Content. MUTUAL FUNDS MONTHLY REVIEW 2013 February. 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 15 - 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 26,0,0 24,0 23,0 22,0 21,0 20, Monthly -1,40% YTD 1,22% Since inception -10,65% Subfond data Winter season for Eastern Europe stock markets was volatile with profitable December and loss making January and February. During the three winter months benchmark CECEX increased by 1.3% but had a negative 4.5% performance year-to-date. Performance of Finasta New Europe TOP20 subfund was much better with 5.7% gain in the winter season and 1.2% profit this year. Investments in markets of smaller Eastern European countries were the main catalyst for outperformance. Serbian, Bulgarian, Romanian and Georgian markets demonstrated very strong winter results. Profitable investment in Polish oil&gas company PKN Orlen and part of copper miner KGHM were replaced by oversold Czech energy giant CEZ. Spring for the markets is usually active as announced annual results of the companies let investors to evaluate financial strength and perspective. Companies in the subfund are carefully chosen with strong focus on results that will attract investors attention in near future. 42,508 mln. LTL 12,311 mln.,88 Management fee 1,5 % Success fee 15 % Bank of Georgia Holdings PLC Fondul Proprietatea Bank Pekao SA Powszechna Kasa Oszczednosci Bank Polski S.A. KGHM Polska Miedz SA 7,8% 7,3% 7,1% 6,9% Investments by industries Investments by countries Commercial Banks 34,5% Poland 28,0% Oil, Gas & Consumable Diversified Financial Metals & Mining Auto Components 7,3% 13,2% Austria Romania Estonia 8,7% 12,1% 18,0% Pharmaceuticals Food Products Hotels, Restaurants & Insurance Specialty Retail Cash and money market 4,5% 4,5% 4,4% 4,3% 3,0% Serbia Georgia Slovenia Ukraine Czech Republic 4,5% 4,1% 7,8% 7,8%

3 Russia TOP20 subfund Finasta Russia TOP20 subfund has a concentrated portfolio of 15 - 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 -0,72% YTD 4,11% Since inception -8,99% In Winter Russian stock market was following global trends and was moderately rising. Best performing sectors were financials and local demand stories. Fund returned +9.4% over the three months and is +4.1% year to date. RTS index added +6.2% in winter and is +1.1% year to date. Currently the Fund is seeking to capitalize on the recovery of smaller capitalization companies. Russian pharma distributor Protek was added to portfolio in December. The stock has jumped more than 30% after the strong operating result announcement. In February the Fund was buying Zhaikmunai (high potential oil&gas producer from Kazakhstan) and Bank St Petersburg (depressed value Russian bank). Rising investor confidence should bring more money to Russian market as stock valuations here remain very attractive compared to other emerging market peers. Subfond Data 14,562 mln. LTL 4,218 mln. 26,36 Management fee 1,5 % Success fee 15 % Lukoil GDR Sberbank Protek Surgutneftegas - GDR AFI Development PLC - GDR 5,4% 9,0% 8,8% Investments by industries Oil, Gas & Consumable Fuels 35,2% Commercial Banks 1 Pharmaceuticals Specialty Retail Trading Companies & Distributors Electric Utilities Real Estate Management & Development Cash and money market 8,4% 6,5% 5,1%

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 26,5 24, Monthly 1,05% YTD 2,07% Since inception -7,26% Subfund data Global Flexible Subfund rose 2,2% during the winter season. The prices of risky assets surged on December due to favourable macroeconomic data and positive outlook for The first month of 2013 also started strongly after US politicians managed to get over the so called fiscal cliff and first corporate earnings reports beat analysts estimates. Even political uncertainties in Italy and Spain accompanied with concerns about premature cancellation of FED s economic stimulus were overshadowed by improving macroeconomic situation around the globe. German stocks appreciated by 4,4%, stocks of Romanian energy sector holding Fondul Proprietatea rose 15% while funds tracking world stock index added from 6% to 7% over the period of three months. However, due to prolonged 3,5 months of rally in the stock market, anticipation of price correction in the short-term led to reduction of fund s exposure to risky assets from 56% to 35% in the middle of February. 2,621 mln. LTL 0,759 mln. 26,86 Management fee 2 % Success fee 15 % DB X-trackers - DAX ETF MSCI World ETF (DB X-Trackers) Fondul Proprietatea MSCI World ETF (Lyxor) Credit Suisse Solutions Lux - Dow Jones Credit Suisse AllHedge 9,1% 7,9% 7,7% 6,9% 6,3% Investments by asset class Investments by regions Equity 37,2% Alternative investments 32,0% Cash and money market 30,3% Global developed markets 14,9% Commodities 19,9% CEE 14,1% Hedge funds and other 12,9% Europe 9,1%

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 0,17% YTD 0,75% Since inception 16,40% Bond market was exceptionally active and relatively volatile in winter. Low yield and spread environment set corporate bond issuance at record high. The majority of issuers were Eastern Europe financial institutions. Republic of Lithuania government was active as well - printed new Eurobonds issue with maturity in 2018 and placed various tenors local public and private issues. Fund has ensured stable return unit value increased by 1,7 percent in winter; while benchmark rose by 1,6 percent. Fund structure remained the same; investment yield to maturity is 3,7 percent and duration 2,4 years. Subfund data Investments by countries 35,221 mln. LTL 10,201 mln. 33,71 Management fee 1,0 % Russia Romania Slovenia Lithuania Hungary Croatia Kazakhstan Cash and money market 3,4% 4,7% 9,6% 9,4% 13,1% 14,2% 14,1% 18,2% Lithuania 5,2% 2018/03/28 5,7% Romania 4,5% 2014/05/06 5,7% VTB Bank 5,01% 2015/09/29 5,1% SINEK 7,7% 2015/08/03 4,9% Croatia 6,5% 2015/01/05

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. 27, ,5 26,5 24, , Monthly 2,59% YTD 2,83% Since inception -6,41% Subfund data Finasta World Equity Subfund of Funds rose 2,2% during the winter season. The prices of risky assets surged on December due to favourable macroeconomic data and positive outlook for The first month of 2013 also started strongly after US politicians managed to get over the so called fiscal cliff and first corporate earnings reports beat analysts estimates. Even political uncertainties in Italy and Spain accompanied with concerns about premature cancellation of FED s economic stimulus were overshadowed by improving macroeconomic situation around the globe. US stocks rose 7,5% (expressed in ), funds investing in emerging and developed markets added from 4,5% to 7% (expressed in ) while German stocks appreciated by 4,4%. However, due to prolonged 3,5 months of rally in the stock market, anticipation of price correction in the short-term led to reduction of fund s exposure to risky assets from 56% to 35% in the middle of February. Investments by regions 1,480 mln. LTL 0,429 mln. 27,11 Management fee 1% Global emerging markets Global developed markets North America Europe CEE 1,1% 9,6% 9,4% 24,0% 33,6% Cash and money market 22,9% S&P A ETF (Amundi) 9,6% MSCI World ETF (Lyxor) 9,5% The Lyxor ETF DAX 9,4% Lyxor ETF MSCI Emerging 9,2% Amundi ETF MSCI Emerging Markets 9,1%

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.,5 24, , , Monthly 0,51% YTD 4,06% Since inception -16,% Following the acquisition Finasta Asset Management team took over the management of Finasta Baltic fund in January, Since then assets of the fund have almost doubled and investments were tuned with focus on companies that provide the best risk and return ratio. Despite the changes return of the fund was positive with 4.1% profit year-to-date whichs is higher than its benchmark. Strategy of the fund is to allocate assets for growth and value companies and look for special situation cases. One example of the special situation is realized 5-6% profit from official tender for Invalda shares. Latvian pharmaceutical company Olainfarm that is expanding in CIS region is one of the largest investments of the fund. Another large portfolio position is Siauliu bankas. The bank could gain value after acquiring assets and liabilities of restructured Ukio bankas. Subfond data Date of subfund inception ,835 mln. LTL 0,821 mln. 24,26 Management fee 2 % Invalda Olainfarm AB Šiaulių bankas AB "Vilkyškių pieninė" 9,2% 8,4% 8,1% 7,2% City Service Investments by industries Investments by countries Food Products Pharmaceuticals 12,3% 12,1% Lithuania 38,1% Specialty Retail 10,6% Diversified Financial Commercial Banks 9,2% 8,1% Estonia 23,4% Construction & 7,1% Oil, Gas & Consumable Multi - Utilities 5,7% Latvia 21,3% Hotels, Restaurants & 3,3% Marine Cash and money market 3,3% 16,8% Cash and money market 16,8%