Content. MUTUAL FUNDS MONTHLY REVIEW 2011 November. New Europe TOP20 Subfund 1. Russia TOP20 Subfund 2. Global Flexible Subfund 3

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1 Content New Europe TOP20 Subfund 1 Russia TOP20 Subfund 2 Global Flexible Subfund 3 Emerging Europe Bond Subfund 4 World Equity Subfund of Funds 5

2 New Europe TOP20 Subfund Finasta New Europe TOP20 subfund has a concentrated portfolio of region s best investment ideas (close to minimum allowed by UCITs). Every pick comes from a thorough fundamental bottom-up analysis. Concentrated portfolio means maximum focus on each investment idea, high leverage on best picks. Higher concentration comes with the risk of higher deviation in subfund s net asset values. Aim of the subfund - to achieve maximum equity return while investing in Eastern Europe ex Russia region. Recommended term of investment - more than 5 years. 10% 5% 0% -5% -10% -15% -20% -25% -30% -35% Monthly -11,26% YTD -29,80% Since inception -29,92% Subfond data Turbulence in capital markets continued in autumn that looked like a roller-coaster benchmark CECE Extended decreased in September, made a steep rebound in October but came back to its lows in November. On the hand, long lasting plunge (6 negative months out of last 7) and depth (37 percent correction of benchmark since the peak in April) gives us an optimism about possible change in market direction. There are plenty of fundamental reasons for it stock market is historically cheap, economies are growing further despite lots of issues and central banks continues cheep credit period that stimulates stock markets. Lingerie producer and retail Silvano fashion group ( SFG ) was included in the fund. Major market of the company is Russia where it has 5 percent market share. SFG has a huge net cash position that is used for dividends and share buy-backs. It makes the company less risky and well prepared for market fluctuations. The biggest part of the fund remains concentrated in the most liquid Warsaw and Vienna stock exchanges. It would let the fund to perform in a recovering market, probably even in December. 36,834 mln. 10,668 mln. EUR 70,08 Management fee 1,5 % Success fee 15 % Fondul Prorieratea Bank of Georgia KGHM Polska Miedz SA Polski Koncern Naftowy Orlen S.A. Polytec Holding AG 8,2% Investments by industries Commercial Banks 20,6% Poland 35,2% Oil, Gas & Consumable Fuels 10,9% Romania 13,4% Diversified Financial Services 10,4% Austria 10,4% Chemicals 8,4% Croatia 7,4% Metals & Mining Hotels, Restaurants & Leisure Auto Components 5,9% Georgia Estonia 5,0% Insurance 4,9% Bulgaria Electric Utilities 4,4% Ukraine Food Products Lithuania 3,1% Cash and money market 8,7% Serbia

3 Russia TOP20 subfund Finasta Russia TOP20 subfund has a concentrated portfolio of region s best investment ideas (close to minimum allowed by UCITs). Every pick comes from a thorough fundamental bottom-up analysis. Concentrated portfolio means maximum focus on each investment idea, high leverage on best picks. Higher concentration comes with the risk of higher deviation in subfund s net asset values. Aim of the subfund - to achieve maximum equity return while investing in Russia and CIS region. Recommended term of investment - more than 5 years. 10% 5% 0% -5% -10% -15% -20% -25% -30% -35% -40% Monthly 3,28% YTD -15,68% Since inception -15,77% Subfond Data This autumn in markets was tense and with big swings in investor sentiment. European debt crisis remained the topic of the year. Russian stocks went through another significant selling wave in September with the lows reached in the beginning of October. However, the rest of October saw a sharp bounce up in stock prices, which virtually erased September loss. In November stocks fluctuated around the same levels. Fund unit value gained +3.1 percent in September November, RTS index (EUR) was in red, returned -3 percent. Off benchmark bottom up picks are behind recent outperformance of Russia Top20 versus RTS. There are no major recent changes in the portfolio. One addition was made by building position in Russia s largest mobile telecom, MTS, which reached a very attractive valuation level at the end of September. Russian stocks remain cheap and fundamentally attractive as oil price holds relatively high level. Most of stocks in Fund portfolio have PEs in 3-7 range and profit growth in excess of 20 percent. 14,894 mln. 4,313 mln. EUR 84,23 Management fee 1,5 % Success fee 15 % Sberbank Lukoil GDR Gazprom GDR Nizhnekamskneftekhim Acron JSC 5,8% 5,6% 9,7% 9,6% 10,4% Investments by industries Oil, Gas & Consumable Fuels 45,1% Commercial Banks 15,3% Chemicals 13,6% Metals & Mining 6,6% Specialty Retail 4,5% Pharmaceuticals 4,1% Wireless Telecommunication Services Cash and money market 3,8% 2,7%

4 Global Flexible Subfund Finasta Global Flexible Subfund is considered as actively managed subfund. Subfund investments are diversified and allocated among different regions and assets classes: equity, bonds and other fixed income securities, hedge funds, commodities and currencies. Aim of the subfund - to seek maximum return with risk lower than equity investments. Recommended term of investment years. 4% 3% 2% 1% 0% -1% -2% -3% -4% -5% -6% -7% -8% -9% -10% -11% -12% -13% -14% -15% -16% -17% -18% Monthly -1,17% YTD -11,88% Since inception -12,09% Finasta Global Flexible Subfund returned 1,12 percent loss during autumn. Equity markets were very volatile during last 3 months, the market drop started in summer continued in September. Better than expected economic data from US reduced recession risk for US and investors turned back to equities in October. Global equities increased by percent in October. Negative trend dominated in November except for the last days of the month, when positive news flow (mainly related to Eurozone debt problems solution hopes) pushed-up equity markets again. Alternative investments like hedge and commodity funds provides diversification for the subfund and reduces volatility of subfund s price movements. Subfund data 3,511 mln. 1,017 mln. EUR 87,91 Management fee 2 % Success fee 15 % Credit Suisse Solutions Lux - Dow Jones Credit Suisse AllHedge Credit Suisse Solutions Lux Sicav - Dow Jones Credit Suisse Allhedge Index Fondul Prorieratea Easyetf S&P GSCI Market Access Index Fund 7,6% 8,4% 8,1% 11,3% 10,6% Investments by industries Diversified Financial Services 10,9% Global 59,9% Romania 8,4% Food & Staples Retailing 5,1% Germany 7,1% Insurance China 5,6% Oil, Gas & Consumable Fuels 1,9% Croatia 5,1% Austria Hotels, Restaurants & Leisure 1,7% Estonia 2,7% Diversified Telecommunication Services 0,5% Russia 2,5% Cash and money market 1,1% Kazakhstan 1,9% Serbia 0,5%

5 Emerging Europe Bond Subfund Finasta Emerging Europe Bond Subfund invests to the strong credit profile emerging Europe governments and companies debt securities. Subfund Managers combine riskier (corporate) and safer (government) bonds in order to achieve higher total return. Aim of the subfund - to secure the balanced capital growth of the subfund. Recommended term of investment years. Monthly -1,88% YTD -1,09% Since inception -0,83% Subfund data 3,5% 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% -0,5% -1,0% -1,5% -2,0% -2,5% In autumn financial markets were very volatile. Markets went down in September and November and only in October we had a period of increasing prices. Bond Fund lost 2,8 percent in autumn, but due to the conservative approach it has outperformed the benchmark which decreased by 3,4 percent. During this period several changes were implemented in the fund structure the biggest Georgian bank s Bank of Georgia shortterm bonds were bought, also Lithuania 2016 and 2018 bonds were switched to the shorter duration issues. On the last day of November Ukraine s leading agro-industrial company MHP has redeemed a bond issue. Currently fund risk to reward ratio is very attractive fund s yield to maturity is 8 percent and duration just 2,5 year. 21,221 mln. 6,146 mln. EUR 99,17 Management fee 1,0 % Russia Romania Hungary Croatia Lithuania Kazakhstan Ukraine Cash and money market 6,4% 4,3% 11,2% 15,7% 17,4% 24,3% Vimpelcom 8,375% 2013/04/30 7,7% Croatia 6,5% 2015/01/05 6,6% Romania 5% 2015/03/18 6,5% City of Bucharest 4,125% 2015/06/22 Zhaikmunai 10,5% 2015/10/19

6 World Equity Subfund of Funds Finasta World Equity Subfund of Funds invest to other funds that invest in global equities. To ensure greater subfund security and diversification, subfund investment strategy is not limited by investment regions or sectors. Aim of the Subfund - seeks higher than average global equity investment return. Recommended term of investment years. 5,0% 0,0% -5,0% -10,0% -15,0% -20,0% -25,0% Monthly -4,75% YTD -17,08% Since inception -17,21% Subfund data Finasta World Equity Subfund of Funds returned -2,06 percent during autumn. Equity markets were very volatile during last 3 months, the market drop started in summer continued into September. Better than expected economic data from US reduced recession risk for US and investors turned back to equities in October. Global equities increased percent and emerging markets earned 13 percent in October. Negative trend dominated in November except for the last days of the month, when positive news flow (mainly related to Eurozone debt problems solution hopes) pushed-up equity markets again. Subfund s portfolio was reallocated in November by selling most of actively managed funds and entering exchange traded emerging market index funds (ETFs). Further gradual increase of emerging equity funds is planned, since here is forecasted the highest economic growth for the next year. 1,671 mln. 0,484 mln. EUR 82,79 Management fee 1% Global North America Europe CEE Asia Cash and money market 1,6% 9,1% 8,1% 12,2% 30,1% 45,9% MSCI World ETF (Lyxor) 12,2% S&P A ETF (Amundi) 12,2% MSCI World ETF (DB X- Trackers) 10,2% MSCI Europe TRN ETF (ComStage) 9,1% MSCI World ETF (ComStage) 7,6%