CaixaBank Global SICAV

Transcription

1 Société d'investissement à Capital Variable R.C.S. Luxembourg B Annual Report, including Audited Financial Statements as at December 31, 2015

2 Caixabank Global Sicav - CAIXABANK GLOBAL ALBUS FUND Caixabank Global Sicav - CAIXABANK GLOBAL ITER FUND Caixabank Global Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND Caixabank Global Sicav - CAIXABANK GLOBAL FLEXIBLE STRATEGY FUND Caixabank Global Sicav - CAIXABANK GLOBAL EQUITY ALPHA FUND No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus and relevant Key Investor Information Document ("KIID") which will be accompanied by a copy of the latest annual report and a copy of the latest available semi-annual report, if published after such annual report.

3 Table of Contents Organisation of the SICAV 3 Investment Management Report 5 Report of the Réviseur d'entreprises agréé 7 Statistics 8 Combined Statement of Net Assets as at December 31, Combined Statement of Operations and Changes in Net Assets for the year ended December 31, Caixabank Global Sicav - CAIXABANK GLOBAL ALBUS FUND Statement of Net Assets as at December 31, Statement of Operations and Changes in Net Assets for the year ended December 31, Statement of Changes in Number of Shares 11 Securities Portfolio as at December 31, Financial derivative instruments as at December 31, Portfolio Breakdowns 13 Top Ten Holdings 13 Caixabank Global Sicav - CAIXABANK GLOBAL ITER FUND Statement of Net Assets as at December 31, Statement of Operations and Changes in Net Assets for the year ended December 31, Statement of Changes in Number of Shares 14 Securities Portfolio as at December 31, Financial derivative instruments as at December 31, Portfolio Breakdowns 17 Top Ten Holdings 17 Caixabank Global Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND Statement of Net Assets as at December 31, Statement of Operations and Changes in Net Assets for the period ended December 31, Statement of Changes in Number of Shares 18 Securities Portfolio as at December 31, Financial derivative instruments as at December 31, Portfolio Breakdowns 20 Top Ten Holdings 20 Caixabank Global Sicav - CAIXABANK GLOBAL FLEXIBLE STRATEGY FUND Statement of Net Assets as at December 31, Statement of Operations and Changes in Net Assets for the period ended December 31, Statement of Changes in Number of Shares 21 Securities Portfolio as at December 31, Financial derivative instruments as at December 31, Portfolio Breakdowns 23 Top Ten Holdings 23 1

4 Table of Contents Caixabank Global Sicav - CAIXABANK GLOBAL EQUITY ALPHA FUND Statement of Net Assets as at December 31, Statement of Operations and Changes in Net Assets for the period ended December 31, Statement of Changes in Number of Shares 24 Securities Portfolio as at December 31, Financial derivative instruments as at December 31, Portfolio Breakdowns 26 Top Ten Holdings 26 Notes to the Financial Statements 27 2

5 Organisation of the Sicav Board of Directors Mr. Guillermo Hermida Lazcano Chief Investment Officer Caixabank Asset Management S.G.I.I.C., S.A.U. Spain (until December 16, 2015) Mr. Juan Pedro Bernal Aranda Chairman Chief Commercial Officer CaixaBank Asset Management S.G.I.I.C, S.A.U. Spain (changed from Director to Chairman as from December 16, 2015) Mr. Henry Kelly Managing Director KellyConsult S.à r.l. Grand Duchy of Luxembourg Mr. William Jones Managing Partner ManagementPlus (Luxembourg) S.A. Grand Duchy of Luxembourg (until December 16, 2015) Mr. Jean-Michel Loehr Independent Director Grand Duchy of Luxembourg (since December 16, 2015) Mrs. Michèle Eisenhuth Partner Arendt & Medernach Grand Duchy of Luxembourg Mr. Francisco Javier Estrada Fernández Hontoria Private Banking CIO UHNW Managing Director, Caixabank S.A. Spain (since December 16, 2015) Management Company MDO Management Company S.A. 19, rue de Bitbourg L-1273 Luxembourg Grand Duchy of Luxembourg Board of Directors of the Management Company Mr. Géry Daeninck Director Independent Management Consultant Belgium Mr. Garry Pieters Independent Management Consultant Grand Duchy of Luxembourg Mr. John Li Independent Management Consultant Grand Duchy of Luxembourg Mr. Martin Peter Vogel Chief Executive Officer MDO Management Company S.A. Grand Duchy of Luxembourg Mr. Yves Wagner Associate MDO Management Company S.A. Grand Duchy of Luxembourg 3

6 Organisation of the Sicav (continued) Conducting Officers of the Management Company Mr. Eduard Van Wijk Independent Director MDO Management Company S.A. Grand Duchy of Luxembourg Mr. Kim Kirsch Head of Legal and Compliance MDO Management Company S.A. Grand Duchy of Luxembourg Mr. Riccardo Del Tufo Head of Operations and Deputy CEO MDO Management Company S.A. Grand Duchy of Luxembourg Mrs. Laurence Magloire Chief Operations Officer MDO Management Company S.A. Grand Duchy of Luxembourg (until November 14, 2015) Domiciliary Agent, Custodian, Administrative Agent, Registrar and Transfer Agent BNP Paribas Securities Services, Luxembourg Branch 33, rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg (until December 31, 2015) BNP Paribas Securities Services, Luxembourg Branch 60, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg (since January 1, 2016) Investment Manager Caixabank Asset Management S.G.I.I.C., S.A.U. Avenida Diagonal, ES Barcelona Spain Cabinet de révision agréé / Independent Auditor Deloitte Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg Grand Duchy of Luxembourg Luxembourg Legal Adviser Arendt & Medernach 41A, avenue J. F. Kennedy L-2082 Luxembourg Grand Duchy of Luxembourg 4

7 Investment Management Report Caixabank Global SICAV CAIXABANK GLOBAL ALBUS FUND Caixabank Global SICAV CAIXABANK GLOBAL ALBUS FUND was launched on October 1 st, The sub-fund invests in multiple asset classes including money market instruments, equities, bonds and currencies Caixabank Global SICAV CAIXABANK GLOBAL ALBUS may get exposure to assets such as commodities, infrastructures and real estate by investing through eligible ETFs, UCITS or other eligible UCITS pursuant to the UCITS directive. The sub-fund has a multi-asset and flexible portfolio, changing its exposure to different assets and geographical areas depending on markets conditions and view of Investment Manager. Nowadays, the target portfolio composition by asset class is 60% equity, 20% fixed income, 10% equity market neutral and 10% cash. The equity portfolio is built primarily on a long bias view and we use derivatives mainly for equity market neutral strategy. The long European equities are the most important portfolio exposure. Regarding fixed income portfolio, our focus are Spanish and Italian government bonds, including inflation linkers. On the corporate bond side, the main issuers are on the financial sector. The target split is 10% for government bonds, 7% for corporate bond and 3% for EM fixed income. The maturity portfolio is around 5 years. The sub-fund has generated a performance of 5,04% (Class E) during The main return driver was the exposure to equity market and currencies, with a positive return from equity market neutral strategy and flat performance from fixed income investment. Volatility was 12,60% during the period from January 1, 2015 to end of year. We have a positive outlook for peripheral bonds and European equity market. Such assets should outperform since QE program of European Central Bank is working. Liquidity from ECB should be a key factor driving peripheral bonds and equity markets higher. We consider the possibility of volatility increase, resulting from a negative performance in EM countries and commodities market. Caixabank Global SICAV CAIXABANK GLOBAL ITER FUND Caixabank Global SICAV CAIXABANK GLOBAL ITER FUND was launched on December 3, The sub-fund holds equities, fixed income and cash, with focus in fixed income market and it seeks a capital protection over the medium term. The sub-fund may get exposure to assets as commodities, infrastructures and real estate by investing through eligible ETFs, UCITS or other eligible UCITS pursuant to the UCITS directive. Nowadays, the target portfolio composition by asset class is 15% equity, 55% fixed income, 15% equity market neutral and 15% cash. Caixabank Global SICAV CAIXABANK GLOBAL ITER FUND has a long bias investment process and we use derivatives mainly for equity market neutral strategy. The equity exposure is built through a limited number of stocks, which has a value and dividend bias, predictable and conservative finance business model with a good cash generation. The long European equities are the most important equity portfolio exposure. Regarding bond side, the investment is focus in Spanish and Italian government bonds and investment corporate bonds; the target composition is 33% in government bonds, including inflation linkers, and 22% in corporate bonds. The fixed income portfolio maturity is around 4 years. The main corporate bond issuers come from the financial sector companies. The fund has a total currency exposure of 15% out of which the biggest is to the USD for around 10% of the net assets. The sub-fund has generated a performance of 1,46% (Class E) since January 1, The main return driver was the exposure to equity market and currencies, with a positive return from equity market neutral strategy and flat performance from fixed income investment. The volatility was 4,01% during the period from January 1, 2015 to end of year. We have a positive outlook for peripheral bonds and European equity market. Such assets should outperformance since QE program of European Central Bank is working. Liquidity from ECB should be a key factor driving peripheral bonds and equity markets higher. We consider the possibility of volatility increase, resulting from a negative performance in EM countries and commodities market. Caixabank Global Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND Caixabank Global Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND was launched on October 1st, The investment objective of the fund is to provide long-term capital growth by investing primarily in a portfolio of securities issued by Spanish companies. Therefore, at least 60% of its net assets will be invested in securities of small, medium or large capitalization companies that are domiciled in Spain. The Fund may also invest to a limited extent in companies from other European countries and up to a maximum of 10% of its net assets in companies from any OECD country. Caixabank Global Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND (Class B) has returned -10,58% since inception (1 st October 2015). The stock selection criteria used in the process of building the portfolio, is behind this performance. Volatility was 17,84% during the period from October 1, 2015 to the end of the year. The fund has an exposure of 100% to the stock market at the end of the period (31/12/15). This exposure is constructed with direct investment in securities and with derivatives (Ibex35 futures). 5

8 Investment Management Report Caixabank Global SICAV CAIXABANK GLOBAL FLEXIBLE STRATEGY FUND Caixabank Global SICAV CAIXABANK GLOBAL FLEXIBLE STRATEGY FUND was launched on October 2, The investment policy is very flexible regarding duration and credit risk. The duration can range from a maximum of 15 years to a minimum of negative 3 years. The fund can invest in debt securities (including a maximum exposure of 10% of contingent convertible securities) and in equities. For the debt securities no minimum rating will be required for issuers to be invested in. For equity, the maximum exposure is 15%, for both long and short positions, including exposure through convertible bonds. Exposure to currency risk may represent 100% of the Sub-Fund s net assets. During this period (from the inception date 02/10/2015 until 31/12/2015) the sub fund has returned 0.12% (Class B). Volatility was 4.20% during the period. During most of this period the sub fund has been invested fully in Cash as the total net assets of the sub fund have not been important enough to build a portfolio according to the investment policy of the sub-fund. As for the last weeks of the year, the sub fund has started to build a fixed income portfolio composed by corporate and government bonds. The former is based mainly in subordinated financial debt and the latter has an important weight in Italian, US and German government bonds. The equity exposure as of December 31 st was 5.44% through Euro Stoxx 50 Futures as the total net asset of the sub fund were not important enough to replicate a single name equity portfolio. Caixabank Global SICAV CAIXABANK GLOBAL EQUITY ALPHA FUND Caixabank Global SICAV CAIXABANK GLOBAL EQUITY ALPHA FUND was launched on October 1st, The Fund uses a directional long/short equity strategy with the intention of capturing upside performance, while providing downside protection. Investment ideas are selected from a broad European universe of small, medium and, primarily, large capitalization companies. Caixabank Global SICAV CAIXABANK GLOBAL EQUITY ALPHA FUND (Class B) has returned -1.55% since inception (1 st October 2015). A long net exposure to Equity has been the main contributor to performance. Volatility was 6.48% during the period from October 1, 2015 to the end of the year. The Fund has a Net Long Exposure of 75% at the end of the period (31/12/15). This net exposure is almost fully constructed with Long Equity positions. Short positions have been limited to minor currency hedges. Inflows have been gradually growing since inception. Although the Fund has reached the minimum required size in order to be managed in an efficient way, pending modifications of the Prospectus has prevented the implementation of a Long Short Equity Portfolio Strategy during the entire period. 6

9 Deloitte. To the Shareholders of CaixaBank Global SICAV Societe d'lnvestissement a Capital Variable 60, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg Deloitte Audit Societe a responsabilite limitee 560, rue de Neudorf L-2220 Luxembourg B.P L-1011 Luxembourg Tel: Fax: REPORT OF THE REVISEUR D'ENTREPRISES AGREE Following our appointment by the Annual General Meeting of the SICAV dated April 14, 2015, we have audited the accompanying financial statements of CaixaBank Global SICAV (the "SICAV') and of each of its Sub-Funds, which comprise the Combined Statement of Net Assets, the Statement of Net Assets and the Securities Portfolio of each of its Sub-Funds as at December 31, 2015, the Combined Statement of Operations and Changes in Net Assets and the Statement of Operations and Changes in Net Assets of each of its Sub-Funds for the period then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICA V for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the reviseur d'entreprises agree Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the reviseur d'entreprises agree's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the reviseur d'entreprises agree considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, these financial statements give a true and fair view of the financial position of CaixaBank Global SICAV and of each of its Sub-Funds as at December 31, 2015 and of the results of their operations and changes in their net assets for the period then ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. For Deloitte Audit, Cabinet de revision agree ~-- Nicolas Hennebert, Reviseur d'entreprises agree Partner Luxembourg, March 18, , rue de Neudorf L-2220 Luxembourg Societe a responsabilitl!: limitee au capital de 35.()(X) EUR RCS Luxembourg B N d autorisalion d etablissement

10 Statistics December 31, 2015 December 31, 2014 December 31, 2013 Caixabank Global Sicav - CAIXABANK GLOBAL ALBUS FUND Net Asset Value Net asset value per share EUR 1,208,007, ,657, ,965, A EUR C EUR E EUR I EUR Number of shares A 132, , , C 89,938, ,262, ,367, E 14,158, ,027, ,429, I 65, Caixabank Global Sicav - CAIXABANK GLOBAL ITER FUND Net Asset Value Net asset value per share EUR 318,856, ,263, ,586, A EUR B EUR C EUR E EUR I EUR Number of shares A 30, , , B 5,792, C 17,677, ,079, ,907, E 6,836, ,316, , I 47, Caixabank Global Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND Net Asset Value Net asset value per share EUR 5,094, B EUR I EUR Number of shares B 47, I 500, * launched on October 1, Caixabank Global Sicav - CAIXABANK GLOBAL FLEXIBLE STRATEGY FUND Net Asset Value Net asset value per share EUR 14,954, B EUR I EUR Number of shares B 8, I 1,500, * launched on October 2,

11 Statistics December 31, 2015 December 31, 2014 December 31, 2013 Caixabank Global Sicav - CAIXABANK GLOBAL EQUITY ALPHA FUND Net Asset Value Net asset value per share EUR 6,708, B EUR C EUR E EUR I EUR Number of shares B 122, C 39, E 22, I 500, * launched on October 1,

12 Combined Statement Statement of Net Assets as at December 31, 2015 Statement of Operations and Changes in Net Assets for the year ended December 31, 2015 Notes EUR Notes EUR Assets Investment in securities at cost 1,387,857, Unrealised appreciation / (depreciation) on securities (7,347,534.84) Investment in securities at market value 2 c) 1,380,510, Cash at bank 175,810, Receivable on subscriptions 5,759, Other assets 37, Net unrealised appreciation on futures contracts 27, Dividends and interest receivable 3,769, Formation expenses 2 f) Total assets 1,565,915, Liabilities Accrued expenses 2,884, Payable on redemptions 4,323, Net unrealised depreciation on futures contracts 2 c), 11 5,086, Total liabilities 12,294, Net assets at the end of the year / period 1,553,621, Income Dividends (net of withholding taxes) 2 d) 12,658, Interest on bonds 2 d) 6,719, Bank interest 2.56 Total income 19,378, Expenses Management fees 4 8,739, Custodian fees 6 242, Domiciliary, Administrative and Registrar and Transfer 7 302, Agent's fees Professional fees 200, Transaction costs 2 e) 3,499, Taxe d'abonnement 8 579, Management Company fees 5 386, Amortisation of formation expenses 2 f) 2, Bank interest 8, Other expenses , Total expenses 14,140, Net investment income / (loss) 5,237, Net realised gain / (loss) on: Investments 2 c) (10,755,880.94) Foreign currencies transactions 2 b) (377,726.50) Futures contracts 2 c) 14,146, Forward foreign exchange contracts 2 c) 9, Options contracts 1,648, Net realised gain / (loss) for the year 9,908, Net change in unrealised appreciation / (depreciation) on: Investments 2 c) (17,460,664.22) Futures contracts 2 c), 11 (5,058,862.52) Increase / (Decrease) in net assets as a result of operations (12,610,533.07) Proceeds received on subscription of shares 1,355,288, Net amount paid on redemption of shares (246,978,023.64) Net assets at the beginning of the year 457,921, Net assets at the end of the year / period 1,553,621,

13 Caixabank Global Sicav - CAIXABANK GLOBAL ALBUS FUND (in EUR) Statement of Operations Net Assets and as at Changes December in Net 31, Assets 2015 for the Statement of Operations and Changes in Net Assets for year ended December 31, 2015 the year ended December 31, 2015 Notes EUR Notes EUR Assets Investment in securities at cost 1,075,202, Unrealised appreciation / (depreciation) on securities (2,998,280.37) Investment in securities at market value 2 c) 1,072,204, Cash at bank 140,891, Receivable on subscriptions 3,448, Other assets 37, Dividends and interest receivable 1,877, Formation expenses 2 f) Total assets 1,218,457, Liabilities Accrued expenses 2,322, Payable on redemptions 3,885, Net unrealised depreciation on futures contracts 2 c), 11 4,242, Total liabilities 10,449, Net assets at the end of the year 1,208,007, Income Dividends (net of withholding taxes) 2 d) 11,327, Interest on bonds 2 d) 4,336, Total income 15,664, Expenses Management fees 4 7,411, Custodian fees 6 201, Domiciliary, Administrative and Registrar and Transfer 7 193, Agent's fees Professional fees 144, Transaction costs 2 e) 3,080, Taxe d'abonnement 8 473, Management Company fees 5 300, Amortisation of formation expenses 2 f) 2, Bank interest 7, Other expenses , Total expenses 11,955, Net investment income / (loss) 3,708, Net realised gain / (loss) on: Investments 2 c) (10,150,255.35) Foreign currencies transactions 2 b) (157,527.73) Futures contracts 2 c) 11,209, Forward foreign exchange contracts 2 c) 9, Options contracts 1,530, Net realised gain / (loss) for the year 6,151, Net change in unrealised appreciation / (depreciation) on: Investments 2 c) (12,256,924.23) Futures contracts 2 c), 11 (4,242,023.87) Increase / (Decrease) in net assets as a result of operations (10,347,768.35) Proceeds received on subscription of shares 1,047,121, Net amount paid on redemption of shares (198,423,550.13) Net assets at the beginning of the year 369,657, Net assets at the end of the year 1,208,007, Statement of Changes in Number of Shares Number of shares in issue at the beginning of the year Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the year A 141, , (51,657.88) 132, C 28,262, ,902, (12,226,336.79) 89,938, E 5,027, ,513, (4,382,896.46) 14,158, I - 165, (100,000.00) 65,

14 Securities Portfolio as at December 31, 2015 CaixaBank Global SICAV Caixabank Global Sicav - CAIXABANK GLOBAL ALBUS FUND (in EUR) Quantity/ Nominal Name Currency Market value % in EUR NAV Quantity/ Nominal Name Currency Market value % in EUR NAV Transferable securities admitted to an official exchange listing Telecommunication Shares 348, DEUTSCHE TELEKOM AG-REG EUR 5,808, ,732, NOKIA EUR 31,207, ,105, ORANGE EUR 32,597, ,787, TELEFONICA SA EUR 28,534, ,227, VODAFONE GROUP PLC GBP 30,666, Banks 128,813, ,100, BANKIA SA EUR 5,477, , CREDIT SUISSE GROUP AG-REG CHF 5,983, ,300, DANSKE BANK A/S DKK 32,261, ,453, ING GROEP NV EUR 30,542, ,086, INTESA SANPAOLO EUR 31,147, Insurance 105,413, ,266, AXA SA EUR 31,965, ,478, PRUDENTIAL PLC GBP 30,721, Cosmetics 62,686, , NOVO NORDISK A/S-B DKK 6,162, , ROCHE HOLDING AG-GENUSSCHEIN CHF 32,433, Transportation 38,596, ,005, INTL CONSOLIDATED AIRLINE-DI EUR 33,141, Energy 33,141, ,975, ENGIE EUR 32,241, Auto Parts & Equipment 32,241, ,110, ALSTOM EUR 31,276, Building materials 31,276, , VINCI SA EUR 30,984, Diversified machinery 30,984, ,018, SKF AB-B SHARES SEK 30,232, Metal 30,232, ,589, BHP BILLITON PLC GBP 26,696, Open-ended Funds Undertakings for collective investment 26,696, ,082, , ISHARES CORE EURO CORP BOND UC EUR 27,917, , ISHARES EM LOCAL GOV BOND USD 26,865, ,116, ISHARES MSCI EM MK USD SHS ETF USD USD 59,823, , ISHARES S P 500 VALUE INDEX FD USD 44,008, , ISHARES S+P GLBL TECH SECTOR USD 33,192, , ISHARES S+P 500 B ACC USD 114,172, , NOMURA ETF-NIKKEI 225 EXCH JPY 113,350, Government Bonds and other debt instruments 419,328, ,328, ,074, ITALY BTPS I/L 2.35% 14-15/09/2024 EUR 13,949, ,229, ITALY BTPS 1.5% 14-01/08/2019 EUR 16,907, ,300, ITALY BTPS 1.5% 15-01/06/2025 EUR 10,312, ,000, ITALY BTPS 4% 10-01/09/2020 EUR 10,423, ,800, ITALY BTPS 4.5% 08-01/08/2018 EUR 10,911, ,232, SPAIN I/L BOND 1.8% 14-30/11/2024 EUR 11,237, ,050, SPANISH GOVT 2.75% 14-31/10/2024 EUR 8,787, ,801, SPANISH GOVT 3.75% 13-31/10/2018 EUR 10,783, Banks 93,313, ,300, BANCO SABADELL 0.625% 15-03/11/2020 EUR 3,274, ,000, BANKIA 3.5% 14-17/01/2019 EUR 3,159, ,000, BPE FINANCIACION 2% 15-03/02/2020 EUR 3,977, ,600, CAIXA GALICIA 4.375% 07-23/01/2019 EUR 1,761, ,300, CAJAS RURALES UN 1% 15-22/10/2020 EUR 5,272, ,700, INTESA SANPAOLO 5% 12-28/02/2017 EUR 6,010, , SANTANDER CONSUM 1% 14-10/06/2016 EUR 501, Energy 23,958, ,000, ENAGAS FIN SA 2.5% 14-11/04/2022 EUR 1,082, ,700, REDEXIS GAS FIN 2.75% 14-08/04/2021 EUR 2,856, ,900, REPSOL INTL FIN 4.375% 12-20/02/2018 EUR 3,111, Financial services 7,050, ,300, SANTAN CONS FIN 0.9% 15-18/02/2020 EUR 5,236, Telecommunication 5,236, ,500, TELEFONICA EMIS 2.242% 14-27/05/2022 EUR 2,577, Diversified services 2,577, , AUTOSTRADE PER L 1.875% 15-04/11/2025 EUR 656, , ,793, Total securities portfolio 1,072,204, Financial derivative instruments as at December 31, 2015 Quantity Name Currency Futures contracts Commitment in EUR Unrealised appreciation / (depreciation) in EUR EUR-JPY 14/03/2016 JPY 34,867, (789,966.36) EURO / GBP FUTURE 14/03/2016 GBP 34,960, , , EURO FX CURR FUT (CME) USD 150,442, (1,974,869.16) 14/03/2016 (3,721.00) EURO STOXX 50 - FUT 18/03/2016 EUR 122,123, (1,883,655.87) EURO-BUND FUTURE 08/03/2016 EUR 6,632, (39,480.00) EURO-SCHATZ FUTURE 08/03/2016 EUR 89,765, (20,125.00) (4,242,023.87) Total Futures contracts (4,242,023.87) Total financial derivative instruments (4,242,023.87) Summary of net assets Total securities portfolio Total financial derivative instruments Cash at bank Other assets and liabilities Total net assets % NAV 1,072,204, (4,242,023.87) (0.35) 140,891, (845,065.52) (0.07) 1,208,007,

15 Caixabank Global Sicav - CAIXABANK GLOBAL ALBUS FUND (in EUR) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Shares Undertakings for collective investment Bonds and other debt instruments Country allocation % of portfolio % of net assets Ireland France Spain Japan Italy United Kingdom United States Denmark Switzerland Netherlands Finland Sweden Other Top Ten Holdings Top Ten Holdings Sector Market value % of net EUR assets ISHARES S+P 500 B ACC Open-ended Funds 114,172, NOMURA ETF-NIKKEI 225 EXCH Open-ended Funds 113,350, ISHARES MSCI EM MK USD SHS ETF USD Open-ended Funds 59,823, ISHARES S P 500 VALUE INDEX FD Open-ended Funds 44,008, ISHARES S+P GLBL TECH SECTOR Open-ended Funds 33,192, INTL CONSOLIDATED AIRLINE-DI Transportation 33,141, ORANGE Telecommunication 32,597, ROCHE HOLDING AG-GENUSSCHEIN Cosmetics 32,433, DANSKE BANK A/S Banks 32,261, ENGIE Energy 32,241,

16 Caixabank Global Sicav - CAIXABANK GLOBAL ITER FUND (in EUR) Statement of Operations Net Assets and as at Changes December in Net 31, Assets 2015 for the Statement of Operations and Changes in Net Assets for year ended December 31, 2015 the year ended December 31, 2015 Notes EUR Notes EUR Assets Investment in securities at cost 291,247, Unrealised appreciation / (depreciation) on securities (4,092,982.25) Investment in securities at market value 2 c) 287,154, Cash at bank 29,485, Receivable on subscriptions 2,310, Dividends and interest receivable 1,661, Total assets 320,611, Liabilities Accrued expenses 504, Payable on redemptions 437, Net unrealised depreciation on futures contracts 2 c), , Total liabilities 1,755, Net assets at the end of the year 318,856, Income Dividends (net of withholding taxes) 2 d) 1,319, Interest on bonds 2 d) 2,347, Total income 3,667, Expenses Management fees 4 1,306, Custodian fees 6 35, Domiciliary, Administrative and Registrar and Transfer 7 93, Agent's fees Professional fees 39, Transaction costs 2 e) 400, Taxe d'abonnement 8 105, Management Company fees 5 84, Bank interest Other expenses 12 34, Total expenses 2,101, Net investment income / (loss) 1,565, Net realised gain / (loss) on: Investments 2 c) (597,740.95) Foreign currencies transactions 2 b) (216,830.29) Futures contracts 2 c) 3,296, Options contracts 118, Net realised gain / (loss) for the year 4,166, Net change in unrealised appreciation / (depreciation) on: Investments 2 c) (4,947,467.77) Futures contracts 2 c), 11 (813,172.68) Increase / (Decrease) in net assets as a result of operations (1,594,451.33) Proceeds received on subscription of shares 279,905, Net amount paid on redemption of shares (47,717,784.03) Net assets at the beginning of the year 88,263, Net assets at the end of the year 318,856, Statement of Changes in Number of Shares Number of shares in issue at the beginning of the year Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the year A 31, , (4,420.00) 30, B - 5,926, (133,740.88) 5,792, C 7,079, ,647, (3,048,886.41) 17,677, E 1,316, ,706, (1,186,685.60) 6,836, I - 147, (100,000.00) 47,

17 Securities Portfolio as at December 31, 2015 CaixaBank Global SICAV Caixabank Global Sicav - CAIXABANK GLOBAL ITER FUND (in EUR) Quantity/ Nominal Name Currency Market value % in EUR NAV Quantity/ Nominal Name Currency Market value % in EUR NAV Transferable securities admitted to an official exchange listing Government Bonds and other debt instruments 200, FADE 3.375% 13-17/03/2019 EUR 218, ,100, INSTIT CRDT OFCL 5% 06-14/11/2016 USD 1,040, ,862, ITALY BTPS I/L 2.35% 14-15/09/2024 EUR 7,927, ,291, ITALY BTPS I/L 3.1% 11-15/09/2026 EUR 4,107, ,300, ITALY BTPS 0.75% 14-15/01/2018 EUR 2,334, ,570, ITALY BTPS 1.5% 14-01/08/2019 EUR 5,802, ,700, ITALY BTPS 3.5% 13-01/12/2018 EUR 5,159, ,000, ITALY BTPS 3.75% 10-01/03/2021 EUR 5,776, ,600, ITALY BTPS 4% 10-01/09/2020 EUR 6,485, ,000, ITALY BTPS 4.25% 09-01/09/2019 EUR 5,707, ,700, ITALY BTPS 4.5% 08-01/08/2018 EUR 5,233, ,000, ITALY BTPS 4.5% 13-01/03/2024 EUR 3,728, ,349, ITALY BTPS 4.75% 12-01/05/2017 EUR 4,623, ,731, ITALY BTPS 4.75% 12-01/06/2017 EUR 5,050, ,340, SPAIN I/L BOND 0.55% 14-30/11/2019 EUR 6,507, ,546, SPAIN I/L BOND 1.8% 14-30/11/2024 EUR 4,993, ,341, SPANISH GOVT 0.5% 14-31/10/2017 EUR 5,388, ,266, SPANISH GOVT 2.1% 13-30/04/2017 EUR 2,328, ,000, SPANISH GOVT 2.75% 14-30/04/2019 EUR 5,399, ,502, SPANISH GOVT 3.15% 05-31/01/2016 EUR 4,512, ,006, SPANISH GOVT 3.75% 13-31/10/2018 EUR 5,507, ,400, SPANISH GOVT 3.8% 06-31/01/2017 EUR 1,457, ,900, SPANISH GOVT 4.1% 08-30/07/2018 EUR 4,293, ,820, SPANISH GOVT 4.25% 11-31/10/2016 EUR 2,920, Banks 106,505, , BANCO MARE NOSTR 3.125% 14-21/01/2019 EUR 431, , BANCO POP ESPAN 4% 06-18/10/2016 EUR 412, , BANCO SABADELL 0.625% 15-03/11/2020 EUR 694, , BANCO SABADELL 3.375% 13-23/01/2018 EUR 425, ,000, BANK OF AMER CRP 13-22/03/2016 FRN USD 2,763, ,700, BANKIA 3.5% 14-17/01/2019 EUR 3,896, ,300, BBVA SENIOR FIN 3.25% 13-21/03/2016 EUR 1,308, ,000, BPE FINANCIACION 2.875% 13-19/05/2016 EUR 1,008, , CAIXABANK 2.5% 13-18/04/2017 EUR 822, , CAJA MADRID 4.25% 06-05/07/2016 EUR 917, , CAJA RURAL NAV 2.875% 13-11/06/2018 EUR 424, ,100, CAJAS RURALES UN 1% 15-22/10/2020 EUR 1,094, ,100, GOLDMAN SACHS GP 4.375% 10- EUR 1,154, /03/2017 2,300, INTESA SANPAOLO 4.375% 12-15/10/2019 EUR 2,596, , INTESA SANPAOLO 4.75% 07-15/06/2017 EUR 425, ,012, MORGAN STANLEY 3.75% 12-21/09/2017 EUR 1,072, ,103, NATL AUSTRALIABK 1.875% 12-13/01/2023 EUR 1,176, , SANTANDER CONSUM 1% 14-10/06/2016 EUR 602, , SANTANDER INTL 4.625% 12-21/03/2016 EUR 605, ,834, Energy 294, EDP FINANCE BV 4.125% 13-20/01/2021 EUR 317, , EDP FINANCE BV 4.875% 13-14/09/2020 EUR 895, , ELEC DE FRANCE 2.25% 13-27/04/2021 EUR 966, , IBERDROLA INTL 4.25% 12-11/10/2018 EUR 110, , REDEXIS GAS FIN 2.75% 14-08/04/2021 EUR 634, ,600, REPSOL INTL FIN 4.375% 12-20/02/2018 EUR 1,716, ,642, Financial services 1,200, CRITERIA CAIXA 1.625% 15-21/04/2022 EUR 1,145, , HUTCH WHAM INTL 4.75% 09-14/11/2016 EUR 831, , SANTAN CONS FIN 0.9% 15-18/02/2020 EUR 592, ,568, Telecommunication 700, ORANGE 1.875% 13-03/09/2018 EUR 728, ,073, TELFONICA DEUTSC 1.875% 13-22/11/2018 EUR 1,114, ,842, Insurance 1,150, ALLIANZ FINANCE 4.75% 09-22/07/2019 EUR 1,326, ,326, Chemical 828, BASF SE 1.375% 14-22/01/2019 EUR 855, , Building materials 635, ST GOBAIN 3.625% 12-28/03/2022 EUR 723, , Metal 738, ANGLO AMERICAN 2.75% 12-07/06/2019 EUR 583, , Auto Parts & Equipment 340, DAIMLER AG 2.375% 12-12/09/2022 EUR 368, , Diversified services 144, AUTOSTRADE PER L 1.875% 15-04/11/2025 EUR 145, , ,397, Shares Banks 2,107, BANKIA SA EUR 2,262, , CREDIT SUISSE GROUP AG-REG CHF 2,447, , DANSKE BANK A/S DKK 4,653, , ING GROEP NV EUR 4,527, , SOCIETE GENERALE EUR 4,493, , UNICREDIT SPA EUR 4,535, ,919, Telecommunication 147, DEUTSCHE TELEKOM AG-REG EUR 2,453, , NOKIA EUR 4,647, , ORANGE EUR 4,504, , TELEFONICA SA EUR 4,346, ,560, VODAFONE GROUP PLC GBP 4,679, ,631, Cosmetics 249, GLAXOSMITHKLINE PLC GBP 4,650, , NOVO NORDISK A/S-B DKK 2,470, , ROCHE HOLDING AG-GENUSSCHEIN CHF 4,626, ,746, Energy 282, ENGIE EUR 4,603, , ROYAL DUTCH SHELL PLC - A SHS EUR 4,759, ,362, Metal 473, BHP BILLITON PLC GBP 4,882, ,882, Transportation 555, INTL CONSOLIDATED AIRLINE-DI EUR 4,592, ,592, Building materials 77, VINCI SA EUR 4,578, ,578, ,714, Undertakings for collective investment Open-ended Funds 58, I SHARES NIKKEI 225 JPY 8,747, , ISHARES BC EU CP BD 1-5 EUR 9,562, , ISHARES CORE EURO CORP BOND UC EUR 6,346, , ISHARES EURO CORP BND LC EUR 4,518,

18 Securities Portfolio as at December 31, 2015 CaixaBank Global SICAV Caixabank Global Sicav - CAIXABANK GLOBAL ITER FUND (in EUR) Quantity/ Nominal Name Currency Market value % in EUR NAV 362, ISHARES FTSE EPRA/NAR DEV MK USD 8,084, ,259, Other transferable securities 37,259, Government Money market instruments 4,200, US TREASURY BILL 0% 15-03/03/2016 USD 3,865, ,000, US TREASURY BILL 0% 15-18/08/2016 USD 6,422, ,400, US TREASURY BILL 0% 15-23/06/2016 USD 7,716, ,300, US TREASURY BILL 0% 15-28/01/2016 USD 5,799, ,500, US TREASURY BILL 0% 15-28/04/2016 USD 5,978, ,781, ,781, Total securities portfolio 287,154, Financial derivative instruments as at December 31, 2015 Quantity Name Currency Commitment in EUR Unrealised appreciation / (depreciation) in EUR Futures contracts EUR-JPY 14/03/2016 JPY 3,249, (73,616.94) EURO / GBP FUTURE 14/03/2016 GBP 4,009, , EURO FX CURR FUT (CME) USD 11,524, (78,916.51) 14/03/2016 (1,406.00) EURO STOXX 50 - FUT 18/03/2016 EUR 46,144, (706,395.58) EURO-BUND FUTURE 08/03/2016 EUR 1,737, (3,850.00) EURO-SCHATZ FUTURE 08/03/2016 EUR 31,222, (3,850.00) (813,172.68) Total Futures contracts (813,172.68) Total financial derivative instruments (813,172.68) Summary of net assets Total securities portfolio Total financial derivative instruments Cash at bank Other assets and liabilities Total net assets % NAV 287,154, (813,172.68) (0.26) 29,485, ,030, ,856,

19 Caixabank Global Sicav - CAIXABANK GLOBAL ITER FUND (in EUR) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Bonds and other debt instruments Shares Undertakings for collective investment Money market instruments Country allocation % of portfolio % of net assets Italy Spain United States Ireland France United Kingdom Netherlands Japan Denmark Switzerland Other Top Ten Holdings Top Ten Holdings Sector Market value % of net EUR assets ISHARES BC EU CP BD 1-5 Open-ended Funds 9,562, I SHARES NIKKEI 225 Open-ended Funds 8,747, ISHARES FTSE EPRA/NAR DEV MK Open-ended Funds 8,084, ITALY BTPS I/L 2.35% 14-15/09/2024 Government 7,927, US TREASURY BILL 0% 15-23/06/2016 Government 7,716, SPAIN I/L BOND 0.55% 14-30/11/2019 Government 6,507, ITALY BTPS 4% 10-01/09/2020 Government 6,485, US TREASURY BILL 0% 15-18/08/2016 Government 6,422, ISHARES CORE EURO CORP BOND UC Open-ended Funds 6,346, US TREASURY BILL 0% 15-28/04/2016 Government 5,978,

20 Caixabank Global Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND (in EUR) Statement of Operations Net Assets and as at Changes December in Net 31, Assets 2015 for the Statement of Operations and Changes in Net Assets for period ended December 31, 2015 the period ended December 31, 2015 Notes EUR Notes EUR Assets Investment in securities at cost 3,054, Unrealised appreciation / (depreciation) on securities (64,730.46) Investment in securities at market value 2 c) 2,989, Cash at bank 2,146, Total assets 5,136, Liabilities Accrued expenses 15, Net unrealised depreciation on futures contracts 2 c), 11 26, Total liabilities 42, Net assets at the end of the period 5,094, * launched on October 1, Income Dividends (net of withholding taxes) 2 d) 5, Total income 5, Expenses Management fees 4 3, Custodian fees 6 2, Domiciliary, Administrative and Registrar and Transfer 7 4, Agent's fees Professional fees 5, Transaction costs 2 e) 4, Taxe d'abonnement Management Company fees Other expenses 12 1, Total expenses 22, Net investment income / (loss) (17,315.33) Net realised gain / (loss) on: Investments 2 c) (2,219.95) Futures contracts 2 c) (259,972.60) Net realised gain / (loss) for the period (279,507.88) Net change in unrealised appreciation / (depreciation) on: Investments 2 c) (64,730.46) Futures contracts 2 c), 11 (26,638.00) Increase / (Decrease) in net assets as a result of operations (370,876.34) Proceeds received on subscription of shares 5,477, Net amount paid on redemption of shares (12,102.55) Net assets at the beginning of the period - Net assets at the end of the period 5,094, Statement of Changes in Number of Shares Number of shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the period B - 49, (1,208.27) 47, I - 500, ,

21 Caixabank Global Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND (in EUR) Securities Portfolio as at December 31, 2015 Quantity/ Nominal Name Currency Market value % in EUR NAV Quantity/ Nominal Name Currency Market value % in EUR NAV Transferable securities admitted to an official exchange listing Food services Shares 19, DISTRIBUIDORA INTERNACIONAL EUR 103, , EBRO FOODS SA EUR 165, , VISCOFAN SA EUR 150, Energy 418, , ENCE ENERGIA Y CELULOSA SA EUR 52, , GAS NATURAL SDG SA EUR 103, , REPSOL SA EUR 161, Banks 317, , BANKIA SA EUR 161, , LIBERBANK SA EUR 69, Financial services 230, , BOLSAS Y MERCADOS ESPANOLES EUR 204, Diversified services 204, , PROSEGUR COMP SEGURIDAD EUR 191, Lodging & Restaurants 191, , MELIA HOTELS INTERNATIONAL EUR 85, , NH HOTEL GROUP SA EUR 105, Insurance 191, , GRUPO CATALANA OCCIDENTE SA EUR 176, Auto Parts & Equipment 176, , ZARDOYA OTIS SA EUR 161, Telecommunication 161, , TELEFONICA SA EUR 153, Building materials 153, , OBRASCON HUARTE LAIN S.A. EUR 94, , TECNICAS REUNIDAS SA EUR 52, Real estate 147, , INMOBILIARIA COLONIAL SA EUR 125, Storage & Warehousing 125, , VIDRALA SA EUR 116, Metal 116, , ACERINOX SA EUR 113, Cosmetics 113, , ALMIRALL SA EUR 55, , PHARMA MAR SA EUR 50, Diversified machinery 106, , TUBACEX SA EUR 94, Transportation 94, CONSTRUCC Y AUX DE FERROCARR EUR 76, , Media 5, ATRESMEDIA CORP DE MEDIOS DE EUR 49, Real estate Other transferable securities Shares 49, ,874, , MERLIN PROPERTIES SOCIMI SA EUR 115, , , Total securities portfolio 2,989, Financial derivative instruments as at December 31, 2015 Quantity Name Currency Futures contracts Commitment in EUR Unrealised appreciation / (depreciation) in EUR IBEX35 EURO 15/01/2016 EUR 1,809, (26,638.00) (26,638.00) Total Futures contracts (26,638.00) Total financial derivative instruments (26,638.00) Summary of net assets Total securities portfolio Total financial derivative instruments Cash at bank Other assets and liabilities Total net assets % NAV 2,989, (26,638.00) (0.52) 2,146, (15,833.47) (0.31) 5,094,

22 Portfolio Breakdowns CaixaBank Global SICAV Caixabank Global Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND (in EUR) Nature allocation % of portfolio % of net assets Shares Country allocation % of portfolio % of net assets Spain Top Ten Holdings Top Ten Holdings Sector Market value % of net EUR assets BOLSAS Y MERCADOS ESPANOLES Financial services 204, PROSEGUR COMP SEGURIDAD Diversified services 191, GRUPO CATALANA OCCIDENTE SA Insurance 176, EBRO FOODS SA Food services 165, REPSOL SA Energy 161, ZARDOYA OTIS SA Auto Parts & 161, Equipment BANKIA SA Banks 161, TELEFONICA SA Telecommunication 153, VISCOFAN SA Food services 150, INMOBILIARIA COLONIAL SA Real estate 125,

23 Caixabank Global Sicav - CAIXABANK GLOBAL FLEXIBLE STRATEGY FUND (in EUR) Statement of Operations Net Assets and as at Changes December in Net 31, Assets 2015 for the Statement of Operations and Changes in Net Assets for period ended December 31, 2015 the period ended December 31, 2015 Notes EUR Notes EUR Assets Investment in securities at cost 13,240, Unrealised appreciation / (depreciation) on securities (124,226.08) Investment in securities at market value 2 c) 13,116, Cash at bank 1,603, Net unrealised appreciation on futures contracts 27, Dividends and interest receivable 224, Total assets 14,972, Liabilities Accrued expenses 18, Total liabilities 18, Net assets at the end of the period 14,954, * launched on October 2, Income Interest on bonds 2 d) 35, Bank interest 2.56 Total income 35, Expenses Management fees 4 7, Custodian fees Domiciliary, Administrative and Registrar and Transfer 7 5, Agent's fees Professional fees 5, Transaction costs 2 e) Taxe d'abonnement Management Company fees Other expenses Total expenses 21, Net investment income / (loss) 13, Net realised gain / (loss) on: Investments 2 c) (2,813.29) Foreign currencies transactions 2 b) 1, Futures contracts 2 c) (50,743.12) Net realised gain / (loss) for the period (38,575.65) Net change in unrealised appreciation / (depreciation) on: Investments 2 c) (124,226.08) Futures contracts 2 c), 11 27, Increase / (Decrease) in net assets as a result of operations (134,818.17) Proceeds received on subscription of shares 15,089, Net amount paid on redemption of shares (9.93) Net assets at the beginning of the period - Net assets at the end of the period 14,954, Statement of Changes in Number of Shares Number of shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the period B - 8, (1.00) 8, I - 1,500, ,500,

24 Caixabank Global Sicav - CAIXABANK GLOBAL FLEXIBLE STRATEGY FUND (in EUR) Securities Portfolio as at December 31, 2015 Quantity/ Nominal Name Currency Market value % in EUR NAV Quantity/ Nominal Name Currency Market value % in EUR NAV Transferable securities admitted to an official exchange listing Banks Bonds and other debt instruments 200, ABN AMRO BANK NV 06-29/03/2049 SR EUR 201, , ABN AMRO BANK NV 2.875% 15-30/06/2025 EUR 205, , BANCA POP MILANO 4.25% 14-30/01/2019 EUR 106, , BANK OF IRELAND 1.25% 15-09/04/2020 EUR 100, , BANK OF IRELAND 14-11/06/2024 FRN EUR 311, , BANKIA 14-22/05/2024 FRN EUR 99, , BANQ FED CRD MUT 3% 14-21/05/2024 EUR 104, , BANQ FED CRD MUT 3% 15-11/09/2025 EUR 103, , BBVA SUB CAP UNI 14-11/04/2024 FRN EUR 207, , BNP PARIBAS 15-29/12/2049 FRN EUR 205, , BNP PARIBAS 7.781% 08-29/06/2049 EUR 113, , BPCE 09-29/09/2049 FRN EUR 134, , BPCE 4.625% 13-18/07/2023 EUR 115, , CAISSE EPARG ECR 07-29/10/2049 FRN EUR 323, , CAJAS RURALES UN 1% 15-22/10/2020 EUR 99, , CREDIT AGRICOLE 09-29/10/2049 FRN EUR 235, , DANSKE BANK A/S 07-29/05/2049 SR EUR 207, , HBOS PLC 05-18/03/2030 SR EUR 341, , HSBC CAP FUNDING 04-29/03/2049 SR EUR 100, , ING BANK NV 14-25/02/2026 FRN EUR 107, , INTESA SANPAOLO 09-29/10/2049 FRN EUR 231, , INTESA SANPAOLO 6.625% 13-13/09/2023 EUR 241, , JP MORGAN CHASE 06-30/11/2021 FRN EUR 102, , KBC GROEP NV 14-25/11/2024 FRN EUR 102, , LLOYDS BANKING 14-27/06/2049 FRN EUR 211, , RABOBANK 15-22/01/2049 FRN EUR 202, , ROYAL BK SCOTLND 14-25/03/2024 FRN EUR 308, , ROYAL BK SCOTLND 6.934% 08-09/04/2018 EUR 112, , SANTANDER ISSUAN 2.5% 15-18/03/2025 EUR 188, , SKANDINAV ENSKIL SEB 07-29/12/2049 EUR 331, , SOCIETE GENERALE 09-29/09/2049 FRN EUR 368, , SOCIETE GENERALE 14-07/04/2049 FRN EUR 204, , UBS AG 14-12/02/2026 FRN EUR 214, , UBS GROUP 15-29/12/2049 FRN EUR 210, , UNICREDIT INTL 09-29/12/2049 FRN EUR 113, , UNICREDIT SPA 6.95% 12-31/10/2022 EUR 234, Government 6,802, , DEUTSCHLAND REP 3.25% 10-04/07/2042 EUR 14, , DEUTSCHLAND REP 4% 05-04/01/2037 EUR 14, , ITALY BTPS I/L 3.1% 11-15/09/2026 EUR 132, ,300, ITALY BTPS 2.15% 14-15/12/2021 EUR 1,394, , ITALY BTPS 3.75% 13-01/05/2021 EUR 347, , ITALY BTPS 4% 05-01/02/2037 EUR 249, , ITALY BTPS 5% 09-01/09/2040 EUR 854, , ITALY BTPS 5.25% 98-01/11/2029 EUR 556, Energy 3,563, , ENEL SPA 14-15/01/2075 FRN EUR 209, , GAS NAT FENOSA F 14-29/11/2049 FRN EUR 95, , REPSOL INTL FIN 15-25/03/2075 FRN EUR 78, , REPSOL INTL FIN 15-29/12/2049 FRN EUR 172, , TOTAL SA 15-29/12/2049 FRN EUR 185, , VEOLIA ENVRNMT 13-29/01/2049 FRN EUR 311, Insurance 1,053, , ALLIANZ FINANCE 05-29/12/2049 SR EUR 103, , ALLIANZ FINANCE 11-08/07/2041 FRN EUR 116, , MUNICH RE 07-29/06/2049 FRN EUR 106, Auto Parts & Equipment 325, , GEN MOTORS FIN I 1.875% 14-15/10/2019 EUR 203, , PEUGEOT 7.375% 13-06/03/2018 EUR 112, , Distribution & Wholesale 200, REXEL SA 3.25% 15-15/06/2022 EUR 198, Real estate 198, , DEUTSCHE ANN FIN 14-29/12/2049 FRN EUR 195, Telecommunication 195, , TELEFONICA EMIS 3.992% 11-16/02/2016 USD 92, , TELEFONICA EUROP 14-31/03/2049 FRN EUR 100, Forest products & Paper 193, , SAPPI PAPIER HOL 3.375% 15-01/04/2022 EUR 192, Financial services Mortgage backed securities 192, ,840, , PRADO 1 A 15-15/06/2055 FRN EUR 276, , , Total securities portfolio 13,116, Financial derivative instruments as at December 31, 2015 Quantity Name Currency Futures contracts Commitment in EUR Unrealised appreciation / (depreciation) in EUR (6.00) EUR-JPY 14/03/2016 JPY 749, , EURO / GBP FUTURE 14/03/2016 GBP 125, , EURO BUXL 30Y BONDS 08/03/2016 EUR 454, (5,720.00) (12.00) EURO FX CURR FUT (CME) USD 1,503, , /03/ EURO STOXX 50 - FUT 18/03/2016 EUR 820, , EURO-BUND FUTURE 08/03/2016 EUR 315, (820.00) 2.00 ULTRA LONG TERM US TREASURY B USD 292, (2,991.81) 21/03/ US 10YR NOTE FUT (CBT) 21/03/2016 USD 347, (402.74) 27, Total Futures contracts 27, Total financial derivative instruments 27, Summary of net assets Total securities portfolio Total financial derivative instruments Cash at bank Other assets and liabilities Total net assets % NAV 13,116, , ,603, , ,954,

25 Portfolio Breakdowns CaixaBank Global SICAV Caixabank Global Sicav - CAIXABANK GLOBAL FLEXIBLE STRATEGY FUND (in EUR) Nature allocation % of portfolio % of net assets Bonds and other debt instruments Mortgage backed securities Country allocation % of portfolio % of net assets Italy France Netherlands United Kingdom Spain Switzerland Ireland Sweden Other Top Ten Holdings Top Ten Holdings Sector Market value % of net EUR assets ITALY BTPS 2.15% 14-15/12/2021 Government 1,394, ITALY BTPS 5% 09-01/09/2040 Government 854, ITALY BTPS 5.25% 98-01/11/2029 Government 556, SOCIETE GENERALE 09-29/09/2049 FRN Banks 368, ITALY BTPS 3.75% 13-01/05/2021 Government 347, HBOS PLC 05-18/03/2030 SR Banks 341, SKANDINAV ENSKIL SEB 07-29/12/2049 Banks 331, CAISSE EPARG ECR 07-29/10/2049 FRN Banks 323, VEOLIA ENVRNMT 13-29/01/2049 FRN Energy 311, BANK OF IRELAND 14-11/06/2024 FRN Banks 311,

26 Caixabank Global Sicav - CAIXABANK GLOBAL EQUITY ALPHA FUND (in EUR) Statement of Operations Net Assets and as at Changes December in Net 31, Assets 2015 for the Statement of Operations and Changes in Net Assets for period ended December 31, 2015 the period ended December 31, 2015 Notes EUR Notes EUR Assets Investment in securities at cost 5,112, Unrealised appreciation / (depreciation) on securities (67,315.68) Investment in securities at market value 2 c) 5,045, Cash at bank 1,683, Receivable on subscriptions Dividends and interest receivable 5, Total assets 6,736, Liabilities Accrued expenses 22, Net unrealised depreciation on futures contracts 2 c), 11 5, Total liabilities 27, Net assets at the end of the period 6,708, * launched on October 1, Income Dividends (net of withholding taxes) 2 d) 5, Total income 5, Expenses Management fees 4 10, Custodian fees 6 2, Domiciliary, Administrative and Registrar and Transfer 7 6, Agent's fees Professional fees 5, Transaction costs 2 e) 12, Taxe d'abonnement Management Company fees Bank interest Other expenses 12 1, Total expenses 39, Net investment income / (loss) (33,249.11) Net realised gain / (loss) on: Investments 2 c) (2,851.40) Foreign currencies transactions 2 b) (4,387.65) Futures contracts 2 c) (49,803.51) Net realised gain / (loss) for the period (90,291.67) Net change in unrealised appreciation / (depreciation) on: Investments 2 c) (67,315.68) Futures contracts 2 c), 11 (5,011.53) Increase / (Decrease) in net assets as a result of operations (162,618.88) Proceeds received on subscription of shares 7,695, Net amount paid on redemption of shares (824,577.00) Net assets at the beginning of the period - Net assets at the end of the period 6,708, Statement of Changes in Number of Shares Number of shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the period B - 122, (2.00) 122, C - 123, (83,814.49) 39, E - 22, , I - 500, ,

27 Caixabank Global Sicav - CAIXABANK GLOBAL EQUITY ALPHA FUND (in EUR) Securities Portfolio as at December 31, 2015 Quantity/ Nominal Name Currency Market value % in EUR NAV Quantity/ Nominal Name Currency Market value % in EUR NAV Transferable securities admitted to an official exchange listing Banks Shares 5, BANCO SANTANDER SA EUR 24, , BNP PARIBAS EUR 109, , COMMERZBANK AG EUR 81, , DANSKE BANK A/S DKK 113, , ING GROEP NV EUR 211, , INTESA SANPAOLO EUR 170, , SOCIETE GENERALE EUR 145, , UBS GROUP AG-REG CHF 101, Telecommunication 957, , BT GROUP PLC GBP 238, , DEUTSCHE TELEKOM AG-REG EUR 189, , NOKIA EUR 148, , TELECOM ITALIA SPA EUR 82, , VODAFONE GROUP PLC GBP 105, Energy 763, , ENGIE EUR 140, , GALP ENERGIA SGPS SA EUR 42, , ROYAL DUTCH SHELL PLC - A SHS EUR 117, , SNAM SPA EUR 129, , TOTAL SA EUR 198, , UNITED UTILITIES GROUP PLC GBP 58, Cosmetics 686, , GLAXOSMITHKLINE PLC GBP 262, , NOVO NORDISK A/S-B DKK 88, , ROCHE HOLDING AG-GENUSSCHEIN CHF 259, , STADA ARZNEIMITTEL AG EUR 66, Insurance 676, , AXA SA EUR 210, , PRUDENTIAL PLC GBP 156, Building materials 366, , COMPAGNIE DE SAINT GOBAIN EUR 99, , LAFARGEHOLCIM LTD-REG EUR 106, , VINCI SA EUR 80, Auto Parts & Equipment 285, , ALSTOM EUR 152, , PEUGEOT SA EUR 120, Lodging & Restaurants 273, , ACCOR SA EUR 115, , NH HOTEL GROUP SA EUR 110, Financial services 225, , AZIMUT HOLDING SPA EUR 73, , HENDERSON GROUP PLC GBP 116, Diversified machinery 189, , SKF AB-B SHARES SEK 179, Metal 179, , ACERINOX SA EUR 17, , APERAM EUR 64, , BOLIDEN AB SEK 64, , OUTOKUMPU OYJ EUR 22, , Food services 1, DANONE GROUPE EUR 116, Advertising 116, , HAVAS SA EUR 59, Aerospace & Defense 59, , BAE SYSTEMS PLC GBP 56, Media 56, RTL GROUP EUR 38, , ,045, Total securities portfolio 5,045, Financial derivative instruments as at December 31, 2015 Quantity Name Currency Futures contracts Commitment in EUR Unrealised appreciation / (depreciation) in EUR (3.00) EURO / GBP FUTURE 14/03/2016 GBP 375, (5,011.53) (5,011.53) Total Futures contracts (5,011.53) Total financial derivative instruments (5,011.53) Summary of net assets Total securities portfolio Total financial derivative instruments Cash at bank Other assets and liabilities Total net assets % NAV 5,045, (5,011.53) (0.07) 1,683, (15,993.75) (0.24) 6,708,

28 Portfolio Breakdowns CaixaBank Global SICAV Caixabank Global Sicav - CAIXABANK GLOBAL EQUITY ALPHA FUND (in EUR) Nature allocation % of portfolio % of net assets Shares Country allocation % of portfolio % of net assets France United Kingdom Switzerland Italy Germany Sweden Netherlands Denmark Finland Spain Jersey Luxembourg Portugal Top Ten Holdings Top Ten Holdings Sector Market value % of net EUR assets GLAXOSMITHKLINE PLC Cosmetics 262, ROCHE HOLDING AG-GENUSSCHEIN Cosmetics 259, BT GROUP PLC Telecommunication 238, ING GROEP NV Banks 211, AXA SA Insurance 210, TOTAL SA Energy 198, DEUTSCHE TELEKOM AG-REG Telecommunication 189, SKF AB-B SHARES Diversified 179, machinery INTESA SANPAOLO Banks 170, PRUDENTIAL PLC Insurance 156,

29 Notes to the Financial Statements as at December 31, 2015 Note 1. General information CaixaBank Global SICAV (the SICAV ), has been incorporated on July 31, 2013 for an unlimited period of time as a société d investissement à capital variable ( SICAV ). It is organised as a société anonyme under the laws of the Grand Duchy of Luxembourg, authorised by the Part I of the amended Law of December 17, 2010 (the Law ) relating to Undertakings for Collective Investment and listed on the official list of UCITS, held with the Regulatory Authority, having an umbrella structure. The SICAV is registered with the Luxembourg trade and companies register under number B MDO Management Company S.A. (the Management Company ) has been appointed as Management Company of the SICAV. The Management Company is accredited as Management Company in accordance with chapter 15 of the amended law of December 17, At a meeting held 26 th March 2015, the Board of Directors of the SICAV ( the Board ) resolved to adopt the ALFI Code of Conduct. An annual assessment is performed by the Board to ensure the continuing adherence of the SICAV to the principles and recommendations of the ALFI Code of Conduct. The registered office of the SICAV is located at 33, rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg until December 31, 2015 and from January 1, 2016 at 60, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg. The following Sub-Funds are open to subscription as at December 31, 2015: - CAIXABANK GLOBAL SICAV - CAIXABANK GLOBAL ALBUS FUND (the Sub-Fund ); - CAIXABANK GLOBAL SICAV - CAIXABANK GLOBAL ITER FUND (the Sub-Fund ); - CAIXABANK GLOBAL SICAV - CAIXABANK GLOBAL IBERIAN EQUITY FUND (the Sub-Fund ); - CAIXABANK GLOBAL SICAV - CAIXABANK GLOBAL FLEXIBLE STRATEGY FUND (the Sub-Fund ); - CAIXABANK GLOBAL SICAV - CAIXABANK GLOBAL EQUITY ALPHA FUND (the Sub-Fund ). Shares of each Sub-Fund may be divided into Classes: A, B, C, D, E and I. Classes A, B, C, D, and E within the respective Sub-Fund are intended for retail investors and may differ as to the minimum investment, subsequent investment and holding amounts. Classes I are reserved exclusively to Institutional Investors. The classes of shares A, B, C, D, E and I may be distributing or not and/or currency hedged or not. As at December 31, 2015 the Sub-Funds open share classes are A, B, C, E and I. The main objective of the SICAV is to provide the investors with a choice of professionally managed Sub-Funds investing in a wide range of eligible assets under the UCITS Directive in order to achieve an optimum return from capital invested, while reducing investment risk through diversification. Note 2. Summary of significant accounting policies The SICAV's financial statements are prepared in accordance with legal and regulatory requirements in Luxembourg relating to Undertakings for Collective Investment and generally accepted accounting principles. a) Combination of the different Sub-Funds The combined financial statements of CaixaBank Global SICAV are expressed in Euro (EUR) and obtained by converting the financial statements of the Sub- Funds denominated in currencies other than Euro (EUR) at the rate of exchange prevailing at the end of the year. b) Currency conversion The accounts of each Sub-Fund are kept in the currency of its net asset value and the financial statements are expressed in the same currency. The acquisition cost of securities purchased in a currency other than that of the Sub-Fund is converted into the currency of the Sub-Fund on the basis of the exchange rates prevailing on the date on which the securities are acquired. Income and expenses denominated in a currency other than that of the Sub-Fund are converted into the currency of the Sub-Fund on the basis of the exchange rates prevailing on the transaction date. At the closing date, the security valuations (determined as described below), receivables, bank deposits and debts denominated in a currency other than that of the Sub-Fund are converted into the currency of the Sub-Fund on the basis of the exchange rates prevailing on that date; the foreign exchange differences resulting from the conversion of receivables, bank deposits and debts are included in the net gain/loss on foreign exchange for the period in the Statement of Operations and Changes in Net Assets. c) Valuation of investments (i) The value of any cash in hand or on deposit, bills and demand notes payable and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as the Board of Directors of the SICAV may consider appropriate in such case to reflect the true value thereof; 27

30 Notes to the Financial Statements as at December 31, 2015 (continued) Note 2. Summary of significant accounting policies (continued) c) Valuation of investments (continued) (ii) The value of Transferable Securities, Money Market Instruments and any financial assets listed or dealt in on a stock exchange of another State or on a Regulated Market, or on any Other Regulated Market of a Member State or of an Other State, shall be based on the last available closing or settlement price in the relevant market prior to the time of valuation, or any other price deemed appropriate by the Board of Directors of the SICAV; (iii) The value of any assets held in a Sub-Fund which are not listed or dealt in on a stock exchange of another State or on a Regulated Market or on any Other Regulated Market of a Member State or of an Other State or if, with respect to assets quoted or dealt in on any stock exchange or dealt in on any such Regulated Markets, the last available closing or settlement price is not representative of their value, such assets are stated at fair market value or otherwise at the fair value at which it is expected they may be resold, as determined in good faith by or under the direction of the Board of Directors of the SICAV; (iv) Units or shares of open-ended UCI will be valued at their last determined and available official net asset value as reported or provided by such UCI or their agents, or, if such price is not representative of the fair market value of such assets, then the price shall be determined by the SICAV on a fair and equitable basis. Units or shares of a closed-ended UCI will be valued in accordance with the valuation rules set out in items (ii) and (iii); (v) The liquidating value of futures, forward or options contracts not traded on a stock exchange of an Other State or on Regulated Markets, or on Other Regulated Markets shall mean their net liquidating value determined, pursuant to the policies established prudently and in good faith by the Board of Directors, on a basis consistently applied for each different variety of contracts. The liquidating value of futures, forward or options contracts traded on a stock exchange of an Other State or on Regulated Markets, or on other Regulated Markets shall be based upon the last available settlement or closing prices as applicable to these contracts on a stock exchange or on Regulated Markets, or on Other Regulated Markets on which the particular futures, forward or options contracts are traded on behalf of the SICAV; provided that if a future, forward or options contract could not be liquidated on the day with respect to which assets are being determined, the basis for determining the liquidating value of such contract shall be such value as the Board of Directors may deem fair and reasonable. All gains and losses realised and changes in unrealised gains and losses are included in the Statement of Operations and Changes in Net Assets. (vi) All other securities, instruments and other assets will be valued at fair market value, as determined in good faith pursuant to procedures established by the Board of Directors of the SICAV. d) Income Dividends are recognised as income on the date when shares are quoted ex-dividend for the first time. Dividends and interest received by the SICAV on its investments are in many cases subject to irrecoverable withholding taxes at source. A provision is created for interest at the time of each Net Asset Value calculation. e) Transaction costs The SICAV incurred transaction costs which have been defined as brokerage fees, certain taxes and certain custodian fees relating to the purchase and sale of transferable securities, money market instruments or other eligible assets. The global amounts of transaction costs are all taken into account through the Statements of Operations and Changes in Net Assets. f) Formation expenses Formation expenses are amortised over a period not exceeding 5 years (60 months) from the launch of the SICAV. g) Realised gains and losses on sales of investments in securities Investments in securities are accounted for on a trade date basis. Realised gains and losses on sales of investments in securities are calculated on the average cost basis. Other principles such as FIFO are also acceptable. Note 3. Sales charges The subscription of Shares are subject to a maximum Sales Charge being a percentage of the Net Asset Value or Initial Price of the Shares being subscribed as indicated (if applicable) in each Sub-Fund s Supplement to remunerate the distributors of the Shares. Sub-Fund Classes Sales charges CAIXABANK GLOBAL SICAV CAIXABANK GLOBAL ALBUS FUND A Maximum 5% C 0% CAIXABANK GLOBAL SICAV CAIXABANK GLOBAL ITER FUND A Maximum 5% B Maximum 3% C 0% E I E I 0% 0% 0% 0% 28

31 Notes to the Financial Statements as at December 31, 2015 (continued) Note 3. Sales charges (continued) CAIXABANK GLOBAL SICAV CAIXABANK GLOBAL IBERIAN EQUITY FUND B Maximum 5% D 0% I 0% CAIXABANK GLOBAL SICAV CAIXABANK GLOBAL FLEXIBLE STRATEGY FUND B Maximum 3% I 0% CAIXABANK GLOBAL SICAV CAIXABANK GLOBAL EQUITY ALPHA FUND B Maximum 5% C Maximum 3% E 0% I 0% Note 4. Management fees The Investment Manager and distributors are entitled to a Management Fee to be paid out of the relevant Sub-Fund s net assets. Such Management Fee is accrued for each Dealing Day and is payable monthly in arrears and calculated on the average net assets of the respective period for each Class of the relevant Sub-Fund (before deduction of the Management Fee) at the annual rates set as follows: Sub-Fund Classes Management fee CAIXABANK GLOBAL SICAV CAIXABANK GLOBAL ALBUS FUND A 1.50% C 0.90% E I 0.60% 0.60% CAIXABANK GLOBAL SICAV CAIXABANK GLOBAL ITER FUND A 1.40% B 0.85% C 0.75% E I 0.55% 0.55% CAIXABANK GLOBAL SICAV CAIXABANK GLOBAL IBERIAN EQUITY FUND B 1.50% D 1.10% I 0.75% CAIXABANK GLOBAL SICAV CAIXABANK GLOBAL FLEXIBLE STRATEGY FUND B 1.13% I 0.63% C 0.95% E 0.63% CAIXABANK GLOBAL SICAV CAIXABANK GLOBAL EQUITY ALPHA FUND B 1.60% C 1.38% E 1.13% I 1.13% The Investment Manager and distributors may choose to waive all or any portion of the Management Fee at their absolute discretion for an indefinite period. Note 5. Management Company fees The SICAV shall pay a Management Company Fee to the Management Company, payable quarterly, at an annual rate of 0.05% maximum per annum, with a minimum of EUR 15,000 per annum, which shall be calculated on the average total net assets of the Sub-Fund(s). The Management Company is also entitled to receive an annual fee of EUR 3,500 per non-complex Sub-Fund for the performance of risk management services. Note 6. Custodian fees The Custodian receives a monthly fee which does not exceed 0.75% per annum of the net assets for each Sub-Fund (at the end of the relevant month). 29

32 Notes to the Financial Statements as at December 31, 2015 (continued) Note 7. Domiciliary, Administrative and Registrar and Transfer Agent s fees The Domiciliary, Administrative and Registrar and Transfer Agent receive for the accomplishment of their functions a maximum annual fee of 2% of each Sub- Fund s average Net Asset Value per year. For the period from January 1, 2015 to December 31, 2015, the Domiciliary, Administrative and Registrar and Transfer Agent fees are included in the Statement of Operations and Changes in Net Assets. In addition, the Domiciliary, Administrative and Registrar and Transfer Agent are entitled to be reimbursed by the SICAV its reasonable out-of-pocket expenses. Note 8. Taxe d'abonnement The SICAV is subject in Luxembourg to a taxe d abonnement of 0.05 % per annum on its net asset value, except for the shares reserved for Institutional Investors who may benefit from the reduced rate of 0.01 %. The taxe d abonnement is payable quarterly and is calculated on the basis of the net assets of the SICAV at the end of the relevant quarter. In accordance with article 175 a) of the Law, the portion of the net assets invested in UCIs already subject to the taxe d abonnement is exempt from this tax. Note 9. Foreign exchange The value of the assets and liabilities denominated in a currency other than the reference currency of the relevant Sub-Fund (EUR) are converted at the rates of exchange prevailing in Luxembourg at the time of the determination of the corresponding Net Asset Value. As at December 31, 2015, the foreign exchange rates were as follows: 1 EUR = CHF 1 EUR = SEK 1 EUR = GBP 1 EUR = USD 1 EUR = JPY 1 EUR = DKK Note 10. Directors remunerations The amounts paid to each Director for the period from January 1, 2015 to December 31, 2015 are as follows: Directors Remunerations Mr. William Jones EUR 12, Mr. Henry Kelly EUR 25, Mrs. Michèle Eisenhuth EUR 10, Note 11. Futures contracts As at December 31, 2015, the Fund CAIXABANK GLOBAL SICAV CAIXABANK GLOBAL ALBUS FUND held positions in futures contracts. The counterparty for these positions is ALTURA MARKETS S.V., S.A. and the Fund has not pledged any collateral. As at December 31, 2015, the Fund CAIXABANK GLOBAL SICAV CAIXABANK GLOBAL ITER FUND held positions in futures contracts. The counterparty for these positions is ALTURA MARKETS S.V., S.A. and the Fund has not pledged any collateral. As at December 31, 2015, the Fund CAIXABANK GLOBAL SICAV CAIXABANK GLOBAL IBERIAN EQUITY FUND held positions in futures contracts. The counterparty for these positions is ALTURA MARKETS S.V.,S.A. and the Fund has not pledged any collateral. As at December 31, 2015, the Fund CAIXABANK GLOBAL SICAV CAIXABANK GLOBAL FLEXIBLE STRATEGY FUND held positions in futures contracts. The counterparty for these positions is ALTURA MARKETS S.V., S.A. and the Fund has not pledged any collateral. As at December 31, 2015, the Fund CAIXABANK GLOBAL SICAV CAIXABANK GLOBAL EQUITY ALPHA FUND held positions in futures contracts. The counterparty for these positions is ALTURA MARKETS S.V., S.A. and the Fund has not pledged any collateral. Note 12. Other expenses The caption Other expenses is mainly composed of Directors fees, VAT on Depobank fees, CSSF fees, Regulatory fees and Banking fees. 31

33 Notes to the Financial Statements as at December 31, 2015 (continued) Note 13. Changes in the composition of the Securities Portfolio The report on changes in the composition of the Securities Portfolio for each Sub-Fund during the period is available upon request and free of charge at the registered office of the SICAV and Centralizing Agent in France. Note 14. Global exposure The global exposure of all the Sub-fund of CAIXA BANK GLOBAL SICAV is determined by using the commitment approach. The global exposure through the use of Derivatives will not exceed the total net value of the Sub-Fund. 32

34