Content. MUTUAL FUNDS MONTHLY REVIEW 2012 June. 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 bottomup 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. 105,0,0 95,0 90,0 85,0 80,0 75,0 70,0 65,0 60,0 Monthly 6,23% YTD 13,50% Since inception -21,04% Powszechna Kasa Oszczednosci Bank Polski S.A. Bank of Georgia Holdings PLC Bank Pekao SA 6,7% 7,4% 7,3% KGHM Polska Miedz SA 6,4% Fondul Proprietatea 5,0% 38,106 mln. 11,036 mln. EUR 78,96 Management fee 1,5 % Success fee 15 % Investments by industries Investments by countries Commercial Banks 37,5% Poland 37,0% Oil, Gas & Consumable Fuels 17,0% Austria 17,5% Metals & Mining 6,4% Romania 9,5% Diversified Financial Services 5,0% Estonia 9,4% Insurance 4,9% Georgia 7,3% Specialty Retail 4,9% Ukraine 4,3% Hotels, Restaurants & Leisure 4,6% Turkey 3,9% Food Products 4,3% Croatia 2,8% Software 3,9% Serbia 1,7% Auto Components 3,5% Bulgaria 1,5% Cash and money market 3,8%

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 Monthly 3,27% YTD 3,54% Since inception -20,02% Investments by industries 13,461 mln. 3,899 mln. EUR 79,98 Management fee 1,5 % Success fee 15 % Oil, Gas & Consumable Fuels 33,1% Sberbank 9,7% Commercial Banks 22,8% Specialty Retail 6,9% Gazprom GDR 6,3% Pharmaceuticals 6,8% Food Products 5,5% Novatek OAO GDR 6,0% Metals & Mining 4,9% Media 4,0% Avangardco Investments Public Ltd. - GDR 5,5% Cash and money market 6,0% Surgutneftegas - GDR 5,0%

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 Monthly 0,51% YTD 1,06% Since inception -11,73% Vanguard MSCI Emerging Markets ETF ishares MSCI Emerging Markets Minimum Volatility Index Fund DB X-trackers - DAX ETF 7,9% 7,8% 8,6% 2,931 mln. 0,849 mln. EUR 88,27 Management fee 2 % Success fee 15 % Investments by asset class Fondul Proprietatea Elements RICI Total Return ETN Investments by regions 7,0% 6,9% Equity 50,8% Alternative investments 46,4% Hedge funds and other 27,3% Global emerging 19,6% CEE 18,5% Commodities 19,9% Europe 7,8% Cash and money market 1,8% Global developed 5,7%

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 0,77% YTD 7,49% Since inception 7,32% 22,966 mln. 6,652 mln. EUR 107,32 Management fee 1 % Investments by countries VTB Bank 5,01% 2015/09/29 7,7% Russia 25,4% Lithuania 14,9% Lithuania 3,75% 2016/02/10 7,4% Romania 13,7% Hungary 12,0% Vimpelcom 6, /02/02 7,4% Croatia 10,9% Ukraine 4,8% Croatia 6,5% 2015/01/05 6,3% Kazakhstan 3,1% Cash and money market 11,0% MOL 3,825% 2015/10/05 6,2%

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 Monthly 2,77% YTD 4,19% Since inception -12,37% 1,585 mln. 0,459 mln. EUR 87,63 Management fee 1 % Investments by regions ishares MSCI Emerging Markets Minimum Volatility Index Fund 9,0% Global emerging 56,0% Global developed 22,8% S&P A ETF (Amundi) 8,9% North America 8,9% Lyxor ETF MSCI Emerging 8,9% Europe 8,2% MSCI World ETF (Lyxor) 8,6% CEE 1,1% Vanguard MSCI Emerging Markets ETF 8,4% Cash and money market 3,2%