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. 27,0 26,0 25,0 24,0 23,0 22,0 21,0 Monthly 2,91% YTD 2,03% Since inception -9,94% Subfond data 20,0 Spring for the Eastern Europe stock markets was not positive. Benchmark CECEX has dropped by 2.5% in three months and 6.9% year-to-date. Finasta New Europe TOP20 fund has performed much better with 0.8% gain in spring and 2% this year. One of the best performing companies in the fund were casino operator Olympic entertainment group and Bank of Georgia. These companies reached their target and sold price after successful long lasting holding period. These investments were changed by Telecom Slovenia and pharmaceutical company Egis. Telekom Slovenia is going to be privatized. The privatization process could attract many strategic or financial investors. Egis has a stable business model, strong balance sheet and low valuation - a rare combination that could cause appreciation of the stock price. Capital markets should not be forgotten in summer. Quantitative easing and low yield environment in Western countries boosted capital markets there so it could be expected that this trend could spread to Eastern region. 42,402 mln. LTL 12,280 mln. 26,08 30 Management fee 1,5 % Success fee 15 % Fondul Proprietatea Bank Pekao SA Powszechna Kasa Oszczednosci Bank Polski S.A. Raiffeisen Bank International AG 6,7% 6,6% 7,3% KGHM Polska Miedz SA 6,2% Investments by industries Investments by countries Commercial Banks 32,7% Poland 29,1% Oil, Gas & Consumable Diversified Pharmaceuticals Diversified Financial 11,6% Austria Romania Slovenia 11,4% 9,2% 1 Metals & Mining Specialty Retail Insurance Food Products Tobacco 6,2% 4,3% 4,3% 4,2% 3,8% Serbia Estonia Ukraine Georgia 4,7% 4,2% 3,8% Cash and money market 0,9% Croatia 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 -0,39% YTD -5,30% Since inception -17,22% Subfond Data It was a tough spring for Russian equities. Winter optimism was wiped out by spring correction. In three months our fund lost 9%, and the benchmark is down by 12.5%. So far this year investors are focused on developed markets like US, Japan. The BRIC countries suffer from capital outflows and general lack of optimism. The Fund is down 5.3% YTD while the benchmark RTS has lost 11.5% YTD. The fund continues to follow its long term strategy looks for fundamental bottom-up picks. Globaltrans, one of Russia s railway logistics leaders, is the most recent addition to the portfolio. The buying opportunity emerged after sector slowdown that led to Globaltrans stock price falling by a third since last September. It happens so that the best YTD performers of the fund are from pharma sector. Pharmstandard and Protek are both +34% YTD. The outflow from the bond markets is a noticeable and most recent global trend. Should it continue, we see some funds being directed to relatively cheap Russian equity market. 13,540 mln. LTL 3,922 mln. 23,98 30 Management fee 1,5 % Success fee 15 % Sberbank Lukoil GDR M Video Protek Sistema JSFC 4,9% 7,1% 8,6% Investments by industries Oil, Gas & Consumable Fuels 32,7% Commercial Banks 13,5% Pharmaceuticals Specialty Retail Trading Companies & Distributors Metals & Mining Diversified Financial Services Cash and money market 8,3% 5,6% 4,9% 3,6%

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 , , , ,5 Monthly 0,83% YTD 3,11% Since inception -6,31% Subfund data Finasta Global Flexible Subfund rose 1,02% during the spring season. Although March was highly volatile due to financial problems of Cyprus, but unlike emerging markets, stock indices of developed countries bounced back as soon as the end of the month. But the rally did not last too long April s global macro data disappointed investors and stocks retreated again. However, central banks once again confirmed that they will keep stimulating economy and a little bit cheaper stocks appeared as a bargain for investors. The new all-time highs were reached not only in US, but also in Germany and UK. Still, comments about tapering FED s quantitative easing made investors anxious and sent prices of risky assets lower. German stocks appreciated by, stocks of Romanian energy sector holding Fondul Proprietatea rose 9,1% (in ) and funds tracking world stock index added around 7% over the period of spring. Although recently stocks made a modest retreat, the bull market still looks quite strong as investors buy every dip. Thus, we used this price correction as an opportunity to increase exposure to developed markets equities at the very beginning of May. 2,588 mln. LTL 0,749 mln. 27,13 30 Management fee 2 % Success fee 15 % DB X-trackers - DAX ETF Fondul Proprietatea MSCI World ETF (DB X-Trackers) MSCI World ETF (Lyxor) PowerShares FTSE RAFI US 1000 Fund 9,9% 8,7% 8,5% 7,5% 6,8% Investments by asset class Investments by regions Equity 59,9% Alternative investments 31,2% Commodities 18,8% Global developed markets 29,4% Hedge funds and other 13,3% CEE 14,7% Cash and money market Europe 9,9%

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, , , , ,5 30 Monthly 0,49% YTD 1,83% Since inception 17,65% Spring was a good period for Emerging Europe bonds - during two of three months bond prices were increasing. Bond Fund, as well as the benchmark, unit value has increased by slightly more than 1%. Since the beginning of year fund is up by almost 2 %. Fund structure has changed significantly during spring. Funds from relatively expensive Lithuania bonds were switched to absolute return debt instruments Bank of Georgia promissory notes and other short term corporate debt. Currently investments yield to maturity is 3,9 and duration stands at 2,4. Subfund data Investments by countries 35,412 mln. LTL 10,256 mln. 34,07 30 Management fee 1,0 % Russia Slovenia Hungary Romania Croatia Lithuania Kazakhstan Cash and money market 9,7% 7,3% 7,0% 8,3% 13,0% 14,9% 14,5% 21,2% VTB Bank 5,01% 2015/09/29 7,5% Zhaikmunai 10,5% 2015/10/19 7,0% MOL 3,875% 2015/10/05 6,9% OTP Bank 5,27% 2016/09/19 6,6% Lithuania 5,2% 2018/03/28 5,6%

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 26,5 25,5 24,5 23,5 Monthly 0,48% YTD 4,16% Since inception -5,20% Subfund data Finasta World Equity Subfund of Funds rose 2.18% during the spring season. Although March was highly volatile due to financial problems of Cyprus, but unlike emerging markets, stock indices of developed countries bounced back as soon as the end of the month. But the rally did not last too long April s global macro data disappointed investors and stocks retreated again. However, central banks once again confirmed that they will keep stimulating economy and a little bit cheaper stocks appeared as a bargain to investors. The new all-time highs were reached not only in US, but also in Germany and UK. Still, comments about tapering FED s quantitative easing made investors anxious and sent prices of risky assets lower at the end of May. German stocks rose 7.8%, US equities gained 10.4% (in ), funds investing in emerging markets lost 3-4% (in ) while developed markets funds appreciated by 7%. Although recently stocks made a modest retreat, the bull market still looks quite strong as investors buy every dip. Thus, we used this price correction as an opportunity to increase exposure to developed markets equities at the very beginning of May. Investments by regions 1,472 mln. LTL 0,426 mln. 27,46 30 Management fee 1% Global developed markets Global emerging markets North America Europe CEE 1,1% 10,2% 16,8% 32,5% 37,9% Cash and money market 2,1% The Lyxor ETF DAX 10,2% S&P A ETF (Amundi) 9,8% MSCI World ETF (Lyxor) 9,2% Lyxor ETF MSCI Emerging 9,0% Amundi ETF MSCI Emerging Markets 8,8%

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 , , , , Monthly 0,73% YTD 9,34% Since inception -12,00% Subfond data Baltic stock market continued the positive trend. The benchmark has risen by 6.3% during three spring months and even 10.5% year-to-date. Results of Finasta Baltic fund were slightly lower but strong. Assets of the fund continued growing as it reached 5.6 million LTL compared with 2.6 million LTL 3 months ago. New capital was proportionately invested in the most attractive companies of the fund. Apparel producer and retailer Baltika became one of the biggest companies of the fund. Baltika demonstrates a positive turn-around that could lead to a successful domination in the apparel segment. The fund also invested in pharmaceutical company Grindeks that has a low valuation and rising sales in CIS region. Summer season is going to be calmer but promising as Baltic countries demonstrate the highest GDP growth in EU that attracts foreign investors. Date of subfund inception ,622 mln. LTL 1,628 mln. 25,49 30 Management fee 2 % Olainfarm Silvano Fashion Group AB Šiaulių bankas City Service 8,6% 8,1% Tallinna Kaubamaja 4,8% Investments by industries Investments by countries Specialty Retail Pharmaceuticals 15,1% 12,7% Lithuania 35,5% Food Products 11,3% Commercial Banks Multi - Utilities Estonia 30,9% Oil, Gas & Consumable 4,9% Food & Staples Retailing Electric Utilities 4,8% 4,7% Latvia 18,6% Construction & 4,7% Marine Cash and money market 3,7% 15,3% Cash and money market 15,3%