Content. MUTUAL FUNDS MONTHLY REVIEW 2011 July. 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. 8% 6% 4% 2% 0% -2% -4% Monthly -3,54% YTD -3,18% Since inception -3,35% K G HM P olsk a Miedz S A Past performance of subfund does not guarantee the future results. Your investment value may rise or fall depending on market conditions. You may earn less than you had invested. Fondul Prorieratea A IK banka a.d. Nis 6,1% Trans electrica 5,6% R aiffeis en Bank International A G 5,4% 60,725 mln. 17,587 mln. EUR 96, Management fee 1,5 % Success fee 15 % Investments by industries Commercial Banks 21,1% Poland 17,1% Diversified Financial Services 17,0% Romania 14,1% Oil, Gas & Consumable Fuels 9,3% Austria 13,2% Metals & Mining Croatia 11,0% Chemicals Electric Utilities Food Products 5,6% 5,5% 7,8% Bulgaria Serbia 7,0% Construction & Engineering 4,5% Georgia 5,1% Insurance 4,1% Hungary 4,6% Hotels, Restaurants & Leisure 3,8% Ukraine 4,6% Cash and money market 3,0% Turkey 4,5%

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. 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% Monthly +2,06% YTD -2,97% Since inception -3,08% Past performance of subfund does not guarantee the future results. Your investment value may rise or fall depending on market conditions. You may earn less than you had invested. Investments by industries 19,381 mln. 5,613 mln. EUR 96, Management fee 1,5 % Success fee 15 % Oil, Gas & Consumable Fuels 34,1% Lukoil GDR 9,9% Commercial Banks 18,7% Chemicals Metals & Mining 11,9% 13,7% Sberbank 9,7% Specialty Retail 4,3% Pharmaceuticals 4,2% Gazprom GDR Food Products 3,6% Food & Staples Retailing 2,5% Nizhnekamskneftekhim 8,6% Beverages 1,6% Cash and money market 5,7% Acron JSC 5,1%

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. 3% 2% 1% 0% -1% -2% -3% -4% -5% -6% Monthly -0,43% YTD -4,77% Since inception -5,00% MSC I World ETF (Lyxor) Past performance of subfund does not guarantee the future results. Your investment value may rise or fall depending on market conditions. You may earn less than you had invested. Fondul Prorieratea Mark et A cces s Index Fund 7,5% Eas y etf S & P G S C I 7,4% 7,143 mln. 2,069 mln. EUR 95, Management fee 2 % Success fee 15 % Investments by industries ETFS Wheat 7,3% Diversified Financial Services 10,2% Global 46,4% Romania Food & Staples Retailing 4,8% Russia 7,5% Insurance 3,3% Austria 7,2% Oil, Gas & Consumable Fuels 3,0% China 6,9% Hotels, Restaurants & Leisure 1,7% Turkey Croatia 5,7% 4,8% Food Products 0,5% USA 4,5% Diversified Telecommunication Services 0,4% Brazil 3,7% Cash and money market 0,7% Estonia 2,2%

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. 3,5% 3,0% 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% -0,5% Monthly +0,47% YTD +2,98% Since inception +3,25% Past performance of subfund does not guarantee the future results. Your investment value may rise or fall depending on market conditions. You may earn less than you had invested. 20,951 mln. 6,068 mln. EUR 103, Management fee 1 % Avangard 10% 2015/10/29 6,6% Lithuania 24,6% Russia 19,4% OTP Bank 5,27% 2016/09/19 6,2% Romania 14,7% Hungary 14,1% Croatia 6,5% 2015/01/05 6,2% Croatia 11,2% SINEK 7,7% 2015/08/03 5,4% Ukraine 10,1% Kazakhstan 5,0% Novorossiysk Port 7% 2012/05/17 5,4% Cash and money market 1,0%

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. 4,0% 2,0% 0,0% -2,0% -4,0% -6,0% -8,0% -10,0% Monthly -1,04% YTD -6,79% Since inception -6,93% Past performance of subfund does not guarantee the future results. Your investment value may rise or fall depending on market conditions. You may earn less than you had invested. 2,442 mln. 0,707 mln. EUR 93, Management fee 1 % MSCI World ETF (ComStage) 9,9% Global 30,9% Asia 20,0% Franklin Templeton Asian Growth Fund 9,2% CEE 17,4% S&P A ETF (Amundi) South America 14,6% North America JP Morgan Latina America Equity Fund 8,0% Europe 7,0% MSCI World ETF (DB X- Trackers) 7,2% Cash and money market 1,4%