Raiffeisen Asset Management. Monthly Factsheet. April 2016

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1 Monthly Factsheet Raiffeisen Asset Management (Bulgaria) EAD is owned by Raiffeisenbank (Bulgaria) EAD as part of the Raiffeisen Group - a leader in financial services in Central and Eastern Europe. The company is licensed by the Financial Supervision Commission Decision 7-MC / December 22, 2005 and work in close cooperation and in accordance with the highest standards of Austrian management company Raiffeisen Capital Management. Raiffeisen Asset Management manages the largest bond fund in Bulgaria Fund "Raiffeisen Conservative Fund Bulgaria" and the largest mixed conservative fund "Raiffeisen Active Protection". The responsibility towards investors and their interests is the basis for any investment decision. This principle is fundamental to our business. The Company adheres to the following priorities in management: Strong performance of the funds and protection of investors interests Establish and maintain long-term relationships with investors Trust, reliability, stability, transparency and constructiveness; Proactivity, flexibility, innovation Adherence to the corporate culture of the Group's highest standards and best practices for the industry Implementation of strict rules and policies for risk management in the investment proces Raiffeisen Asset Management (Bulgaria) EAD is the first management company in Bulgaria, to offer a combination of local and foreign funds in order to provide customers with the opportunity to invest in diversified s of financial instruments. The Company organizes and manages four local funds (two of which were first listed on the Bulgarian market Feeder Schemes ) and distributes eleven funds managed by Raiffeisen Capital Management in Vienna Funds managed by Raiffeisen Asset Management / Bulgaria / EAD 1. Raiffeisen (Bulgaria) Conservative Fund 2.. Raiffeisen Global Growth 3. Raiffeisen (Bulgaria) Active Protection 4. Raiffeisen (Bulgaria) Global Mix Other products 1. Individual Investment Plan 2. Deposit Mix Funds managed by Raiffeisen Capital Management in Vienna 1. Raiffeisen Global Bonds 2. Raiffeisen Sustainable Mix 3. Raiffeisen European SmallCap Companies 4. Raiffeisen Global Assets 5. Raiffeisen Eastern Europe 6. Raiffeisen Eurasia Equity Fund 7. Raiffeisen Emerging Markets 8. Raiffeisen Russia Equities 9. Raiffeisen Energy Assets 10. Raiffeisen Infrastructure Assets 11. Raiffeisen Active Commodities

2 Monthly Factsheet Europe Index Changes Change Market Overview Dow Jones Stoxx ,54 341,48 1,17% FTSE , ,89 1,08% DAX 9965, ,97 0,74% USA Dow Jones 17685, ,64 0,50% S&P , ,3 0,27% Nasdaq Composite 4869, ,36-1,94% Bulgaria SOFIX 446,35 442,59-0,84% BGBX40 89,38 89,14-0,27% BG REIT 100,00 100,25 0,25% BG TR30 Commodities 372, ,26% Gold 1232, ,53 4,93% Oil 38,34 45,92 19,77% Government Bonds US 10y 1,769% 1,833% 3,65% US 5y 1,205% 1,294% 7,40% DE 10y 0,153% 0,271% 77,12% DE 5y -0,328% -0,288% 12,20% Money Markets LEONIA 0,010% -0,400% -4100,00% SOFIBOR -0,024% -0,054% 129,79% EURIBOR Източник: Bloomberg. -0,244% -0,251% 2,87% Market share US stocks posted modest growth, supported by sectors related to raw materials and finance. S & P 500 realized an increase of 0.4% for the month after a strong start of the month was influenced by sales in the last week of April. The news that US GDP for the first quarter rose by less than expected, led to increased investors' concerns about the stability of growth in the US. Shares in the Eurozone also realized a positive return for the month, helped by growth in the energy sector and data showing GDP growth of 0.6% in the first quarter. Shares related to commodities also increased their value on the stock market. During the month the European Central Bank (ECB) left its monetary policy unchanged, but outlined further details of the program redemption of corporate bonds.. In Japan, investors were surprised by the decision of the central bank not to take further action to ease its monetary policy meeting in April, which led to a sharp rise in the yen and a drop in the stock market in the country. Emerging markets generated positive returns for the month, but lagged behind the developed markets. Latin American markets realized strong gains, although growth was limited due to the strengthening of political tensions in Brazil. Елана ФМ 6,08% ЦКБ АМ 5,39% Реал Финанс 5,11% Конкорд АМ 4,42% Капман АМ 3,91% Стратегия АМ 3,40% Селект АМ3,06% ОББ АМ 11,25% РАМ 16,00% ДСК УА 19,98% 0,00% 5,00% 10,00% 15,00% 20,00% 25,00%

3 Raiffeisen Conservative Fund Bulgaria Raiffeisen Conservative Fund Bulgaria (former Raiffiesen (Bulgaria) Liquidity Fund ) starts public offering of units in March The fund invests up to 100% of its assets in government debt, issued and/or guaranteed by the Republic of Bulgaria, with maturity of up to 5 years; up to 10% in corporate bonds of Bulgarian issuers; no less than 5% in cash and bank deposits with maturity of up to 12 months. The investment purpose of the fund is to realize capital gains by taking low to moderate risk. Yield YTD -0.15% 6 months -0.07% 1 year -0.70% 2 years 0.77% 5 years 13.82% Since inceprion* 4.00% *annualised 1,5500 Risk Daily Standard Deviation 0.046% Annual Standard Deviation 0.72% Sharpe ratio -0.62% Positive months 112 Negative months 9 SRRI 3 Net Asset Value per Unit. Conservative Fund Bulgaria BLOOMBERG код RAMMMKT BU BG BGN Total NAV ,91 NAV/ Unit Shares outstanding ,17 Date of IPO г. Nominal Value Subscription fee 0.00% Redemption fee For investments over 12 months % for investments under 12 months % Management fee 0.25% Minimum investment BGN 30. Minimum 2,5 years 1,5000 1,4500 1,4000 1,3500 1,3000 1,2500 1,2000 1,1500 1,1000 1,0500 1,0000 0,9500 Structure of the Value in BGN % of by asset class Cash ,20 8,90% Deposits ,12 18,96% Government Bonds ,10 70,86% Corporate Bonds , % Total , % Structure of the fund currencies Value (BGN) BGN % EUR % Total % As of NAV is invested in 9 emissions of Bulgarian Government Bonds with 25m maturing in the next 4 to 5 years. Modified Duration of the fund is Monthly yields by years Г/М I II III IV V VI VII VIII IX X XI XII

4 Raiffeisen (Bulgaria) Active Protection Raiffeisen (Bulgaria) Active Protection is established after the transformation of Raiffeisen (Bulgaria) Fund Protected Investment in Euro. Raiffeisen (Bulgaria) Fund Protected Investment in Euro starts public offering of its units on 19th January Since 25th October 2015, the fund was transformed into a Feeder collective investment scheme, named Raiffesien (Bulgaria) Active rotection, which invests 85% or more of its assets in units of Raiffeisen Euro - Click Master collective investment scheme, organized and managed by Raiffeisen Capital Management Austria. BLOOMBERG код Total NAV NAV/ Unit Units outstanding Date of IPO Nominal Value Subscription fees Redemption fees Management fee Minimum investment Strucuture of the by currencies Active Protection Value (EUR) RAFBUCP BU BG EUR ,28 1, , % for investments over 12 months % for investments under 12 months % 0.75% EUR years BGN 6 475, % EUR % USD % Yield YTD 1.75% 6 months 0.06% 1 year -1.76% 2 years 0.23% 5 years 11.33% Since inception* 2.76% *annualised Risk Daily standard deviation 0.11% Annual standard deviation 1.80% Sharpe ratio Positive months 66 Negative months 9 SRRI 3 Net Asset Value per Unit 1,2300 1,2100 1,1900 1,1700 1,1500 1,1300 1,1100 1,0900 1,0700 1,0500 1,0300 1,0100 0, Top Expositions % of assets Units of the Master Scheme 97.11% Structure of the fund Value by asset class (EUR) Cash % Units of the Master Scheme % Total % As of ,11 NAV of the fund is invested in units of the Master Scheme. Cash is 2,89% of total NAV. Monthly yields by years Г/М I II III IV V VI VII VIII IX X XI XII

5 Raiffeisen Euro Click "Raiffeisen (Bulgaria) Active Protection" provides an opportunity to invest in a completely new for the Bulgarian market- ie. Fund "click" mechanism. SF " Raiffeisen - Euro - Click " offers security model, which aims to preserve 90 highest NAV achieved historically one share of the fund and prevent a decline of over 10% of this value. "Raiffeisen-Euro-Click" invest its assets in two types of components component for security (deposits, money market instruments, bonds, funds investing in obligatsiikomponent, profit (mainly in bonds, bond funds or equity funds investing in shares) Net Asset Value per Unit Raiffeisen Euro Click AT0000A1G7D6 EUR Total NAV NAV/ Unit Units outstanding ,0000 Date of IPO Nominal Value Risk category 3 Minimum 5 years Fund structure by asset class 41,96% 31,44% 18,38% -6,25% 5,02% 9,45% Bonds Equities Commodities Other Strategies Cash Money Market 3,64% 4,29% 4,68% 2,99% 2,20% 1,93% 1,91% 3,10% 5,69% Top expositions: 51,71% Cash ISHARES GLBL INF LNKD GB BND ISHARES JPM EM BOND EUR HD AMUNDI ETF US TREASURY 7-10 ISHARES JPM EM BOND EUR HD ISHARES MARKIT IBOXX EUR H/Y ISHARES FTSE UK GLT ALL STCK ISHARES GL CORP BD EU HEDGED SOURCE EURO STOXX 50 UCITS E ISHARES EURO CORP BND EX-FIN Duration 0.23 Modified Duration 0.10 Avg. Yield to Maturity 0.10 Avg. Yield 0.10 Avg. Coupon 0.27 Avg. rating BBB The fund only suffered minor losses during the decline on the equity markets at the beginning of the month while it participated strongly in the following substantial recovery. Other elements of its broadly diversified also posted robust gains, especially emerging market bonds. Overall, the fund achieved very high earnings with its risk exposure in April. It reached new record highs since its initial issue.

6 Raiffesien (Bulgaria) Fund Global Growth "Raiffeisen (Bulgaria ) Fund Global Growth" started its activities on the merger of three mutual funds "Raiffeisen Equity Fund", "Raiffeisen Balanced Fund" and "Raiffeisen Balanced Dollar". On , the fund is converted into a feeder collective investment scheme which invests 85 percent or more of its assets in units of mutual fund "Raiffeisen Global Equities" - Main collective investment scheme organized and managed by Raiffeisen Capital Management - Austria. Yield YTD -5.94% 6 months -6.94% 1 year % 2 years -4.29% 5 years Since inception* 3.25% *annualised Risk Daily standard deviation 1.24% Annual standard deviation 19.62% Sharpe ratio Positive months 25 Negative months 13 SRRI 5 Net Asset Value per Unit Global Growth BG BGN Total NAV ,48 NAV/ Unit 1,1061 Units outstanding ,2074 Date of IPO Risk category г. High Risk Subscription fees 0.00% Redemption fees for investments over 6 months % for investments under 6 months % Management fee 2.20% Minimum investment BGN 30 Structure of the by currencies 10 years Value (BGN) BGN % EUR % 1,4000 1,3500 1,3000 1,2500 1,2000 1,1500 1,1000 1,0500 1,0000 0,9500 0, Structure of the Value by asset class (BGN) Cash % Units of the Master Scheme % Total % As of NAV of the Fund is invested in Units of the Master Scheme. Cash is 4.24% of total NAV. Monthly yields by years Г/М I II III IV V VI VII VIII IX X XI XII

7 Raiffeisen Global Equities Raiffeisen Global Equities was established on , the Fund invests primarily in global equities, with a regional focus on North America, Europe and Japan. The main objective of the Fund is long-term capital growth by taking a - high risks. Preferred are companies with attractive fundamental results. In addition, sectoral and geographical selection of stocks provide broad diversification. The fund is aimed at investors wishing to benefit from the receipt of high incoe investing in stocks, while knowingly take the risk of significant exchange rate fluctuations (movement of stock prices and exchange rates.) Raiffeisen Global Equities AT (VTA) EUR Total NAV NAV/ Unit 253,04 Units outstanding Date of IPO Nominal Value Risk category 6 10 years 350,9 300,9 250,9 200,9 150,9 100,9 50,9 4,41% 4,77% 4,53% 10,12% 10,46% Net Asset Value per Unit 0, ,40% 2,77% 11,33% Fund structure by MSCI sectors 0,52% 18,20% 13,31% 17,16% Information Technology Financials Health Care Consumer Discretionary Industrials Consumer Staples Telecommunication Services Energy Materials Utilities Top 10 equities positions PepsiCo Inc 1,21% UnitedHealth Group Inc 1,22% 1,61% Pfizer Inc 1,48% Comcast Corp 1,25% 1,47% Citigroup Inc 1,25% 1,26% 1,30% 1,38% BT Group PLC Siemens AG Nestle SA Cisco Systems Inc KDDI Corp 2,46% 2,49% 2,73% 3,25% 3,52% 4,57% 6,43% 2,41% 12,80% 6,65% Fund structure by issuer country 52,71% United States Japan United Kingdom Germany Hong Kong Switzerland France Netherlands Israel China Others The fund s performance was positive during the reporting period. Companies in the healthcare industry including Pfizer and Gilead Sciences were among the top ten in terms of performance contributions. The development of Japanese stocks was led by the telecoms KDDI and NTT. In the USA, the two oil and gas companies Hess and Occidental Peteroleum developed positively, as did Citigroup and Sun Trust Bank. The contribution from the IT sector (including Novatek, EMC) was lower. The Japanese chemicals company Tosoh was sold after it announced disappointing quarterly earnings. Shinhan Financial Group from South Korea was added to the fund.

8 Raiffeisen Global Mix The fund is a Feeder scheme, which invests 85% or more of its assets in shares of Raiffeisen Security (Raiffeisen - Sicherheit) Master collective investment scheme, which is organized and managed by Raiffeisen Capital Management Austria. Raiffeisen Global Mix Fund is a Feeder scheme, which invests 85% or more of its assets in units of Raiffeisen Security (Raiffeisen - Sicherheit) Master collective investment scheme, which is organized and managed by Raiffeisen Capital Management Austria. The rest is kept in cash. The Fund starts public offering of its units The investment objective of the fund is realizing capital gains while taking low to medium risk. Raiffeisen Global Mix BG BGN Total NAV ,71 NAV/ Unit Units outstanding ,68 Date if IPO Risk category Subscription fees 0.00% г. Low to moderate risk Redemption fees for investments over 12 months % for investments under months % Management fee 1.25% Minimum investment EUR years YTD Yield* 6 months 1 year 2 years 5 years Since inception 1,0050 1,0030 1,0010 0,9990 0,9970 0,9950 0,9930 0,9910 0,9890 0,9870 Risk* Daily standard deviation Annual standard deviation Sharpe ratio Positive months Negative months SRRI 3 Net Asset Value per Unit 0, Structure of the Value by asset class (EUR) Cash % Units of the Master Scheme % Total % Structure of the by currencies Value (EUR) BGN % EUR % As of г NAV of the Fund is invested in units of the Master Scheme. Cash is 5.64% of total NAV. Performance measures fo the fund will be displayed after the sixth month since inception as required by the law.

9 Raiffeisen Security Raiffeisen-Fund-Security is a mixed fund of funds. It pursues an investment goal of moderate capital growth and mainly invests (at least 51 % of its fund assets) in units in investment funds. Units in equity funds may not exceed 35 fund s assets. Units in investment funds are mainly selected on the basis of the quality of the investment process, their performance to date and their risk management. In addition to investment funds, the fund may also invest in securities, in bonds and money market instruments issued by sovereigns, supranational issuers and/or companies etc. and in sight deposits and deposits at notice. Net Asset value per Unit 180, , , , ,985 80,985 60,985 40,985 20,985 0, Raiffeisen Security AT (VTA) EUR Total NAV NAV/ Unit Units outstanding Date of IPO Nominal value Risk category 3 2,54% 2,70% 4,23% 4,45% 5,19% 2,22% 5,78% 9,68% 6,37% Top expositions 7,66% Raiffeisen-Global-Rent (R) T Raiffeisen Euro Corporates T Raiffeisen Treasury Zero II (I) A Raiffeisen-Euro-ShortTerm -Rent (R) T Raiffeisen-US-Aktien (R) A Raiffeisen-GlobalAllocation- StrategiesPlus (S) T Raiffeisen Euro Gov. Bonds (I) A Raiffeisen-Global-Aktien (R) T Raiffeisen-Euro-Corpo rates (R) T 5 years Fund structure by asset class Duration 3.33 Modified Duration ,48% -9,17% 6,00% 23,05% 54,63% Bonds Equities Strategic Asset Allocation Avg. Yield to Maturity 1.19 Avg. Yield 1.08 Avg. Coupon 1.77 Avg. rating A Other Strategies Cash The fund is actively managed and is not limited by means of a benchmark. The fund may invest more than 35 % of its fund assets in securities/money market instruments issued by the following issuers: Germany, France, Italy, United Kingdom, Switzerland, USA, Canada, Australia, Japan, Austria, Belgium, Finland, Netherlands, Sweden or Spain. The asset management company can enter into transactions with derivative instruments on behalf of the funds name as part of its investment strategy.

10 Raiffesien Asset Management Deposit Mix What is Deposit Mix? Deposit mix is a combination of a standard term deposit Raiffeisenbank (Bulgaria) EAD and investment in a mutual fund Organized and managed by Raiffeisen Asset Management (Bulgaria) EAD. Basic parameters of Deposit Mix Term - 12 months. - lev or euros. Minimum detection BGN or EUR. Deposit Mix Distribution: The amount deposited is distributed 70 amount imported in term deposit and with 30 amount is purchase t shares funds of RAM. Return: Interest "MIX deposit" is formed as: the interest rate at 12 month standard term deposit in BGN, EUR is margin of 0.10% (see section TABLE with current interest rates under official interest rates bulletin of Raiffeisenbank (Bulgaria) EAD). Investme nt in a MF 30% Deposit with RBBG 70% Term/ currency BGN EUR USD 6 months 0.01% 0.01% 1 years 0.05% 0.05% 0.01% 0.01% Advantages of Deposit Mix 70 sum is guaranteed by the Act to guarantee deposits in banks 0.10% Surcharge on standard deposits in BGN or EUR; 30% can be distributed in more than one fund chosen by the customer; Ability to Convert further return, Depending on the risk profile of the chosen fund or combination of funds on RAM/RCM; The deposit and the fund can be in different currencies. Example Deposit Mix: Client: Ivan Ivanov Ivanov Amount: The customer has available BGN and is interested in Deposit MIX The money is allocated as follows: BGN (70%) opens one-year deposit at 0.05 % interest /in BGN and EUR/+ 0.10% bonus BGN (30%) subscribe units of a selected fund

11 Individual Investment Plan What is IIP? Scheme periodically investing funds to investors in their chosen mutual fund, depending on their objectives and willingness to take risk. The client alone fix the contribution rate at a certain level equal to or higher than the minimum amount for investment. Scheme, which is not bound by time, customers are free to determine the frequency and the date of their investments. Periods of investing can be 1 and 3 months, the most common option each month. The client receives income from investment that accumulates in the price of the acquired shares. He can withdraw their money back at his wish, it is not limited by time. Upon withdrawal of some or all of the accumulated amount at a time, EPI does not cease. It may be terminated by the customer or in the event that four consecutive months unavailable the client's account to be accomplished investment. Along with the contract for EPI, the client signs an agreement for direct debit. Thus EPI does not involve investor with a visit to the office of the bank or the management company in each investment Who can invest? The product is suitable for individual investors and legal persons or institutional investors. What is the minimum amount to invest? The minimum investment for the funds organized and managed by Raiffeisen Asset Management (Bulgaria) EAD is 30 lev/ 30 depending on the currency of the fund. The minimum investment for the funds organized and managed by Raiffeisen Capital Management, Austria and distributed in Bulgaria is 30 euros. The customer can specify other amount that is above the specified minimum. How to implement your Sign a contract for the Individual Investment Plan. Identify the fund, which will invest. Your investment is not bound by time. Fix the amount of the contribution. Identify period for investment and specify date of the month. Open a checking account in lev or euro RBBG. You can always change their risk profile, to end the regular investment or download some / any accumulated investment.

12 Disclaimer This newsletter is a promotional material. It contains the latest publicly available market information at the time of its issuance. The information used is taken from publicly available sources, no facts have been omitted or events that would change her saestvenost or would make it incorrect and misleading. The management company does not engage with the completeness and accuracy of the information. When calculating the coefficients using data from the financial statements of public companies. Investing in mutual funds involves certain risks. The value of shares and the income from them can go down. Profit is not guaranteed and investors may not recover the full amount of money. Investments in mutual funds are not guaranteed by a guarantee fund set up by the state or any other type of security, the investments of the fund are not guaranteed. The future performance of mutual funds are not necessarily related to the results of previous periods. The information presented is not a recommendation to invest in financial instruments, including shares of mutual funds organized and managed by Raiffeisen Asset Management Bulgaria and should not be construed as such. For investors it is advisable to get acquainted with the current prospectuses and rules of mutual funds before deciding to invest. The full prospectuses and additional information about mutual funds may be obtained at the offices of Raiffeisen Asset Management (Bulgaria) EAD and Raiffeisenbank (Bulgaria) EAD, as well as on the website of RAM Custodian Fund (main circuit) is Raiffeisen Bank International AG. The prospectus, annual and half-yearly financial statements, the prices for subscription and redemption, as well as additional information on the main circuit can be found free on the Internet in German at In case of international registrations from countries that are not German speaking, you can find this information in English Upon request, the investor is entitled to receive free, paper prospectus, annual and six-monthly report on the relevant chapters collective investment scheme. Contacts: Raiffeisen Asset Management (Bulgaria) EAD 55 Nikola Vaptzarov, EXPO 200, Phase II, Sofia info@ram.raiffeisen.bg Факс: web: Department Sales and Marketing : Tel: ram.info@ram.raiffeisen.bg Department Portfolio Manager : Natalia Petrova Senior manager Tel.: Natalia.PETROVA@ram.raiffeisen.bg Hristo velikov Portfolio manager Tel.: Hristo.VELIKOV@ram.raiffeisen.bg