Content. MUTUAL FUNDS MONTHLY REVIEW 2013 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 Baltic Fund 6

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. 27,0 26,0 25,0 24,5 24,0 23,5 23,0 22,5 22, Monthly 3,78% YTD -1,14% Since inception -12,73% Fondul Proprietatea 7,8% Bank Pekao SA KGHM Polska Miedz SA 7,5% Raiffeisen Bank International AG Powszechna Kasa Oszczednosci Bank Polski S.A. 5,5% 5,2% 40,829 mln. LTL 11,825 mln. 25,27 30 Management fee 1,5 % Success fee 15 % Investments by industries Investments by countries Commercial Banks 28,9% Poland 25,2% Oil, Gas & Consumable Pharmaceuticals Diversified Financial Metals & Mining Diversified 11,4% 9,1% 7,8% 5,2% Austria Romania Slovenia Hungary 14,9% 11,9% 9,7% 8,9% Specialty Retail 4,7% Estonia 4,7% Insurance Electric Utilities Food Products Cash and money market 4,6% 4,1% 4,0% 7,3% Serbia Czech Republic Ukraine 4,1% 4,1% 4,0%

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 0,44% YTD -9,21% Since inception -20,64% Investments by industries 12,133 mln. LTL 3,514 mln. 22,99 30 Management fee 1,5 % Success fee 15 % Oil, Gas & Consumable Fuels Commercial Banks 15,3% 41,1% Gazprom GDR 9,6% Metals & Mining 7,3% Sberbank 9,4% Trading Companies & Distributors Specialty Retail 6,1% Protek Diversified Financial Services Food Products 4,7% 4,5% M Video 6,1% Cash and money market 4,5% Bank St Petersburg OJSC 5,8%

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 1,40% YTD 0,68% Since inception -8,52% MSCI World ETF (DB X-Trackers) Bank St Petersburg OJSC Comstage ETF DAX TR 9,5% 9,4% MSCI World ETF (ComStage) 8,9% 2,455 mln. LTL 0,711 mln. 26,49 30 Management fee 2 % Success fee 15 % Investments by asset class PowerShares FTSE RAFI US 1000 Fund Investments by regions 8,5% Equity 63,2% Global developed markets 25,4% Cash and money market 16,8% CEE 17,9% Bonds 7,3% North America 14,2% Hedge funds and other 7,2% Alternative investments 11,8% Commodities 5,5% Europe

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. 34, , , , Monthly 0,81% YTD 1,76% Since inception 17,57% 35,619 mln. LTL 10,316 mln. 34,05 30 Management fee 1 % Investments by countries VTB Bank 5,01% 2015/09/29 7,2% Russia 1 MOL 3,875% 2015/10/05 6,9% Slovenia Hungary 14,8% 14,4% Zhaikmunai 10,5% 2015/10/19 6,8% Lithuania Croatia 9,5% 12,8% OTP Bank 5,27% 2016/09/19 6,6% Romania Kazakhstan 7,7% 6,8% Lithuania 5,2% 2018/03/28 5,6% Cash and money market 11,0%

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. 28,5 27,5 24,5 23, Monthly 1,89% YTD 1,23% Since inception -7,87% 1,440 mln. LTL 0,417 mln. 26,68 30 Management fee 1 % Investments by regions PowerShares FTSE RAFI US 1000 Fund 9,5% Global developed markets 52,9% Amundi ETF MSCI World MSCI World ETF (Lyxor) North America Global emerging markets 9,7% 18,6% MSCI World ETF (DB X-Trackers) Europe CEE 5,8% ishares MSCI World Minimum Volatility Cash and money market 3,9%

7 Baltic Fund Fund strategy Baltic Fund is investing into shares of companies listed on Baltic Stock Exchange or enterprises actively operating in the Baltic states. The fund is striving for maximum return by assuming high risk level. The fund focuses on long-term investments by identifying attractive economy sectors and picking particular companies. Aim of the fund - to achieve maximum equity return while investing in Baltics region. Recommended term of investment - more than 5 years. Fund return in last 12 month , , , Fund returns Monthly 2,99% YTD 14,01% Since inception -8,24% Past performance of fund 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. City Service Silvano Fashion Group Olainfarm 8,1% AB Šiaulių bankas 5,4% Fund data Olympic Entertainment Group 5,4% Date of fund inception Currency of fund 8,268 mln. LTL 2,394 mln. Fund unit value 8 30 Management fee 2 % Investments by industries Investments by countries Specialty Retail Food Products 14,2% 18,2% Lithuania 39,4% Pharmaceuticals Multi - Utilities 12,8% Estonia 36,1% Commercial Banks Construction & 8,4% 6,3% Latvia 17,1% Hotels, Restaurants & Food & Staples Retailing 5,4% 4,8% Baltics 3,0% Electric Utilities Marine Cash and money market 4,4% 4,3% 4,4% Cash and money market 4,4%