France	1.3
Total equity investments	96.8
Cash and other net assets	3.2
Net assets	100.0
* The investment is in non-voting shares

31 December 2015	% of Net Assets
Germany	19.8
Switzerland	14.7
Italy	13.0
France	12.2
Netherlands	8.7
Finland	7.7
Sweden	5.4
Norway	5.0
Spain	4.7
Ireland	3.6
Denmark	2.0
Cash and other net assets	3.2
100.0

SECTOR DISTRIBUTION

31 December 2015	% of Net Assets
Financials	23.4
Industrials	12.5
Oil & Gas	12.2
Technology	10.9
Health Care	9.7
Consumer Services	7.9
Basic Materials	6.6
Consumer Goods	5.8
Telecommunications	4.7
Utilities	3.1
Cash and other net assets	3.2
100.0

As at 31 December 2015, the net assets of the Company were £327,847,000. 14 January 2016

ENQUIRIES:

Kenneth Greig

Edinburgh Partners AIFM Limited Tel: [phone]

The Company's registered office address is: Beaufort House

51 New North Road Exeter

EX4 4EP