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

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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 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. rules, and results of the fund on Monthly 1,54% -0,10% YTD 14,87% -2,78% Since inception 1,40% -13,39% Subfond data 125% 120% 115% 110% 105% 100% 95% 90% 85% Autumn was great for Eastern Europe markets as benchmark CECEX has risen 6.8% and Finasta New Europe TOP20 subfund rose 12%. Despite negative CECEX performance year-to-date of -2.8%, subfund has returned +14.9% YTD. After the calm summer, autumn was full of events and transactions in the subfund. French pharmaceutical copmany Servier, the major owner of Egis from Hungary, decided to increase its stake in the company at a 30% higher price level than the market price. Shares from the subfund were sold with a significant profit. Polish/Lithuanian construction company Trakcja was also sold at a higher than acquisition price as Trakcja stocks rose after the announcements of successful operations. Jeronimo Martins, the biggest Polish retailer with more than 2 thousand stores under the name Biedronka, was included in the subfund as a growth copmany. Subfund has also participated in an IPO of energy company Nuclrearelectrica from Romania with an expectation to receive high dividends. 45,818 mln. LTL 13,270 mln. 29,37 30 Management fee 1,5 % Success fee 15 % Powszechna Kasa Oszczednosci Bank Polski S.A. CEZ Fondul Proprietatea Silvano Fashion Group Telekom Slovenije 5,9% 5,1% 4,8% Investments by industries Investments by countries Commercial Banks 21,3% Poland 19,8% Oil, Gas & Consumable Fuels Electric Utilities Pharmaceuticals Holdings Diversified Telecommunication Services Specialty Retail Food Products Food & Staples Retailing Metals & Mining 10,9% 9,4% 6,8% 5,1% 4,7% 4,4% Romania Austria Slovenia Czech Republic Estonia Ukraine Croatia 4,7% 4,3% 9,3% 13,2% 12,7% Cash and money market 14,8% Hungary 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. rules, and results of the fund on Monthly 0,60% -5,14% YTD 0,89% -10,95% Since inception -11,80% -9,46% Subfond Data Russian stocks have bounced back in autumn after rather weak summer. The fund has grown 10.4% in three months while benchmark RTS is up by 5.6%. Non benchmark picks of the fund have outperformed. The attention of value investors was directed to midcaps with consumer focus. The Fund is up 0.9% YTD while RTS is down 11% YTD. Russian stock market is the cheapest in the universe of 21 major emerging markets. The forward looking PE of MICEX index is 4.3 (Bloomberg) while the dividend yield is 4.15%. Investors avoid Russia for its decelerating GDP (~1.5% in 2013), bad demographics, high corruption, etc. What they fail to see is that current valuation assumes the worst case scenario and ignores the positive changes: increased dividend yield, stable salary growth that combined with decelerating inflation results in higher purchasing power. Thus, Russian stocks are interesting for a patient long term investor. 13,236 mln. LTL 3,833 mln. 25,54 30 Management fee 1,5 % Success fee 15 % Investments by industries Sberbank Gazprom GDR Protek M Video AFI Development PLC - GDR 6,3% 9,4% 9,1% Oil, Gas & Consumable Fuels Commercial Banks 14,1% 38,1% Trading Companies & Distributors 6,3% Specialty Retail Real Estate Management & Development Food Products Airlines Cash and money market 8,7%

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. rules, and results of the fund on Monthly 0,84% 0,87% YTD 2,42% 9,23% Since inception -6,94% 26,39% Subfund data Finasta Global Flexible Subfund value increased by 4.2% during autumn. Since fears of war in Syria vanished in early September and US Federal Reserve bank decided not to taper economic stimulus yet, optimism flooded the market. Although political disagreements caused temporary shut-down of US government and some instability in financial markets, deadline for decisions on concerning issues were postponed until yearly 2014 and that was enough for the developed markets to rise further. Meanwhile emerging market struggled and headed down slowly. The last month of autumn was calm and the only event that caused more short-term volatility was ECB s interest rate cut. The biggest holdings of the subfund, US buyback ETF, German DAX ETF and Bank St. Petersburg shares, increased by 9%, 16% and 9.3% respectively. Strong start of the autumn lead to coming back to neutral risk level in the subfund exposure to Central and Eastern European and Russian stocks was increased while bond holdings were decreased. Since October and November were really calm no other significant changes were made. However, risky assets will be switched to conservative ones in case more signs of possible medium-term correction will appear. 2,345 mln. LTL 0,679 mln. 26,95 30 Management fee 2 % Success fee 15 % ComStage ETF MSCI World TRN Ucits ETF MSCI World ETF (DB X-Trackers) PowerShares FTSE RAFI US 1000 Fund Bank St Petersburg OJSC Amundi ETF MSCI World 9,9% 9,9% 9,4% 8,9% 7,8% Investments by asset class Investments by regions Equity 6 Global developed markets 27,6% North America 15,7% Cash and money market 27,6% CEE 10,1% Europe 7,0% Hedge funds and other 7,4% Alternative investments 6,5% Asia 5,5%

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. rules, and results of the fund on Monthly 0,38% -0,05% YTD 3,33% 1,46% Since inception 19,38% 17,87% Subfund data After quite miserable summer in the bond market, autumn brought some optimism triggered by US Federal Reserve banks decision not to taper economic stimulus yet. Although stock market rally was interrupted by US politicians inability to reach an agreement on US budget and so called debt ceiling which caused temporary government shutdown, bond market was left practically unaffected. The last month of autumn was also calm and the only event that caused more short-term volatility was ECB s interest rate cut. Even though market optimism benefited longer term bonds the most, our fund gained 1.38% in three months with strictly limited duration. Year to date growth stand near 3%. Georgian Railway bonds with 1.5 year duration and 4% yield to maturity were bought this November. Short duration and low-risk profile will dominate funds holdings in order to hedge from volatility in high grade bonds market during this low risk premium environment. Risk and reward ratio remaines attractive yield to maturity stands at 3.9% while duration is around 2.1 years. Investments by countries 39,588 mln. LTL 11,465 mln. 34,57 30 Management fee 1,0 % Russia Slovenia Hungary Croatia Lithuania Romania Kazakhstan Cash and money market 13,5% 11,9% 11,3% 10,0% 8,7% 13,6% 19,0% Croatia 6,5% 2015/01/05 7,0% VTB Bank 5,01% 2015/09/29 6,3% Zhaikmunai 10,5% 2015/10/19 MOL 3,875% 2015/10/05 6,0% OTP Bank 5,27% 2016/09/19 5,9%

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. rules, and results of the fund on Monthly 1,27% 0,00% YTD 4,58% 5,26% Since inception -4,82% 14,07% Subfund data Finasta World Equity Subfund value increased by 6.2% during autumn. Since fears of war in Syria vanished in early September and US Federal Reserve bank decided not to taper economic stimulus yet, optimism flooded the market. Although political disagreements caused temporary shut-down of US government and some instability in financial markets, deadline for decisions on concerning issues were postponed until yearly 2014 and that was enough for the developed markets to rise further. Meanwhile emerging market struggled and headed down slowly. The last month of autumn was calm and the only event that caused more short-term volatility was ECB s interest rate cut. The biggest holdings of the subfund, US S&P-500 ETF, World equity and German DAX ETFs, increased by 8,1%, 7,9% and 16% respectively. Strong start of the autumn lead to coming back to neutral risk level in the subfund exposure to Central and Eastern European and Russian stocks was increased while bond holdings were decreased. Since October and November were really calm no other changes were made. However, risky assets will be switched to conservative ones in case more signs of possible medium-term correction will appear. Investments by regions 1,393 mln. LTL 0,403 mln. 27,57 30 Management fee 1% Global developed markets North America Europe CEE Global emerging markets 9,2% 6,5% 5,3% 18,4% 52,8% Cash and money market 7,8% ComStage ETF MSCI World TRN Ucits ETF 9,8% S&P A ETF (Amundi) 9,8% ishares MSCI World Minimum Volatility 9,7% The Lyxor ETF DAX 9,2% Amundi ETF MSCI World 8,7%

7 Baltic Fund 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. rules, and results of the fund on Monthly 0,01% -0,13% YTD 10,90% 14,84% Since inception -10,74% 7,03% Subfond data Date of subfund inception ,383 mln. LTL 2,138 mln. 25,85 30 Management fee 2 % Autumn season for Baltic stock markets wasn t successful during 3 months Finasta Baltic fund has decreased by 1.7% but performance year-to-date is still strong with a profit of 11%. Autumn period was quite calm for the fund. Attractive companies with low multiples and strong results still accounts for the biggest share of the fund - multi-utilities company City Service (EV/EBITDA - 5), underwear producer Silvano fashion group (EV/EBITDA 4.7) and pharmaceutical company Olainfarm (EV/EBITDA 5.3). After the reorganization and management changes Estonian clothing producer and retailer started demonstrating improved results but latest numbers of revenues and profitability signalled about worsening situation. Due to this reason shares of the company was sold from the fund. After the pause in autumn, winter could be more positive as Baltic economies are rapidly growing, results of the companies are improving and valuations are below historical average. Silvano Fashion Group City Service Olainfarm Olympic Entertainment Group 6,2% 9,7% 9,6% 10,8% Grindeks 5,1% Investments by industries Investments by countries Specialty Retail Pharmaceuticals 15,7% 14,7% Lithuania 41,6% Food Products 13,9% Multi - Utilities Construction & Engineering 9,7% 7,0% Estonia 33,3% Hotels, Restaurants & Leisure 6,2% Food & Staples Retailing Electric Utilities 4,8% 4,8% Latvia 19,3% Oil, Gas & Consumable Fuels Marine Cash and money market 4,5% 5,7% Cash and money market 5,7%