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Description of investment strategies used in Trader

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1 Description of investment strategies used in Trader
Trader’s strategies Description of investment strategies used in Trader

2 To use Trader it is necessary to download and update investment strategies from www.smartfond.net
Currently online paid subscription provides the following set of strategies Smartfond straregies (strategies, made by the program’s developers) Tools

3 Smartfond straregies Trial period strategies
QUIK Strategies on the Russian markets TWS Strategies on international markets Russian shares(QUIK) MICEX Index 4% Asian shares Value Test strategy (TWS) Blue chips Asian shares Light Best equities 2010 European shares Value Folio China and India American shares Value Folio World Economic Growth Buffett’s Choice Folio Domestic Demand ETF Bonds Folio Non-ferrous Industry REIT Realty Folio Companies of Growth ETF America Aggressive MICEX Oil & Gas ETF risk appetitte MICEX Power ETF Geography MICEX Telecommunication ETF Duration MICEX Metals & Mining ETF Scale MICEX Manufacturing ETF Sectors MICEX Financials ETF Every Class MICEX Consumer Goods & Services FOREX MICEX Chemicals SRI (socially responsible investing) Best equities 2011 Smartfond straregies

4 Beta & Upsides on 23.01.2013 Strategy Risk (beta) Upside, % Blue chips
0,8341 18,7426 MICEX Index 4% 0,8454 19,6212 Best equities 2010 0,34 41,634 Best equities 2011 0,3831 25,3585 MICEX Manufacturing 0,0236 45,3715 MICEX Metals & Mining 0,5692 8,4931 MICEX Chemicals 0,395 24,2942 MICEX Oil & Gas 0,7384 16,2972 MICEX Consumer Goods & Services 0,2113 15,6289 MICEX Telecommunication 0,4109 35,7392 MICEX Financials 0,6377 22,4666 MICEX Power 0,5267 12,194 Russian shares 0,5864 11,2517 Folio Domestic Demand 0,2217 42,043 Folio China and India 0,9257 5,0149 Folio Companies of Growth 0,4092 34,808 Folio World Economic Growth 0,7859 15,5065 Folio Non-ferrous Industry 0,5205 11,3436 Beta & Upsides on

5 (actual 1-year return for ETF strategies)
Strategy Risk (beta) Upside, % (actual 1-year return for ETF strategies) American shares value 0,9907 7,1524 Asian shares Light 0,4783 0,526 Asian shares value 0,4214 0,8163 Buffett choice 0,7987 4,7899 ETF America aggressive 0,8371 9,403 ETF Bonds 0,0634 8,267 ETF duration 0,3975 6,4191 ETF Every Class 0,4115 8,516 ETF Geography 0,7636 9,2657 ETF risk appetitte 0,4153 6,2497 ETF Scale 0,8858 11,9979 ETF Sectors 0,3196 7,8699 European shares value 0,3417 2,4441 FOREX 0,1067 2,5607 REIT Realty 0,385 11,104 SRI 0,7981 6,1719 Test Strategy 0,8626 15,6733 Beta & Upsides on

6 Risk (beta) & upside in Risk-Navigator, 23.01.2013

7 Risk (beta) & upside in Risk-Navigator, 23.01.2013

8 Results for TWS strategies do not include dividends paid on the ETF
Results for TWS strategies do not include dividends paid on the ETF. This makes a difference, especially for ETF, investing in bonds Results include 0,1% broker’s turnover commissions Results do not include dividend income on shares Results are calculated as if the portfolio was formed at the beginning of the period and completely sold at the end of this period Testing conditions

9 Used to test the performance of software including tests on paper accounts or using Trial period
Include 2 stocks / tickers with different price scale and cash part Use only the most liquid assets to demonstrate the program’s performance and way of operations Test strategies

10 Russian shares Neftyanaya kompaniya LUKOIL OAO(MCX:LKOH)
Test strategy checking program capabilities and main algorithms by managing a portfolio with 2 liquid shares each with 45% weight: LUKOIL and Norilsk Nickel. Minimum investment – RUB 200,000 Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months 22,35% (3,85%) 6 months 12,96% (13,67%) Year-to-date 8,87% (0.98%) Risk (Beta) 0,5864 Upside on 11,25% Issuers of stocks in portfolio Neftyanaya kompaniya LUKOIL OAO(MCX:LKOH) NK Lukoil OAO (Neftyanaya Kompaniya LUKOIL OAO or NK LUKOIL OJSC) is a Russia-based integrated oil and gas company. The Company is engaged in the business of oil exploration, production, refining, marketing and distribution. It is an owner of refineries, gas processing, petrochemical plants and gas stations network located in Russia, Eastern and Western Europe. The Company’s petroleum products are sold in the Russian Federation, the Commonwealth of Independent States (CIS) countries, Eastern and Western Europe, Asia and the United States. NK Lukoil OAO operates through numerous subsidiaries and affiliated companies. As of December 31, 2011, the Company’s major shareholder was ING Bank (Eurasia) ZAO with a stake of 75.93%. GMK Noril'skiy nikel' OAO(MCX:GMKN) GMK Noril’skiy nikel’ OAO (Mining and Metallurgical Company Norilsk Nickel OJSC or MMC Norilsk Nickel OJSC) is a Russia- based company engaged in the exploration, extraction, refining and sale of base and precious metals. The Company is a producer of nickel and palladium and a producer of platinum and copper. It also produces various by-products, such as cobalt, chromium, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and sulfur. The Company’s production facilities are located in Taimyr and Kola peninsulas of the Russian Federation, Australia, Botswana, Finland and South African Republic. It has subsidiaries in the Russian Federation, the United Kingdom, Switzerland, the United States, Hong Kong and China. As of December 31, 2011, the Company’s major shareholder was ZAO NIG Bank with a stake of 37.16%. Russian shares

11 Test strategy TWS Model portfolio return on 1.1.2013, % p.a.
A test strategy for testing the algorithms TWS on stocks with high and low prices. Minimum amount of investments USD. Model portfolio return on , % p.a. (S&P 500 Index return asbenchmark) 3 months -27,76% (-12,32%) 6 months 8,14% (7,64%) Year-to-date 5,02% (11,27%) Risk (Beta) 0,8626 Upside on 15,67% Issuers of stocks in portfolio Microsoft Corp. Microsoft Corporation is engaged in developing, manufacturing, licensing and supporting a range of software products and services for different types of computing devices. Its software products and services include operating systems for personal computers, servers and intelligent devices; server applications for distributed computing environments; information worker productivity applications; business solutions applications; computing applications; software development tools, and video games. It operates in five segments: Windows & Windows Live Division (Windows Division), Server and Tools, Online Services Division, Microsoft Business Division, and Entertainment and Devices Division. It also designs and sells hardware, including the Xbox 360 gaming and entertainment console and accessories, the Zune digital music and entertainment device and accessories, and Microsoft personal computer (PC) hardware products. In December 2009, it acquired Opalis Software Inc. Google (finance.google.com) Google Inc. (Google) is focused on improving the ways people connect with information. The Company generates revenue primarily by delivering online advertising. The Company focuses on areas, such as search, advertising, operating systems and platforms, and enterprise. The Company maintains an index of Websites and other online content, and make it available through its search engine to anyone with an Internet connection. Businesses use its AdWords program to promote their products and services with targeted advertising. The Google Network use its AdSense program to deliver relevant ads that generate revenue and enhance the user experience. In February 2010, the Company acquired Aardvark and On2 Technologies, Inc. In May 2010, The Company acquired of AdMob, Inc. (AdMob). In August 2010, the Company acquired Slide, Inc. (Slide). In December 2010, the Company acquired Widevine Technologies, Inc. (Widevine). In April 2011, the Company acquired PushLife. Test strategy TWS

12 Russian market (MCX-QUIK) strategies
MCX Indices strategies – active management Folio strategies stocks combined in a portfolio with one common idea «Top pics» Strategies (Best equities) – stocks with the highest upsides as viewed by the market analysts All stocks are traded on MCX Exchange (Moscow Exchange) Russian market (MCX-QUIK) strategies

13 Blue chips Neftyanaya kompaniya LUKOIL OAO (MCX:LKOH)
Index strategy. Funds are invested in the most liquid shares on MICEX according to MICEX Index calculations. Minimum investment – RUB 200,000. Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months 14,89% (3,85%) 6 months 13,05% (13,67%) Year-to-date 5,15% (0,98%) Risk (Beta) 0,8341 Upside on 18,74% Issuers of stocks in portfolio Neftyanaya kompaniya LUKOIL OAO (MCX:LKOH) NK Lukoil OAO (Neftyanaya Kompaniya LUKOIL OAO or NK LUKOIL OJSC) is a Russia-based integrated oil and gas company. The Company is engaged in the business of oil exploration, production, refining, marketing and distribution. It is an owner of refineries, gas processing, petrochemical plants and gas stations network located in Russia, Eastern and Western Europe. The Company’s petroleum products are sold in the Russian Federation, the Commonwealth of Independent States (CIS) countries, Eastern and Western Europe, Asia and the United States. NK Lukoil OAO operates through numerous subsidiaries and affiliated companies. As of December 31, 2011, the Company’s major shareholder was ING Bank (Eurasia) ZAO with a stake of 75.93%. Sberbank Rossii OAO (MCX:SBER) Sberbank Rossii OAO (AK Sberegatel'nyi bank Rossiyskoy Federatsii OAO or Sberbank Rossii OJSC) is a Russia-based commercial bank. It provides a range of corporate and retail banking services, such as payments and transfers, currency exchange, credit cards, travel checks, mutual funds, precious metal trading, deposits, brokerage services and many others. The Company operates through a network of numerous branches, regional offices, retail outlets, subsidiaries and representative offices located countrywide, as well as in Ukraine, Belarus, Germany, China, India, Armenia and Kazakhstan. As of April 1, 2012, the Company’s major shareholder was the Central Bank of the Russia Federation with a stake of 57.6%. In July 2012, the Company acquired a 90% stake in Rublevo-Arkhangel'skoe ZAO. In October 2012, the Company sold its 100% stake in Sportloto OOO. Blue chips

14 Blue chips Gazprom OAO (MCX:GAZP) GMK Noril'skiy nikel' OAO (MCX:GMKN)
Gazprom OAO is a Russia-based company that, along with its subsidiaries, is primarily engaged in the operation of gas pipeline systems and gas supply to European countries. In addition, it is involved in the oil production and refining activities, as well as energy generation. The Company’s activities comprise exploration and production of gas, transportation of gas, sale of gas within the Russian Federation and abroad, gas storage, production of crude oil and gas condensate, processing of oil, gas condensate and other hydrocarbons, and sales of refined products, as well as electric and heat energy generation and sales. Through its subsidiaries and affiliates, the Company also has operations established in the United Kingdom, Serbia, Belarus, Uzbekistan, Kyrgyzstan, Tajikistan, Vietnam, India, Iraq, Algeria, Libya, Equatorial Guinea, Bolivia and Venezuela, among others. The Company’s ultimate controlling party is the Government of the Russian Federation. GMK Noril'skiy nikel' OAO (MCX:GMKN) GMK Noril’skiy nikel’ OAO (Mining and Metallurgical Company Norilsk Nickel OJSC or MMC Norilsk Nickel OJSC) is a Russia- based company engaged in the exploration, extraction, refining and sale of base and precious metals. The Company is a producer of nickel and palladium and a producer of platinum and copper. It also produces various by-products, such as cobalt, chromium, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and sulfur. The Company’s production facilities are located in Taimyr and Kola peninsulas of the Russian Federation, Australia, Botswana, Finland and South African Republic. It has subsidiaries in the Russian Federation, the United Kingdom, Switzerland, the United States, Hong Kong and China. As of December 31, 2011, the Company’s major shareholder was ZAO NIG Bank with a stake of 37.16%. Rosneft' NK OAO (MCX:ROSN) NK Rosneft’ OAO (Oil Company Rosneft OJSC) is a Russia-based company engaged in exploration, development, production and sale of crude oil and gas, as well as refining, transportation and sale of petroleum products in the Russian Federation and in certain international markets. It has three business segments. The exploration and production segment is engaged in field exploration and development, and production of crude oil and natural gas. The refining, marketing and distribution segment is engaged in processing crude oil and other hydrocarbons into petroleum products, as well as the purchase, sale and transportation of crude oil and petroleum products. The Company operates through 13 representative offices and one branch, located domestically and abroad, including China and United Arab Emirates, among others. As of December 31, 2011, the Company’s major shareholder was Rosneftegaz OAO with a stake of 75.16%. NOVATEK OAO (MCX:NVTK) Novatek OAO (NOVATEK) is an independent natural gas producer. NOVATEK’s primary business activities include exploration and production, processing, transportation, warehousing and marketing of natural gas and liquid hydrocarbons. The Company’s primary production and processing assets are located in the Yamal-Nenets Autonomous Region (YNAO) in Western Siberia. It produces crude oil from the East Tarkosalinskoye field and Ust Purpeyskiy license areas. The Company operates through four representative offices located in Novokuybyshevsk, Salekhard, Samara and London. In addition, it also has one branch in Moscow. The Company sells its products domestically and abroad, including the United States, Poland, Thailand, China, South Korea, Turkey, Latvia and Finland, among others. Blue chips

15 Blue chips AFK Sistema OAO (MCX:AFKS) Surgutneftegaz OAO (MCX:SNGS)
AFK Sistema OAO (AFK Sistema OJSC) is a diversified investment company. The Company operates in six segments: MTS and Bashneft, which form part of the Core Assets; RTI, MTS Bank and SSTL, which form part of the Developing Assets, and Corporate division. The Other operating segments include Bashkirenergo, Sistema Mass Media, Detsky mir, Intourist, Medsi, Binnopharm and NIS. The Company focuses on delivering long-term growth to its shareholders through returns on its diversified portfolio of investments. Its investment portfolio is largely composed of stakes in Russian business in a variety of sectors, including telecommunications, oil, utilities, consumer and high tech. On April 1, 2011, it completed the merger of Comstar-UTS into MTS. On October 5, 2012, the Company became an owner of whole stake in MGTS-Nedvizhiomost' ZAO. Surgutneftegaz OAO (MCX:SNGS) Surgutneftegaz OAO (Surgutneftegaz OJSC) is a Russia-based company engaged in the oil industry. The Company’s activities include prospecting and exploration of hydrocarbons, oil and oil and-gas fields development and construction; oil products and petrochemicals manufacturing and marketing; gas processing, and gas products marketing. The Company operates through three representative offices in Moscow, Saint Petersburg and Yakutsk, as well as 14 subsidiaries, located on the territory of the Russian Federation. Surgutneftegaz OAO sells its products domestically and abroad, including: the Commonwealth of Independent States (CIS) countries and European and Asian countries. As of December 31, 2011, the Company’s major shareholder was ING Bank ZAO with a stake of 11.42%. Tatneft' imeni V.D. Shashina OAO (MCX:TATN) Tatneft' OAO (Tatneft' imieni V.D. Shashina OAO) is a Russia-based holding company engaged in the oil and gas industry. The Company focuses on the oil and gas fields development, including geological exploration, as well as, oil and gas process and marketing and banking services, provided through its subsidiaries, Bank Zenit OAO and Commercial Bank Devon-Credit. It offers such products as: crude oil, fuel, gas and petrochemical products. The Company sells its output through 641 gas stations located domestically, Ukraine and Belarus. Its export markets include deliveries to the Commonwealth of Independent States countries, Germany, Poland, the Czech Republic, Slovakia, the Netherlands, China, Finland, Italy and Hungary, among others. The Company operates through numerous subsidiaries, three branches and two representative offices. As of December 31, 2011, the Company’s major shareholder was Svyaz’investneftekhim OAO with a stake of 36%. Severstal' OAO (MCX:CHMF) Severstal' OAO (Severstal) is a Russia-based company, which is engaged in the steel industry. The Company has three divisions: Resources, Russian Steel and International. Resources division focuses on the production of iron ore and coking coal; Russian Steel division specializes in the flats, longs and steel pipes for various purposes; International division is a Company’s steel asset located in the United States. The Company is active domestically and abroad and operates through four branches, located in Moscow, Kiev, Nizhny Novgorod and Togliatti, as well as a number of subsidiaries and affiliated companies. As of December 31, 2011, the Company’s major shareholder was Deutsche Bank OOO with a stake of 23.94%. Blue chips

16 Blue chips Magnit OAO (MCX:MGNT) Uralkaliy OAO (MCX:URKA) Bank VTB OAO
Magnit OAO (Magnit OJSC) is a Russia-based holding company, which is engaged in the food retail industry. The Company operates the chain of 5,370 convenience stores and 106 hypermarkets in more than 1,424 locations across the Russian Federation. In October 6, 2012 the Company opened its 13th Magnit Family store. The Company’s stores are located within the Southern, Central and Volga Regions, North-Western and Urals Regions. In addition, Magnit OAO has one wholly owned subsidiary, Tander ZAO, located in Krasnodar. It also is an owner of 15 distribution centers and fleet of 3,922 vehicles. As of December 31, 2011, the Company’s corporate major shareholder was Sberbank Rossii OAO with a stake of 28.75%. Uralkaliy OAO (MCX:URKA) Uralkaliy OAO (Uralkali OJSC) is a Russia-based company, which is engaged in the chemical industry. The Company specializes in the production of potash fertilizers. Its product portfolio comprises pink muriate of potash (PMOP), white muriate of potash (WMOP) and granular (GMOP). The Company is active through one representative office, located in Moscow, as well as numerous subsidiaries, located countrywide. Uralkaliy OAO operates on the potassium and magnesium deposits located in Berezniki, Perm and Saint Petersburg. Its production assets include seven plants and five mines. Uralkaliy OAO sells its products domestically, as well as exports it abroad to over 40 countries, including the United States, China, Brazil, India and South-East Asia. In May 2011, the Company incorporated to its structures Silvinit OAO. In July 2012, the Company decided to merge by incorporation with its two wholly owned subsidiaries IK Silvinit-Resurs ZAO And SP Kama ZAO. Bank VTB OAO (MCX:VTBR) VTB Bank OAO is a Russian bank. The Company operates in the commercial banking sector. Its services include deposit taking and commercial lending, support of clients’ export/import transactions, foreign exchange, securities trading, and trading in derivative instruments. The Company offers services to its customers in the Commonwealth of Independent States, Europe, Asia and Africa. As of February 21, 2012, the Company had over 30 banks and financial companies in 19 countries worldwide. The Company’s major shareholder is the Federal Agency of the State Property Management with a stake of 75.5%. NLMK ao (MCX:NLMK) NLMK OAO (NLMK OJSC or Novolipetskiy metallurgicheskiy kombinat OAO) is a Russian-based vertically integrated steel producer. Its activity is the production and sale of ferrous metals, primarily consisting of pig iron, steel slabs, hot rolled steel, cold rolled steel, galvanized cold rolled sheet, cold rolled sheet with polymeric coatings and electro technical steel. Its operations are structured in three segments: spanning mining, steelmaking and rolling. NLMK OAO distributes its products domestically, as well as exports them to numerous countries worldwide. The Company operates through two representative offices in Moscow and Novokuznetsk, as well as one branch in Yekaterinburg. In addition, it also has numerous subsidiaries and affiliated companies, located domestically and abroad. As of December 31, 2011, the Company’s major shareholder was Fletcher Group Holdings Limited with a stake of 85.54%. On January 11, 2012, the Company sold its 99.98% stake in Larmet OOO. Blue chips

17 MICEX Index 4% Neftyanaya kompaniya LUKOIL OAO (MCX:LKOH)
Index strategy. Invests in securities that have more that 4% weight in MICEX Index. Minimum investment – RUB 200,000. Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months 15,33% (3,85%) 6 months 12,06% (13,67%) Year-to-date 3,97% (0,98%) Risk (Beta) 0,8454 Upside on 19,62% Issuers of stocks in portfolio Neftyanaya kompaniya LUKOIL OAO (MCX:LKOH) NK Lukoil OAO (Neftyanaya Kompaniya LUKOIL OAO or NK LUKOIL OJSC) is a Russia-based integrated oil and gas company. The Company is engaged in the business of oil exploration, production, refining, marketing and distribution. It is an owner of refineries, gas processing, petrochemical plants and gas stations network located in Russia, Eastern and Western Europe. The Company’s petroleum products are sold in the Russian Federation, the Commonwealth of Independent States (CIS) countries, Eastern and Western Europe, Asia and the United States. NK Lukoil OAO operates through numerous subsidiaries and affiliated companies. As of December 31, 2011, the Company’s major shareholder was ING Bank (Eurasia) ZAO with a stake of 75.93%. Sberbank Rossii OAO (MCX:SBER) Sberbank Rossii OAO (AK Sberegatel'nyi bank Rossiyskoy Federatsii OAO or Sberbank Rossii OJSC) is a Russia-based commercial bank. It provides a range of corporate and retail banking services, such as payments and transfers, currency exchange, credit cards, travel checks, mutual funds, precious metal trading, deposits, brokerage services and many others. The Company operates through a network of numerous branches, regional offices, retail outlets, subsidiaries and representative offices located countrywide, as well as in Ukraine, Belarus, Germany, China, India, Armenia and Kazakhstan. As of April 1, 2012, the Company’s major shareholder was the Central Bank of the Russia Federation with a stake of 57.6%. In July 2012, the Company acquired a 90% stake in Rublevo-Arkhangel'skoe ZAO. In October 2012, the Company sold its 100% stake in Sportloto OOO. MICEX Index 4%

18 MICEX Index 4% Gazprom OAO (MCX:GAZP) GMK Noril'skiy nikel' OAO
Gazprom OAO is a Russia-based company that, along with its subsidiaries, is primarily engaged in the operation of gas pipeline systems and gas supply to European countries. In addition, it is involved in the oil production and refining activities, as well as energy generation. The Company’s activities comprise exploration and production of gas, transportation of gas, sale of gas within the Russian Federation and abroad, gas storage, production of crude oil and gas condensate, processing of oil, gas condensate and other hydrocarbons, and sales of refined products, as well as electric and heat energy generation and sales. Through its subsidiaries and affiliates, the Company also has operations established in the United Kingdom, Serbia, Belarus, Uzbekistan, Kyrgyzstan, Tajikistan, Vietnam, India, Iraq, Algeria, Libya, Equatorial Guinea, Bolivia and Venezuela, among others. The Company’s ultimate controlling party is the Government of the Russian Federation. GMK Noril'skiy nikel' OAO (MCX:GMKN) GMK Noril’skiy nikel’ OAO (Mining and Metallurgical Company Norilsk Nickel OJSC or MMC Norilsk Nickel OJSC) is a Russia- based company engaged in the exploration, extraction, refining and sale of base and precious metals. The Company is a producer of nickel and palladium and a producer of platinum and copper. It also produces various by-products, such as cobalt, chromium, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and sulfur. The Company’s production facilities are located in Taimyr and Kola peninsulas of the Russian Federation, Australia, Botswana, Finland and South African Republic. It has subsidiaries in the Russian Federation, the United Kingdom, Switzerland, the United States, Hong Kong and China. As of December 31, 2011, the Company’s major shareholder was ZAO NIG Bank with a stake of 37.16%. Rosneft' NK OAO (MCX:ROSN) NK Rosneft’ OAO (Oil Company Rosneft OJSC) is a Russia-based company engaged in exploration, development, production and sale of crude oil and gas, as well as refining, transportation and sale of petroleum products in the Russian Federation and in certain international markets. It has three business segments. The exploration and production segment is engaged in field exploration and development, and production of crude oil and natural gas. The refining, marketing and distribution segment is engaged in processing crude oil and other hydrocarbons into petroleum products, as well as the purchase, sale and transportation of crude oil and petroleum products. The Company operates through 13 representative offices and one branch, located domestically and abroad, including China and United Arab Emirates, among others. As of December 31, 2011, the Company’s major shareholder was Rosneftegaz OAO with a stake of 75.16%. NOVATEK OAO (MCX:NVTK) Novatek OAO (NOVATEK) is an independent natural gas producer. NOVATEK’s primary business activities include exploration and production, processing, transportation, warehousing and marketing of natural gas and liquid hydrocarbons. The Company’s primary production and processing assets are located in the Yamal-Nenets Autonomous Region (YNAO) in Western Siberia. It produces crude oil from the East Tarkosalinskoye field and Ust Purpeyskiy license areas. The Company operates through four representative offices located in Novokuybyshevsk, Salekhard, Samara and London. In addition, it also has one branch in Moscow. The Company sells its products domestically and abroad, including the United States, Poland, Thailand, China, South Korea, Turkey, Latvia and Finland, among others. MICEX Index 4%

19 MICEX Index 4% AFK Sistema OAO (MCX:AFKS) Surgutneftegaz OAO
AFK Sistema OAO (AFK Sistema OJSC) is a diversified investment company. The Company operates in six segments: MTS and Bashneft, which form part of the Core Assets; RTI, MTS Bank and SSTL, which form part of the Developing Assets, and Corporate division. The Other operating segments include Bashkirenergo, Sistema Mass Media, Detsky mir, Intourist, Medsi, Binnopharm and NIS. The Company focuses on delivering long-term growth to its shareholders through returns on its diversified portfolio of investments. Its investment portfolio is largely composed of stakes in Russian business in a variety of sectors, including telecommunications, oil, utilities, consumer and high tech. On April 1, 2011, it completed the merger of Comstar-UTS into MTS. On October 5, 2012, the Company became an owner of whole stake in MGTS-Nedvizhiomost' ZAO. Surgutneftegaz OAO (MCX:SNGS) Surgutneftegaz OAO (Surgutneftegaz OJSC) is a Russia-based company engaged in the oil industry. The Company’s activities include prospecting and exploration of hydrocarbons, oil and oil and-gas fields development and construction; oil products and petrochemicals manufacturing and marketing; gas processing, and gas products marketing. The Company operates through three representative offices in Moscow, Saint Petersburg and Yakutsk, as well as 14 subsidiaries, located on the territory of the Russian Federation. Surgutneftegaz OAO sells its products domestically and abroad, including: the Commonwealth of Independent States (CIS) countries and European and Asian countries. As of December 31, 2011, the Company’s major shareholder was ING Bank ZAO with a stake of 11.42%. Uralkaliy OAO (MCX:URKA) Uralkaliy OAO (Uralkali OJSC) is a Russia-based company, which is engaged in the chemical industry. The Company specializes in the production of potash fertilizers. Its product portfolio comprises pink muriate of potash (PMOP), white muriate of potash (WMOP) and granular (GMOP). The Company is active through one representative office, located in Moscow, as well as numerous subsidiaries, located countrywide. Uralkaliy OAO operates on the potassium and magnesium deposits located in Berezniki, Perm and Saint Petersburg. Its production assets include seven plants and five mines. Uralkaliy OAO sells its products domestically, as well as exports it abroad to over 40 countries, including the United States, China, Brazil, India and South-East Asia. In May 2011, the Company incorporated to its structures Silvinit OAO. In July 2012, the Company decided to merge by incorporation with its two wholly owned subsidiaries IK Silvinit-Resurs ZAO And SP Kama ZAO. MICEX Index 4%

20 Best equities 2010 Gazprom OAO (MCX:GAZP) AFK Sistema OAO (MCX:AFKS)
According to this strategy, all funds are invested in equities that analysts, interviewed by RBC Info Service, consider having the best upside. Minimum investment – RUB 200,000. Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months -11,86% (3,85%) 6 months 5,71% (13,67%) Year-to-date -1,58% (0,98%) Risk (Beta) 0,34 Upside on 41,63 % Issuers of stocks in portfolio Gazprom OAO (MCX:GAZP) Gazprom OAO is a Russia-based company that, along with its subsidiaries, is primarily engaged in the operation of gas pipeline systems and gas supply to European countries. In addition, it is involved in the oil production and refining activities, as well as energy generation. The Company’s activities comprise exploration and production of gas, transportation of gas, sale of gas within the Russian Federation and abroad, gas storage, production of crude oil and gas condensate, processing of oil, gas condensate and other hydrocarbons, and sales of refined products, as well as electric and heat energy generation and sales. Through its subsidiaries and affiliates, the Company also has operations established in the United Kingdom, Serbia, Belarus, Uzbekistan, Kyrgyzstan, Tajikistan, Vietnam, India, Iraq, Algeria, Libya, Equatorial Guinea, Bolivia and Venezuela, among others. The Company’s ultimate controlling party is the Government of the Russian Federation. AFK Sistema OAO (MCX:AFKS) AFK Sistema OAO (AFK Sistema OJSC) is a diversified investment company. The Company operates in six segments: MTS and Bashneft, which form part of the Core Assets; RTI, MTS Bank and SSTL, which form part of the Developing Assets, and Corporate division. The Other operating segments include Bashkirenergo, Sistema Mass Media, Detsky mir, Intourist, Medsi, Binnopharm and NIS. The Company focuses on delivering long-term growth to its shareholders through returns on its diversified portfolio of investments. Its investment portfolio is largely composed of stakes in Russian business in a variety of sectors, including telecommunications, oil, utilities, consumer and high tech. On April 1, 2011, it completed the merger of Comstar-UTS into MTS. On October 5, 2012, the Company became an owner of whole stake in MGTS-Nedvizhiomost' ZAO. Best equities 2010

21 Best equities 2010 Sberbank Rossii OAO (MCX:SBER) Gruppa LSR OAO
Sberbank Rossii OAO (AK Sberegatel'nyi bank Rossiyskoy Federatsii OAO or Sberbank Rossii OJSC) is a Russia-based commercial bank. It provides a range of corporate and retail banking services, such as payments and transfers, currency exchange, credit cards, travel checks, mutual funds, precious metal trading, deposits, brokerage services and many others. The Company operates through a network of numerous branches, regional offices, retail outlets, subsidiaries and representative offices located countrywide, as well as in Ukraine, Belarus, Germany, China, India, Armenia and Kazakhstan. As of April 1, 2012, the Company’s major shareholder was the Central Bank of the Russia Federation with a stake of 57.6%. In July 2012, the Company acquired a 90% stake in Rublevo-Arkhangel'skoe ZAO. In October 2012, the Company sold its 100% stake in Sportloto OOO. Gruppa LSR OAO (MCX:LSRG) Gruppa LSR OAO (LSR Group OJSC) is a Russia-based company involved in the real estate development and construction. It is also engaged in the production of various building materials, such as ceramic bricks, crushed granite, concrete and reinforced concrete products, ready-mix concrete and aerated concrete segments. The Company’s services comprise the development of residential, office and commercial buildings, as well as tower cranes and hoisting machinery services for use in real estate construction. It is also involved in the investment operations. Gruppa LSR OAO acts as a general and sub-contractor for the Russian Federation Government, Saint Petersburg Government, and as a general and sub-contractor for other developers, among pile-driving services. The Company operates through numerous subsidiaries located domestically, as well as one representative office in Moscow. As of December 31, 2011, the Company’s major shareholder was Streetlink Limited with a stake of 57.56%. Bank Vozrozhdeniye OAO (MCX:VZRZ) Bank Vozrozhdeniye OAO (Vozrozhdeniye Bank JSC) is a Russia-based bank that is engaged in the provision of personal banking and business services within the Russian Federation. The Bank's offer includes savings accounts, payment handlings, payroll management to mortgages, debit and credit cards, as well as business and consumer loans. The Bank is active in numerous regions through a network of 157 locations and 795 automated teller machines (ATMs), as well as one representative office, located in Saint-Petersburg. As of December 31, 2011, the Company’s major corporate shareholder was JPM International Consumer Holding Inc. with a stake of 9.37% Best equities 2010

22 Best equities 2010 Tatneft' imeni V.D. Shashina OAO (MCX:TATN)
Tatneft' OAO (Tatneft' imieni V.D. Shashina OAO) is a Russia-based holding company engaged in the oil and gas industry. The Company focuses on the oil and gas fields development, including geological exploration, as well as, oil and gas process and marketing and banking services, provided through its subsidiaries, Bank Zenit OAO and Commercial Bank Devon-Credit. It offers such products as: crude oil, fuel, gas and petrochemical products. The Company sells its output through 641 gas stations located domestically, Ukraine and Belarus. Its export markets include deliveries to the Commonwealth of Independent States countries, Germany, Poland, the Czech Republic, Slovakia, the Netherlands, China, Finland, Italy and Hungary, among others. The Company operates through numerous subsidiaries, three branches and two representative offices. As of December 31, 2011, the Company’s major shareholder was Svyaz’investneftekhim OAO with a stake of 36%. Novorossiyskiy morskoy torg. port OAO (MCX:NMTP) Novorossiyskiy morskoy torgovyi port OAO (NMTP OAO or Novorossiysk Commercial Sea Port OJSC or NCSP OJSC) is a Russia-based commercial sea port operator. NMTP provides a range of stevedoring services, including shipment of oil and oil products, other liquid cargo, dry bulk cargo and general cargo. It is active at the Port of Novorossiysk, a deep-water port located on the Russian shore of the Black Sea. The Company provides transportation services to Asian countries, European countries, as well as African countries, among others. The Company operates through one representative office in Moscow and nine subsidiaries, such as: PTP OOO, Baltiyskaya stivirodnaya kompaniya OAO, Novorossiyskiy sudoremontnyi zavod OAO (NSRZ Ship Repair Yard) and Novorosleseksport OAO, among others. As of December 31, 2011, the Company’s major shareholder was Novoport Holding Ltd., with a stake of 50.1%. MRSK CiP (MCX:MRKP) Joint Stock Company «Interregional Distribution Grid Company of Centre and Volga Region» has been functioning as the main service provider on the power transmission and process connection to power networks in Vladimir, Ivanovo, Kaluga, Kirov, Nizhny Novgorod, Ryazan, Tula regions, as well as in the Republic of Mary El and the Republic of Udmurtia. Since February 29, 2008 Joint Stock Company «IDGC of Centre and Volga Region» has become a uniform operational company with its Head office in the city of Nizhny Novgorod that carries on control of the following nine regional branches: «Vladimirenergo», «Ivenergo», «Kalugaenergo», «Kirovenergo», «Marienergo», «Nizhnovenergo», «Ryazanenergo», «Tulenergo», «Udmurtenergo». The company creation pursuant to the specified configuration was executed in compliance with resolution № 1857-р of the RF Government dated December 19, The shares of the companies to be affiliated were converted into additional common shares of Joint Stock Company «IDGC of Centre and Volga Region» on February , hence, all the DGC shareholders have become the shareholders of the uniform operational company. Best equities 2010

23 Folio China and India NLMK ao (MCX:NLMK) GMK Noril'skiy nikel' OAO
Folio is created for those investors who consider China and India as leaders for global economic recovery. Investment in shares of Russian companies whose business is closely connected with China and India. Minimum investment– RUB 200,000. Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months 20,21% (3,85%) 6 months 13,38% (13,67%) Year-to-date -3,00% (0,98%) Risk (Beta) 0,9257 Upside on 5,0149% Issuers of stocks in portfolio NLMK ao (MCX:NLMK) NLMK OAO (NLMK OJSC or Novolipetskiy metallurgicheskiy kombinat OAO) is a Russian-based vertically integrated steel producer. Its activity is the production and sale of ferrous metals, primarily consisting of pig iron, steel slabs, hot rolled steel, cold rolled steel, galvanized cold rolled sheet, cold rolled sheet with polymeric coatings and electro technical steel. Its operations are structured in three segments: spanning mining, steelmaking and rolling. NLMK OAO distributes its products domestically, as well as exports them to numerous countries worldwide. The Company operates through two representative offices in Moscow and Novokuznetsk, as well as one branch in Yekaterinburg. In addition, it also has numerous subsidiaries and affiliated companies, located domestically and abroad. As of December 31, 2011, the Company’s major shareholder was Fletcher Group Holdings Limited with a stake of 85.54%. On January 11, 2012, the Company sold its 99.98% stake in Larmet OOO. GMK Noril'skiy nikel' OAO (MCX:GMKN) GMK Noril’skiy nikel’ OAO (Mining and Metallurgical Company Norilsk Nickel OJSC or MMC Norilsk Nickel OJSC) is a Russia- based company engaged in the exploration, extraction, refining and sale of base and precious metals. The Company is a producer of nickel and palladium and a producer of platinum and copper. It also produces various by-products, such as cobalt, chromium, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and sulfur. The Company’s production facilities are located in Taimyr and Kola peninsulas of the Russian Federation, Australia, Botswana, Finland and South African Republic. It has subsidiaries in the Russian Federation, the United Kingdom, Switzerland, the United States, Hong Kong and China. As of December 31, 2011, the Company’s major shareholder was ZAO NIG Bank with a stake of 37.16%. Folio China and India

24 Folio China and India Rosneft' NK OAO (MCX:ROSN) Uralkaliy OAO
NK Rosneft’ OAO (Oil Company Rosneft OJSC) is a Russia-based company engaged in exploration, development, production and sale of crude oil and gas, as well as refining, transportation and sale of petroleum products in the Russian Federation and in certain international markets. It has three business segments. The exploration and production segment is engaged in field exploration and development, and production of crude oil and natural gas. The refining, marketing and distribution segment is engaged in processing crude oil and other hydrocarbons into petroleum products, as well as the purchase, sale and transportation of crude oil and petroleum products. The Company operates through 13 representative offices and one branch, located domestically and abroad, including China and United Arab Emirates, among others. As of December 31, 2011, the Company’s major shareholder was Rosneftegaz OAO with a stake of 75.16%. Uralkaliy OAO (MCX:URKA) Uralkaliy OAO (Uralkali OJSC) is a Russia-based company, which is engaged in the chemical industry. The Company specializes in the production of potash fertilizers. Its product portfolio comprises pink muriate of potash (PMOP), white muriate of potash (WMOP) and granular (GMOP). The Company is active through one representative office, located in Moscow, as well as numerous subsidiaries, located countrywide. Uralkaliy OAO operates on the potassium and magnesium deposits located in Berezniki, Perm and Saint Petersburg. Its production assets include seven plants and five mines. Uralkaliy OAO sells its products domestically, as well as exports it abroad to over 40 countries, including the United States, China, Brazil, India and South-East Asia. In May 2011, the Company incorporated to its structures Silvinit OAO. In July 2012, the Company decided to merge by incorporation with its two wholly owned subsidiaries IK Silvinit-Resurs ZAO And SP Kama ZAO. Mechel OAO Mechel OAO is a Russia-based integrated mining and steel company. The Company focuses on the production of mining products, such as coal, iron ore, nickel, and steel products. Its operations are divided into two segments: Mining and Steel. The Mining segment focuses on the production and sales of coking coal concentrate, iron ore concentrate and coke with assets in Russia and the United States. The Steel segment comprises production and sale of semi-finished steel products, carbon and specialty long products, stainless flat products, and value-added downstream metal products, including hardware and stampings. The Company has production facilities in 13 of Russia’s regions, as well as the United States, Kazakhstan, Romania, Lithuania, Ukraine, the United Kingdom and Bulgaria. In addition, it has seven representative offices, located domestically and abroad. As of December 31, 2011, the Company’s major shareholder was Deutsche Bank Trust Americas with a stake of 30.73%. Severstal' OAO (MCX:CHMF) Severstal' OAO (Severstal) is a Russia-based company, which is engaged in the steel industry. The Company has three divisions: Resources, Russian Steel and International. Resources division focuses on the production of iron ore and coking coal; Russian Steel division specializes in the flats, longs and steel pipes for various purposes; International division is a Company’s steel asset located in the United States. The Company is active domestically and abroad and operates through four branches, located in Moscow, Kiev, Nizhny Novgorod and Togliatti, as well as a number of subsidiaries and affiliated companies. As of December 31, 2011, the Company’s major shareholder was Deutsche Bank OOO with a stake of 23.94%. Folio China and India

25 Folio World Economic Growth
Folio for those investors who rely on soonest recovery of the world economy. Investment in companies the price of which is sensitive to the changes in world market environment. Minimum investment – RUB 200,000. Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months 18,31% (3,85%) 6 months 13,67% (13,67%) Year-to-date 5,55% (0,98%) Risk (Beta) 0,7859 Upside on 15,5065% Issuers of stocks in portfolio Sberbank Rossii OAO (MCX:SBER) Sberbank Rossii OAO (AK Sberegatel'nyi bank Rossiyskoy Federatsii OAO or Sberbank Rossii OJSC) is a Russia-based commercial bank. It provides a range of corporate and retail banking services, such as payments and transfers, currency exchange, credit cards, travel checks, mutual funds, precious metal trading, deposits, brokerage services and many others. The Company operates through a network of numerous branches, regional offices, retail outlets, subsidiaries and representative offices located countrywide, as well as in Ukraine, Belarus, Germany, China, India, Armenia and Kazakhstan. As of April 1, 2012, the Company’s major shareholder was the Central Bank of the Russia Federation with a stake of 57.6%. In July 2012, the Company acquired a 90% stake in Rublevo-Arkhangel'skoe ZAO. In October 2012, the Company sold its 100% stake in Sportloto OOO. GMK Noril'skiy nikel' OAO (MCX:GMKN) GMK Noril’skiy nikel’ OAO (Mining and Metallurgical Company Norilsk Nickel OJSC or MMC Norilsk Nickel OJSC) is a Russia- based company engaged in the exploration, extraction, refining and sale of base and precious metals. The Company is a producer of nickel and palladium and a producer of platinum and copper. It also produces various by-products, such as cobalt, chromium, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and sulfur. The Company’s production facilities are located in Taimyr and Kola peninsulas of the Russian Federation, Australia, Botswana, Finland and South African Republic. It has subsidiaries in the Russian Federation, the United Kingdom, Switzerland, the United States, Hong Kong and China. As of December 31, 2011, the Company’s major shareholder was ZAO NIG Bank with a stake of 37.16%. Folio World Economic Growth

26 Folio World Economic Growth
Rosneft' NK OAO (MCX:ROSN) NK Rosneft’ OAO (Oil Company Rosneft OJSC) is a Russia-based company engaged in exploration, development, production and sale of crude oil and gas, as well as refining, transportation and sale of petroleum products in the Russian Federation and in certain international markets. It has three business segments. The exploration and production segment is engaged in field exploration and development, and production of crude oil and natural gas. The refining, marketing and distribution segment is engaged in processing crude oil and other hydrocarbons into petroleum products, as well as the purchase, sale and transportation of crude oil and petroleum products. The Company operates through 13 representative offices and one branch, located domestically and abroad, including China and United Arab Emirates, among others. As of December 31, 2011, the Company’s major shareholder was Rosneftegaz OAO with a stake of 75.16%. Neftyanaya kompaniya LUKOIL OAO (MCX:LKOH) NK Lukoil OAO (Neftyanaya Kompaniya LUKOIL OAO or NK LUKOIL OJSC) is a Russia-based integrated oil and gas company. The Company is engaged in the business of oil exploration, production, refining, marketing and distribution. It is an owner of refineries, gas processing, petrochemical plants and gas stations network located in Russia, Eastern and Western Europe. The Company’s petroleum products are sold in the Russian Federation, the Commonwealth of Independent States (CIS) countries, Eastern and Western Europe, Asia and the United States. NK Lukoil OAO operates through numerous subsidiaries and affiliated companies. As of December 31, 2011, the Company’s major shareholder was ING Bank (Eurasia) ZAO with a stake of 75.93%. Gazprom OAO (MCX:GAZP) Gazprom OAO is a Russia-based company that, along with its subsidiaries, is primarily engaged in the operation of gas pipeline systems and gas supply to European countries. In addition, it is involved in the oil production and refining activities, as well as energy generation. The Company’s activities comprise exploration and production of gas, transportation of gas, sale of gas within the Russian Federation and abroad, gas storage, production of crude oil and gas condensate, processing of oil, gas condensate and other hydrocarbons, and sales of refined products, as well as electric and heat energy generation and sales. Through its subsidiaries and affiliates, the Company also has operations established in the United Kingdom, Serbia, Belarus, Uzbekistan, Kyrgyzstan, Tajikistan, Vietnam, India, Iraq, Algeria, Libya, Equatorial Guinea, Bolivia and Venezuela, among others. The Company’s ultimate controlling party is the Government of the Russian Federation. Severstal' OAO (MCX:CHMF) Severstal' OAO (Severstal) is a Russia-based company, which is engaged in the steel industry. The Company has three divisions: Resources, Russian Steel and International. Resources division focuses on the production of iron ore and coking coal; Russian Steel division specializes in the flats, longs and steel pipes for various purposes; International division is a Company’s steel asset located in the United States. The Company is active domestically and abroad and operates through four branches, located in Moscow, Kiev, Nizhny Novgorod and Togliatti, as well as a number of subsidiaries and affiliated companies. As of December 31, 2011, the Company’s major shareholder was Deutsche Bank OOO with a stake of 23.94%. Folio World Economic Growth

27 Folio Domestic Demand Gruppa LSR OAO (MCX:LSRG) Magnit OAO (MCX:MGNT)
This Folio is for those investors who believe in domestic demand companies. Making profit from investing in the shares of companies that are able of generating stable cash flows at the time of both economic growth and recession. Minimum investment – RUB 200,000. Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months 15,55% (3,85%) 6 months 8,88% (13,67%) Year-to-date 6,93% (0,98%) Risk (Beta) 0,2217 Upside on 42,043% Issuers of stocks in portfolio Gruppa LSR OAO (MCX:LSRG) Gruppa LSR OAO (LSR Group OJSC) is a Russia-based company involved in the real estate development and construction. It is also engaged in the production of various building materials, such as ceramic bricks, crushed granite, concrete and reinforced concrete products, ready-mix concrete and aerated concrete segments. The Company’s services comprise the development of residential, office and commercial buildings, as well as tower cranes and hoisting machinery services for use in real estate construction. It is also involved in the investment operations. Gruppa LSR OAO acts as a general and sub-contractor for the Russian Federation Government, Saint Petersburg Government, and as a general and sub-contractor for other developers, among pile-driving services. The Company operates through numerous subsidiaries located domestically, as well as one representative office in Moscow. As of December 31, 2011, the Company’s major shareholder was Streetlink Limited with a stake of 57.56%. Magnit OAO (MCX:MGNT) Magnit OAO (Magnit OJSC) is a Russia-based holding company, which is engaged in the food retail industry. The Company operates the chain of 5,370 convenience stores and 106 hypermarkets in more than 1,424 locations across the Russian Federation. In October 6, 2012 the Company opened its 13th Magnit Family store. The Company’s stores are located within the Southern, Central and Volga Regions, North-Western and Urals Regions. In addition, Magnit OAO has one wholly owned subsidiary, Tander ZAO, located in Krasnodar. It also is an owner of 15 distribution centers and fleet of 3,922 vehicles. As of December 31, 2011, the Company’s corporate major shareholder was Sberbank Rossii OAO with a stake of 28.75%. Folio Domestic Demand

28 Folio Domestic Demand Mosenergo OAO (MCX:MSNG) Kompaniya M.video OAO
Mosenergo OAO along with its subsidiaries is primarily engaged in generation of heat and electric power and heat distribution services in the Moscow city and Moscow Region. It operates in two segments: electricity and heat. Other services and products sold by the Company include rent services and maintenance services. The Company’s power and heat generations base includes 15 power stations with operational capacity equaled approximately 12,300 megawatts and 35,1 gigacalories per hour of electricity and heat capacity, respectively. As of December 31, 2011, the Company’s major shareholder was Gazprom energoholding OOO with a stake of 53.49%. Kompaniya M.video OAO (MCX:MVID) Company M Video OJSC is a Russia-based consumer electronics and home appliance retail chain. Kompaniya M Video OAO operates through 261 stores in 115 cities, as well as through online store within the Russian Federation. It offers audio, video, digital, small and large home appliances, media and entertainment products, as well as accessories. It also offers products delivery and repair services. In addition, the Company provides management and consulting services for holding companies and for companies active in the financial and industrial sectors. Kompaniya M Video OAO operates through two wholly owned subsidiaries, located in Moscow. As of December 31, 2011, the Company’s major shareholder was Svece Limited with a stake of 67.78%. AFK Sistema OAO (MCX:AFKS) AFK Sistema OAO (AFK Sistema OJSC) is a diversified investment company. The Company operates in six segments: MTS and Bashneft, which form part of the Core Assets; RTI, MTS Bank and SSTL, which form part of the Developing Assets, and Corporate division. The Other operating segments include Bashkirenergo, Sistema Mass Media, Detsky mir, Intourist, Medsi, Binnopharm and NIS. The Company focuses on delivering long-term growth to its shareholders through returns on its diversified portfolio of investments. Its investment portfolio is largely composed of stakes in Russian business in a variety of sectors, including telecommunications, oil, utilities, consumer and high tech. On April 1, 2011, it completed the merger of Comstar-UTS into MTS. On October 5, 2012, the Company became an owner of whole stake in MGTS-Nedvizhiomost' ZAO. Folio Domestic Demand

29 Folio Domestic Demand Aeroflot OAO (MCX:AFLT) Gruppa Cherkizovo ao
Aeroflot OAO (Aeroflot - Rossiyskiye Avialinii OAO or Aeroflot - Russian Airlines OJSC or Aeroflot OJSC) is a Russia-based company involved in the provision of passenger and cargo air transportation services, both domestically and internationally. The Company and its subsidiaries also provide airline catering and insurance services. Its affiliates are mainly comprised of cargo-handling services, fuelling services and duty-free retail businesses. Aeroflot operates a fleet of 121 liners to provide scheduled flights to 115 destinations to 52 countries around the world. It operates through numerous branches and representative offices, located domestically and abroad, as well as nine subsidiaries. As of December 31, 2011, the Company’s major shareholder was the Federal Agency for State Property Management with a stake of 51.17%. Gruppa Cherkizovo ao (MCX:GCHE) Cherkizovo Group (LSE:CHE) is the largest meat manufacturer in Russia and one of the top three companies serving Russia’s poultry, pork and meat processing markets. The company is also Russia’s largest producer of fodder. The Group includes 7 full cycle poultry production facilities, with a total capacity of 400,000 tons live weight p.a.; 14 modern pork production facilities with a total capacity of 180,000 tons live weight p.a.; 6 meat processing plants with a total capacity of 190,000 tons p.a.; 6 fodder plants with a total capacity of 1.4 million tons p.a.; grain storage facilities with a total storage capacity exceeding 500,000 tons; and a land bank exceeding 100,000 hectares. In 2012, Cherkizovo expects to produce more than half a million tons of meat and processed meat products. Due to its vertically integrated structure, which includes agricultural land, grain storage facilities, feed production, livestock breeding, growing and slaughtering as well as meat processing and integrated distribution, Cherkizovo has consistently delivered sustainable revenue and profit growth. In 2011, Cherkizovo’s US GAAP consolidated revenue increased 24% to USD 1,479 million, and net profit amounted to USD millions Folio Domestic Demand

30 Folio Non-ferrous Industry
Investors who choose this Folio prefer inflation scenario. High volume of liquidity injected into financial markets may lead to inflation growth. Prices of non-ferrous materials and shares of companies producing them will go up driven by inflation expectations. Minimum investment – RUB 200,000. Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months 29,79% (3,85%) 6 months 14,77% (13,67%) Year-to-date 8,3% (0,98%) Risk (Beta) 0,5205 Upside on 11,34% Issuers of stocks in portfolio Polyus Zoloto OAO (MCX:PLZL) Polyus Zoloto OAO (Polyus Gold OJSC) is a Russia-based company, which is involved in the mining and production of gold. It was formed in March 2006, as a result of the spin-off of MMC Norilsk Nickel’s gold mining assets. The Company’s operating mines and exploration projects are located in such gold mining regions of Russia: the Krasnoyarsk, Irkutsk, Magadan and Amur Regions, as well as the Republic of Sakha (Yakutiya), Kazakhstan, Romania and Kyrgyzstan. The Company has such direct and indirect subsidiaries as Polyus ZAO, OJSC Matrosov Mine, OJSC Aldanzoloto GRK and Svetlyi ZAO, among others. As of December 31, 2011, the Company’s major shareholder was Polyus Gold International Limited with a stake of 92.95%. GMK Noril'skiy nikel' OAO (MCX:GMKN) GMK Noril’skiy nikel’ OAO (Mining and Metallurgical Company Norilsk Nickel OJSC or MMC Norilsk Nickel OJSC) is a Russia- based company engaged in the exploration, extraction, refining and sale of base and precious metals. The Company is a producer of nickel and palladium and a producer of platinum and copper. It also produces various by-products, such as cobalt, chromium, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and sulfur. The Company’s production facilities are located in Taimyr and Kola peninsulas of the Russian Federation, Australia, Botswana, Finland and South African Republic. It has subsidiaries in the Russian Federation, the United Kingdom, Switzerland, the United States, Hong Kong and China. As of December 31, 2011, the Company’s major shareholder was ZAO NIG Bank with a stake of 37.16%. Folio Non-ferrous Industry

31 Folio Companies of Growth
Folio for those who want to invest in 2-tier equities. One can find equities with the highest growth potential among those. Minimum investment – RUB 200,000. Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months -0,62% (3,85%) 6 months 6,77% (13,67%) Year-to-date -1,67% (0,98%) Risk (Beta) 0,4092 Upside on 34,808% Issuers of stocks in portfolio Gruppa LSR OAO (MCX:LSRG) Gruppa LSR OAO (LSR Group OJSC) is a Russia-based company involved in the real estate development and construction. It is also engaged in the production of various building materials, such as ceramic bricks, crushed granite, concrete and reinforced concrete products, ready-mix concrete and aerated concrete segments. The Company’s services comprise the development of residential, office and commercial buildings, as well as tower cranes and hoisting machinery services for use in real estate construction. It is also involved in the investment operations. Gruppa LSR OAO acts as a general and sub-contractor for the Russian Federation Government, Saint Petersburg Government, and as a general and sub-contractor for other developers, among pile-driving services. The Company operates through numerous subsidiaries located domestically, as well as one representative office in Moscow. As of December 31, 2011, the Company’s major shareholder was Streetlink Limited with a stake of 57.56%. Akron OAO(MCX:AKRN) Akron OAO is a Russia-based company engaged in the manufacture, distribution and sales of chemical fertilizers and related by-products. The Company operates in five segments: mining, production, logistics, distribution and financial investments. The Company mainly focuses on the production of mineral fertilizers, including ammonia, nitrogen, as well as organic and non-organic compounds. The Company is active domestically and abroad in such countries as Finland, the United States, Belgium, China and Thailand, among others. The Company operates through three representative offices, located domestically and in Belarus and Ukraine, as well as through a number of subsidiaries. As of December 31, 2011, the Company’s major shareholder was Refko Holdings Limited with a stake of 19.82% Folio Companies of Growth

32 Folio Companies of Growth
Sollers OAO (MCX:SVAV) Sollers OAO (Sollers OJSC), formerly Severstal'-avto OAO is a Russia-based company involved in the manufacture and sale of passenger and commercial vehicles, including automotive components, assembly kits, engines, as well as agricultural equipment and machines. It also focuses on the management of its subsidiaries assets, including such companies as: Ul’yanovskiy avtomobil’nyi zavod OAO (UAZ OAO), Zavolzhskiy motornyi zavod OAO (ZMZ OAO) and Sollers-Naberezhnye Chelny OAO, among others. Sollers OAO is a distributor of such automobiles as: UAZ off-road vehicles, Korean SsangYong vehicles, FIAT light and commercial vehicles and Japanese ISUZU cargo trucks. The Company operates through one branch in Ulyanovsk Region, as well as seven subsidiaries, located domestically. As of December 31, 2011, the Company’s major shareholder was Newdeal Investments Limited with a stake of 52.29%. Mechel OAO Mechel OAO is a Russia-based integrated mining and steel company. The Company focuses on the production of mining products, such as coal, iron ore, nickel, and steel products. Its operations are divided into two segments: Mining and Steel. The Mining segment focuses on the production and sales of coking coal concentrate, iron ore concentrate and coke with assets in Russia and the United States. The Steel segment comprises production and sale of semi-finished steel products, carbon and specialty long products, stainless flat products, and value-added downstream metal products, including hardware and stampings. The Company has production facilities in 13 of Russia’s regions, as well as the United States, Kazakhstan, Romania, Lithuania, Ukraine, the United Kingdom and Bulgaria. In addition, it has seven representative offices, located domestically and abroad. As of December 31, 2011, the Company’s major shareholder was Deutsche Bank Trust Americas with a stake of 30.73%. E.ON Rossiya OAO (MCX:EONR) E.ON Rossiya OAO, formerly OGK-4 OAO is a Russia-based company mainly involved in the generation, transmission and distribution of electric power on the wholesale market. The Company comprises six electrical power plants: Surgutskaya GRES-2, Berezovskaya GRES, Shaturskaya GRES, Smolenskaya GRES, Yayvinskaya GRES and Teplovye seti Berezovskoy GRES. It is operational in Siberia and the European part of the Russian Federation. In addition, E.ON Rossiya OAO has one representative office in Moscow, one wholly owned subsidiary Teplosbyt OOO, as well as one affiliated company, Shaturskaya upravlyayushchaya kompaniya OAO. As of December 31, 2011, the Company’s major shareholder was E.ON Russia Holding GmbH with a stake of 78.30%. Folio Companies of Growth

33 Folio Companies of Growth
NOVATEK OAO (MCX:NVTK) Novatek OAO (NOVATEK) is an independent natural gas producer. NOVATEK’s primary business activities include exploration and production, processing, transportation, warehousing and marketing of natural gas and liquid hydrocarbons. The Company’s primary production and processing assets are located in the Yamal-Nenets Autonomous Region (YNAO) in Western Siberia. It produces crude oil from the East Tarkosalinskoye field and Ust Purpeyskiy license areas. The Company operates through four representative offices located in Novokuybyshevsk, Salekhard, Samara and London. In addition, it also has one branch in Moscow. The Company sells its products domestically and abroad, including the United States, Poland, Thailand, China, South Korea, Turkey, Latvia and Finland, among others. TGK-1 OAO (MCX:TGKA) Territorial’naya generiruyushchaya kompaniya No1 OAO (TGK-1 OAO, TGC-1 OJSC or Territorial Generating Company No 1 OJSC) is a Russia-based company, which is engaged in the generation of thermal and electric energy in the North-West region of the Russian Federation. It operates through 55 generating stations in four regions of the Russian Federation: the City of Saint Petersburg, the Republic of Karelia, the Leningrad region and the Murmansk region. The Company sells its products on the domestic market, as well as exports electric energy to Finland and Norway. It operates through three branches and one representative office, as well as two subsidiaries. As of December 31, 2011, the Company’s major shareholder was Gazprom energoholding OOO with a stake of 51.78%. Folio Companies of Growth

34 MICEX Oil & Gas NOVATEK OAO (MCX:NVTK) Gazprom OAO (MCX:GAZP)
Sector investment strategy. Portfolio comprises equities included in MICEX Oil & Gas Index. Minimum investment – RUB 200,000. Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months 16,19% (3,85%) 6 months 17,61% (13,67%) Year-to-date 6,87% (0,98%) Risk (Beta) 0,7384 Upside on 16,29% Issuers of stocks in portfolio NOVATEK OAO (MCX:NVTK) Novatek OAO (NOVATEK) is an independent natural gas producer. NOVATEK’s primary business activities include exploration and production, processing, transportation, warehousing and marketing of natural gas and liquid hydrocarbons. The Company’s primary production and processing assets are located in the Yamal-Nenets Autonomous Region (YNAO) in Western Siberia. It produces crude oil from the East Tarkosalinskoye field and Ust Purpeyskiy license areas. The Company operates through four representative offices located in Novokuybyshevsk, Salekhard, Samara and London. In addition, it also has one branch in Moscow. The Company sells its products domestically and abroad, including the United States, Poland, Thailand, China, South Korea, Turkey, Latvia and Finland, among others. Gazprom OAO (MCX:GAZP) Gazprom OAO is a Russia-based company that, along with its subsidiaries, is primarily engaged in the operation of gas pipeline systems and gas supply to European countries. In addition, it is involved in the oil production and refining activities, as well as energy generation. The Company’s activities comprise exploration and production of gas, transportation of gas, sale of gas within the Russian Federation and abroad, gas storage, production of crude oil and gas condensate, processing of oil, gas condensate and other hydrocarbons, and sales of refined products, as well as electric and heat energy generation and sales. Through its subsidiaries and affiliates, the Company also has operations established in the United Kingdom, Serbia, Belarus, Uzbekistan, Kyrgyzstan, Tajikistan, Vietnam, India, Iraq, Algeria, Libya, Equatorial Guinea, Bolivia and Venezuela, among others. The Company’s ultimate controlling party is the Government of the Russian Federation. MICEX Oil & Gas

35 MICEX Oil & Gas Neftyanaya kompaniya LUKOIL OAO (MCX:LKOH)
NK Lukoil OAO (Neftyanaya Kompaniya LUKOIL OAO or NK LUKOIL OJSC) is a Russia-based integrated oil and gas company. The Company is engaged in the business of oil exploration, production, refining, marketing and distribution. It is an owner of refineries, gas processing, petrochemical plants and gas stations network located in Russia, Eastern and Western Europe. The Company’s petroleum products are sold in the Russian Federation, the Commonwealth of Independent States (CIS) countries, Eastern and Western Europe, Asia and the United States. NK Lukoil OAO operates through numerous subsidiaries and affiliated companies. As of December 31, 2011, the Company’s major shareholder was ING Bank (Eurasia) ZAO with a stake of 75.93%. Rosneft' NK OAO (MCX:ROSN) NK Rosneft’ OAO (Oil Company Rosneft OJSC) is a Russia-based company engaged in exploration, development, production and sale of crude oil and gas, as well as refining, transportation and sale of petroleum products in the Russian Federation and in certain international markets. It has three business segments. The exploration and production segment is engaged in field exploration and development, and production of crude oil and natural gas. The refining, marketing and distribution segment is engaged in processing crude oil and other hydrocarbons into petroleum products, as well as the purchase, sale and transportation of crude oil and petroleum products. The Company operates through 13 representative offices and one branch, located domestically and abroad, including China and United Arab Emirates, among others. As of December 31, 2011, the Company’s major shareholder was Rosneftegaz OAO with a stake of 75.16%. Tatneft' imeni V.D. Shashina OAO (MCX:TATN) Tatneft' OAO (Tatneft' imieni V.D. Shashina OAO) is a Russia-based holding company engaged in the oil and gas industry. The Company focuses on the oil and gas fields development, including geological exploration, as well as, oil and gas process and marketing and banking services, provided through its subsidiaries, Bank Zenit OAO and Commercial Bank Devon-Credit. It offers such products as: crude oil, fuel, gas and petrochemical products. The Company sells its output through 641 gas stations located domestically, Ukraine and Belarus. Its export markets include deliveries to the Commonwealth of Independent States countries, Germany, Poland, the Czech Republic, Slovakia, the Netherlands, China, Finland, Italy and Hungary, among others. The Company operates through numerous subsidiaries, three branches and two representative offices. As of December 31, 2011, the Company’s major shareholder was Svyaz’investneftekhim OAO with a stake of 36%. MICEX Oil & Gas

36 MICEX Oil & Gas Surgutneftegaz OAO (MCX:SNGS) Transneft (pref)
Surgutneftegaz OAO (Surgutneftegaz OJSC) is a Russia-based company engaged in the oil industry. The Company’s activities include prospecting and exploration of hydrocarbons, oil and oil and-gas fields development and construction; oil products and petrochemicals manufacturing and marketing; gas processing, and gas products marketing. The Company operates through three representative offices in Moscow, Saint Petersburg and Yakutsk, as well as 14 subsidiaries, located on the territory of the Russian Federation. Surgutneftegaz OAO sells its products domestically and abroad, including: the Commonwealth of Independent States (CIS) countries and European and Asian countries. As of December 31, 2011, the Company’s major shareholder was ING Bank ZAO with a stake of 11.42%. Transneft (pref) (MCX:TRNFP) The Oil Transporting Joint Stock Company "Transneft" was established according to the Decree #1403 of the President of The Russian Federation dated 17 November 1992 and by the Decision #810 of the Government of Russian Federation dated 14 August “Transneft” in round figures: Around 70 thousand km of linear pipelines; Over 500 pumping stations; Over 20 millions cubic metres of reservoirs; Transportation of 93% of Russian oil. JSC Transneft is a subject of natural monopolies, 100% of voting stocks are in federal property. Traded: preferred stocks, with the par value of 1 rouble each, total value is roubles (21,9% of the authorized capital stock) JSC Gazprom Neft(MCX:SIBN) Gazprom neft' OAO ( Gazprom neft OJSC) formerly Siberian Oil Company OAO or Sibneft' OAO, is a Russia-based vertically integrated oil company. Its core activities include the oil and gas exploration, production and development of oil and gas fields, as well as the production and sale of refined outlets, distribution and marketing operations through its numerous retail filling stations. The export trade is conducted through a wholly owned Gazprom Neft Trading GmbH. The oil is exported through a pipeline system of AK Transneft'. It operates through one representative office in Yamal, one branch in Moscow two representative offices, as well as a number of subsidiaries and affiliated companies located across the Russian Federation and abroad. The Company operates oil and gas deposits in Khanty-Mansiysk, Yamalo-Nanetsl and Chukotka Autonomous Districts and in Tomsk and Omsk Regions. As of December 31, 2011, the Company’s major shareholder was Gazprom OAO with a stake of 90%. OAO SN-MNG OAO Slavneft-Megionneftegaz (OAO SN-MNG) is the key oil and gas production subsidiary of Slavneft. The key activities of SN-MNG include appraisal of oil and gas fields, well drilling and operation, oil and gas production. The subsidiary produces oil in the Nizhnevatovsk and Surgut regions of the Khanty-Mansi Autonomous Area – Yugra. Today OAO Slavneft-Megionneftegaz is a modern oil and gas company with the developed production infrastructure. Vatinskoe and Aganskoye oil-and-gas production departments as well as some other structural subdivisions engaged procurement and maintenance of oil fields and utilities, medical treatment of the employees are parts of OAO SN-MNG. MICEX Oil & Gas

37 MICEX Oil & Gas Bashneft ANK ao(MCX:BANE)
Bashneft is a rapidly developing vertically integrated oil company based on the largest fuel and energy producers of the Republic of Bashkortostan. The Company ranks among the top-ten Russian oil producers, and in the top-five oil refining companies. Bashneft markets its products in Russia and exports them to Eastern and Western Europe, as well as to Kazakhstan and the Ukraine. MICEX Oil & Gas

38 MICEX Power Model portfolio return on 1.1.2013, % p.a.
Sector investment strategy. Portfolio comprises equities included in MICEX Power Index. Minimum investment – RUB 200,000. Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months -10,61% (3,85%) 6 months 5,12% (13,67%) Year-to-date -4,27% (0,98%) Risk (Beta) 0,5267 Upside on 12,19% Issuers of stocks in portfolio RUSGIDRO (MCX: HYDR) RusHydro shares are traded on the MICEX-RTS. In July 2008, the Company launched a global depository receipt (GDR) program; in July 2009, its DRs began trading on the London Stock Exchange (LSE); and in August 2008, RusH With 35.2 GW installed electricity generation capacity and 16.2 thousand GCal/h heat capacity, RusHydro is one of Russia's largest power generating companies. Including the Sayano-Shushenskaya HPP, the largest in Russia, the Company has over 70 renewable energy source (RES) facilities: 9 power stations in the Volga-Kama Cascade with a total installed capacity of more than 10,167 MW, the Zeiskaya HPP (1,330 MW) – the first large-scale hydro-power plant in the Russian Far East, the Bureiskaya HPP (2,010 MW), the Novosibirsk HPP (455 MW) and tens of HPPs in the North Caucasus. ydro's shares were included in the MSCI EM and MSCI Russia indices. Federal Grid Company of Unified Energy System ("Federal Grid Company" or "the Company") (MICEX-RTS, LSE: FEES) Federal Grid Company is the operator and manager of Russia’s unified electricity transmission grid system, including high voltage transmission lines, and holds the status of a natural monopoly. The Company’s assets include more than 124,000 km of transmission lines and 854 substations with more than 322 GVA of volt transformer capacity. Based on the length of transmission lines and installed transformer capacity, Federal Grid is the largest publicly traded electricity transmission company in the world. Federal Grid’s business is to provide electricity transmission and technological connection services. It maintains and develops the grid system and supervises grid facilities and infrastructure in 73 Russian regions, covering a territory of 13.6 million square kilometres. Its customers are regional distribution companies, electricity suppliers and large industrial enterprises. MICEX Power

39 MICEX Power Holding MRSK OAO (MCX:MRKH) E.ON Rossiya OAO (MCX:EONR)
Holding MRSK OAO (IDGC Holding JSC) is a Russia-based holding company, the main activity of which is the management of various enterprises engaged in the electric power sector. Holding MRSK OAO was created as a result of the reorganization of the Unified Energy System of Russia RAO. The Company’s structure comprises interregional and regional distribution grid companies, research and development institutes, design and construction institutes, and construction and sales entities, among others. Holding MRSK OAO operates through numerous subsidiaries and affiliated companies, located domestically. As of December 31, 2011, the Company’s major shareholder was the Federal Agency of the State Property Management with a stake of 53.69%. E.ON Rossiya OAO (MCX:EONR) E.ON Rossiya OAO, formerly OGK-4 OAO is a Russia-based company mainly involved in the generation, transmission and distribution of electric power on the wholesale market. The Company comprises six electrical power plants: Surgutskaya GRES-2, Berezovskaya GRES, Shaturskaya GRES, Smolenskaya GRES, Yayvinskaya GRES and Teplovye seti Berezovskoy GRES. It is operational in Siberia and the European part of the Russian Federation. In addition, E.ON Rossiya OAO has one representative office in Moscow, one wholly owned subsidiary Teplosbyt OOO, as well as one affiliated company, Shaturskaya upravlyayushchaya kompaniya OAO. As of December 31, 2011, the Company’s major shareholder was E.ON Russia Holding GmbH with a stake of 78.30%. INTER RAO EES OAO(MCX:IRAO) INTER RAO YEES OAO (INTER RAO UES OJSC) is a Russia-based company engaged in the energy sector. It is involved in the production, distribution and sale of thermal and electrical energy, export and import of electric power, trading of electrical power on the domestic and foreign markets, retailing of electrical power, as well as management of foreign assets. The Company trades electric energy on the domestic, as well as abroad, including Finland, Belarus, Lithuania, Georgia, Ukraine, and Turkey, among others. INTER RAO YEES OAO operates through five branches and three representative offices in Belgium, Ecuador and Cuba. Mosenergo OAO (MCX:MSNG) Mosenergo OAO along with its subsidiaries is primarily engaged in generation of heat and electric power and heat distribution services in the Moscow city and Moscow Region. It operates in two segments: electricity and heat. Other services and products sold by the Company include rent services and maintenance services. The Company’s power and heat generations base includes 15 power stations with operational capacity equaled approximately 12,300 megawatts and 35,1 gigacalories per hour of electricity and heat capacity, respectively. As of December 31, 2011, the Company’s major shareholder was Gazprom energoholding OOO with a stake of 53.49%. MICEX Power

40 MICEX Power OGK-2 OAO (MCX:OGKB) Volzhskaya TGK OAO(MCX:VTGK)
OGK-2 OAO (Vtoraya generiruyushchaya kompaniya optovogo rynka elektroenergii OAO or Second Generation Company of Wholesale Electricity Market OJSC or OGK-2 OJSC) is a Russia-based company, which is involved in the generation, transmission and distribution of electric and heat energy on the retail and wholesale markets. OGK-2 OAO provides its services through 11 power plants: Adlerskaya TES, Serovskaya GRES, Pskovskaya GRES, Troitskaya GRES, Stavropol’skaya GRES, Ryazanskaya GRES, Novocherkasskaya GRES, Kirishskaya GRES, Krasnoyarskaya GRES, Cherepovetskaya GRES and Surgutskaya GRES-1. As of December 31, 2011, the Company’s major shareholder was Tsentrenergoholding OAO with a stake of 52.6%. Volzhskaya TGK OAO(MCX:VTGK) Volzhskaya TGK OAO (Volzhskaya territorial’naya generiruyushchaya kompaniya OAO, TGK-7 OAO or Volga territorial generating company OJSC or Volga TGC-7 OJSC) is a Russia-based company, which is engaged in the production, transmission, control and distribution of electric and thermal energy on the wholesale and retail markets. Volzhskaya TGK OAO is a part of the Unified Energy System of Russia RAO. The Company operates through numerous branches. Volzhskaya TGK OAO is active domestically, mainly on the territory of Samara, Saratov and Ul’yanovsk Regions. As of December 31, 2011, the Company’s major shareholder was KES-Holding OOO with a stake of 24.86%. MRSK Centra (MCX:MRKC) “Interregional Distribution Grid Company of Centre”, Joint-Stock Company, was incorporated on December 17, The Company performs its activity within the territory of thousand sq. km with the population of 13.6 million people. The length of kV overhead power lines of the Company exceeds 372 thousand kilometers. Activities on transmission and distribution of electric power and connection of customers to 0.4 — 110 kV electric networks are provided by 11 grid divisions of the Company: Belgorodenergo, Bryanskenergo, Voronezhenergo, Kurskenergo, Kostromaenergo, Lipetskenergo, Tverenergo, Smolenskenergo, Orelenergo, Tambovenergo, and Yarenergo and also its subsidiary — Yargorelektroset, JSC, 100% stake of which was consolidated in 2010. The production potential of IDGC of Centre is substations with the total installed capacity of 49 thousand MVA. The share capital of the Company is ,8 RUR and is divided into registered ordinary shares with par value of 10 kopecks each. As at the major shareholder is IDGC Holding (its share is 50,23% of the authorized capital). The number of shareholders exceeds The Codes of shares on exchanges: MICEX-RTS: MRKC. MICEX Power

41 MICEX Power TGK-1 OAO (MCX:TGKA) OGK-1 (MCX:OGKA) JSC “MOESK”
Territorial’naya generiruyushchaya kompaniya No1 OAO (TGK-1 OAO, TGC-1 OJSC or Territorial Generating Company No 1 OJSC) is a Russia-based company, which is engaged in the generation of thermal and electric energy in the North-West region of the Russian Federation. It operates through 55 generating stations in four regions of the Russian Federation: the City of Saint Petersburg, the Republic of Karelia, the Leningrad region and the Murmansk region. The Company sells its products on the domestic market, as well as exports electric energy to Finland and Norway. It operates through three branches and one representative office, as well as two subsidiaries. As of December 31, 2011, the Company’s major shareholder was Gazprom energoholding OOO with a stake of 51.78%. OGK-1 (MCX:OGKA) The First Generating Company of Wholesale Electricity Market (OGK-1) was established on March 23, With installed capacity of 9,861 MW, OGK-1 is the largest thermal wholesale electricity generator created in the course of Russian electric power industry reform. OGK-1 includes Permskaya, Verkhnetagilskaya, Kashirskaya, Urengoyskaya and Iriklinskaya thermal power plants (TPP). Two existing power generating units of Nizhnevartovskaya TPP were transferred to authorized capital of ZAO Nizhnevartovskaya GRES, a fully owned subsidiary of NVGRES HOLDING LIMITED (NHL). OGK-1 owns 75% minus 1 shares of NHL, while TNK-BP owns the remaining 25% plus 1 shares. Power generating assets of OGK-1 are located in regions with shortage of electricity and high consumption growth within unified energy systems of Urals and Central Federal Districts of Russia. They are primarily fueled by gas, which represents approximately 91% of our fuel portfolio. JSC “MOESK” SC “Moscow United Electric Grid Company” is a specialized grid entity, the main activity of which is rendering of electricity transmission services in the city of Moscow and the Moscow Area for consideration through implementation of a complex of the organizationally and technologically associated actions, which ensure transmission of electricity through the engineering devices of the own electric grids. JSC “MOESK” accepts electric power in its grid from generating companies – the entities of the wholesale and retail markets, from the grid of the Uniform National (All-Russian) Electric Grid (UNEG) and from the grids located in the adjacent constituent entities of the Russian Federation, and uses its own grids to transmit electric power to the end users connected to the grids of JSC “MOESK”, adjacent grids (municipal unitary enterprises (MUE), wholesale consumers –resellers (WCR), territorial grid entities (TGE)). The Moscow Region is one of the most dynamically developing regions in Russia. Housing construction is conducted actively, industrial production is growing, and infrastructure is being developed. The Company implements the program of capital construction of new energy facilities and modernization, reconstruction and repairing of the operating ones in order to maintain the effective and reliable supply of electricity to consumers. MICEX Power

42 MICEX Power IrkutskEnrg (MCX:IRGZ) MRSK CiP (MCX:MRKP) KrasnGES
Irkutsk Joint Stock Company of Energetics and Electrification was founded in accordance with the Decree of the President of the Russian Federation dated 01 July 1992 No.721 “On arrangement of transformation of state-owned enterprises and voluntary associations of state-owned enterprises into joint-stock companies”. 40 percent of the company’s shares belong to the state. Today, the highly-efficient power generation base of Irkutskenergo comprises various hydro- and thermal power plants: 3 hydraulic power plants, 9 thermal power plants, electricity transmission networks (including backbone transmission networks with voltage of 500 kW) and heat transmission networks. Irkutsk power generation system is a redundant one. Taking into account its capacity and generation volumes, this power generation system can produce over 70 bn. kWh of electric power and up to 46 mln. Gcal of thermal power. The installed capacity of the Irkutsk power generation system equals 12.9 thousand MW. MRSK CiP (MCX:MRKP) Joint Stock Company «Interregional Distribution Grid Company of Centre and Volga Region» has been functioning as the main service provider on the power transmission and process connection to power networks in Vladimir, Ivanovo, Kaluga, Kirov, Nizhny Novgorod, Ryazan, Tula regions, as well as in the Republic of Mary El and the Republic of Udmurtia. Since February 29, 2008 Joint Stock Company «IDGC of Centre and Volga Region» has become a uniform operational company with its Head office in the city of Nizhny Novgorod that carries on control of the following nine regional branches: «Vladimirenergo», «Ivenergo», «Kalugaenergo», «Kirovenergo», «Marienergo», «Nizhnovenergo», «Ryazanenergo», «Tulenergo», «Udmurtenergo». The company creation pursuant to the specified configuration was executed in compliance with resolution № 1857-р of the RF Government dated December 19, The shares of the companies to be affiliated were converted into additional common shares of Joint Stock Company «IDGC of Centre and Volga Region» on February , hence, all the DGC shareholders have become the shareholders of the uniform operational company. KrasnGES (MCX:KRSG) Krasnoyarsk hydropower plant - the first hydroelectric power station on the Yenisei River. The installed capacity of its 12 units - 6,000,000 kW. Of installed capacity Krasnoyarsk HPP among the ten largest hydroelectric world and the second largest in Russia. Krasnoyarsk hydroelectric power station - the main producer of electricity in the Krasnoyarsk region and one of the most efficient power plants in the country. In Russia's share of electricity production Krasnoyarsk HPP 2.3% MICEX Power

43 MICEX Power TGK-9 OAO (P) (MCX:TGKI) Enel OGK-5 OAO (MCX:OGKE)
Territorial’naya generiruyushchaya kompaniya No 9 OAO (TGK-9 OAO or TGC-9 OJSC or Territorial Generating Company No 9 OJSC) is a Russia-based company, which is involved in the generation, transmission and distribution of heat energy and electricity. The Company provides its services to industrial sector and population of Sverdlovsk region, Perm region and Republic of Komi. TGK-9 OAO operates through nine branches, located domestically. As of December 31, 2011, the Company’s major shareholder was KES-Holding OOO with a stake of 43.9%. Enel OGK-5 OAO (MCX:OGKE) Enel OGK-5 OAO, formerly OGK-5 OAO (OGK-5 OJSC) is a Russia-based company, which is involved in the generation of electricity and heat energy. The Company owns and operates four power plants: Konakovskaya GRES, Nevinnomysskaya GRES, Reftinskaya GRES and Sredneural’skaya GRES. The Company provides electric and thermal power for both industrial enterprises and household consumers via local power distribution networks. As of December 31, 2011, the Company’s major shareholder was ENEL Investment Holding B.V. with a stake of 56.43%. MICEX Power

44 MICEX Telecommunication
Sector investment strategy. Portfolio comprises equities included in MICEX telecommunication Index. Minimum investment – RUB 200,000. Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months -0,84% (3,85%) 6 months 7,46% (13,67%) Year-to-date 0,61% (0,98%) Risk (Beta) 0,4109 Upside on 35,73% Issuers of stocks in portfolio Mobil'nye TeleSistemy OAO (MCX:MTSS) Mobil'nye TeleSistemy OAO (Mobile TeleSystems OJSC or MTS OAO) is a Russia-based company engaged in the telecommunication industry. The Company provides a range of mobile and fixed line voice and data telecommunications services, including transmission, broadband, pay-television (TV) and various value-added services, as well as selling equipment and accessories. The Company provides its services to approximately 105 million customers in the Russian Federation, Ukraine, Uzbekistan, Armenia and Belarus. MTS OAO operates through numerous branches located domestically and in Belarus, as well as four subsidiaries. As of May 15, 2012, the Company’s major shareholder was JP Morgan Chase Bank National Association with a stake of 37.62%. AFK Sistema OAO (MCX:AFKS) AFK Sistema OAO (AFK Sistema OJSC) is a diversified investment company. The Company operates in six segments: MTS and Bashneft, which form part of the Core Assets; RTI, MTS Bank and SSTL, which form part of the Developing Assets, and Corporate division. The Other operating segments include Bashkirenergo, Sistema Mass Media, Detsky mir, Intourist, Medsi, Binnopharm and NIS. The Company focuses on delivering long-term growth to its shareholders through returns on its diversified portfolio of investments. Its investment portfolio is largely composed of stakes in Russian business in a variety of sectors, including telecommunications, oil, utilities, consumer and high tech. On April 1, 2011, it completed the merger of Comstar-UTS into MTS. On October 5, 2012, the Company became an owner of whole stake in MGTS-Nedvizhiomost' ZAO. MICEX Telecommunication

45 MICEX Telecommunication
Rostelekom OAO (MCX:RTKM) Rostelekom OAO (Rostelecom OJSC) is a Russia-based integrated telecommunications operator. Throughout Russia, Rostelecom renders domestic long-distance (DLD) and international long-distance (ILD) telecommunications services, mobile voice and data services, broadband Internet access services and pay TV services. It has approximately 500,000 km of backbone infrastructure and provides access to 35 million subscribers. Rostelekom OAO focuses on two customer groups: residential customers and corporate customers. It also offers Internet, Virtual Private Network (VPN) and Data Center services, Intelligent Network Services (INS) and videoconferencing, among others. The Company operates through numerous points of presence in every region of Russia. And it also has a representative office in Geneva, Switzerland. As of December 31, 2011, the Company’s major shareholder was Investitsionnaya kompaniya svyazi OAO with a stake of 40.06%. In July, 2012, the Company acquired CDMA operator Sky Link ZAO. Centrlnyi Telegraf(MCX:CNTL) "Central Telegraph" - one of the leading service providers in Russia. The company operates - Moscow and Moscow region. Technology platform - its own fiber-optic network with a total length of about 2300 km in the South-West, and 2200 km in Moscow, a subsidiary of JSC "Centel". One of the key projects of the company - the creation of the Unified Multiservice Network Moscow region (network QWERTY) MICEX Telecommunication

46 MICEX Metals & Mining Polyus Zoloto OAO (MCX:PLZL)
Sector investment strategy. Portfolio comprises equities included in MICEX Metals & Mining Index. Minimum investment – RUB 200,000. Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months -2,07% (3,85%) 6 months 10,72% (13,67%) Year-to-date 1,03% (0,98%) Risk (Beta) 0,5692 Upside on 8,49% Issuers of stocks in portfolio Polyus Zoloto OAO (MCX:PLZL) Polyus Zoloto OAO (Polyus Gold OJSC) is a Russia-based company, which is involved in the mining and production of gold. It was formed in March 2006, as a result of the spin-off of MMC Norilsk Nickel’s gold mining assets. The Company’s operating mines and exploration projects are located in such gold mining regions of Russia: the Krasnoyarsk, Irkutsk, Magadan and Amur Regions, as well as the Republic of Sakha (Yakutiya), Kazakhstan, Romania and Kyrgyzstan. The Company has such direct and indirect subsidiaries as Polyus ZAO, OJSC Matrosov Mine, OJSC Aldanzoloto GRK and Svetlyi ZAO, among others. As of December 31, 2011, the Company’s major shareholder was Polyus Gold International Limited with a stake of 92.95%. GMK Noril'skiy nikel' OAO (MCX:GMKN) GMK Noril’skiy nikel’ OAO (Mining and Metallurgical Company Norilsk Nickel OJSC or MMC Norilsk Nickel OJSC) is a Russia- based company engaged in the exploration, extraction, refining and sale of base and precious metals. The Company is a producer of nickel and palladium and a producer of platinum and copper. It also produces various by-products, such as cobalt, chromium, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and sulfur. The Company’s production facilities are located in Taimyr and Kola peninsulas of the Russian Federation, Australia, Botswana, Finland and South African Republic. It has subsidiaries in the Russian Federation, the United Kingdom, Switzerland, the United States, Hong Kong and China. As of December 31, 2011, the Company’s major shareholder was ZAO NIG Bank with a stake of 37.16%. MICEX Metals & Mining

47 MICEX Metals & Mining Mechel OAO Severstal' OAO (MCX:CHMF) NLMK ao
Mechel OAO is a Russia-based integrated mining and steel company. The Company focuses on the production of mining products, such as coal, iron ore, nickel, and steel products. Its operations are divided into two segments: Mining and Steel. The Mining segment focuses on the production and sales of coking coal concentrate, iron ore concentrate and coke with assets in Russia and the United States. The Steel segment comprises production and sale of semi-finished steel products, carbon and specialty long products, stainless flat products, and value-added downstream metal products, including hardware and stampings. The Company has production facilities in 13 of Russia’s regions, as well as the United States, Kazakhstan, Romania, Lithuania, Ukraine, the United Kingdom and Bulgaria. In addition, it has seven representative offices, located domestically and abroad. As of December 31, 2011, the Company’s major shareholder was Deutsche Bank Trust Americas with a stake of 30.73%. Severstal' OAO (MCX:CHMF) Severstal' OAO (Severstal) is a Russia-based company, which is engaged in the steel industry. The Company has three divisions: Resources, Russian Steel and International. Resources division focuses on the production of iron ore and coking coal; Russian Steel division specializes in the flats, longs and steel pipes for various purposes; International division is a Company’s steel asset located in the United States. The Company is active domestically and abroad and operates through four branches, located in Moscow, Kiev, Nizhny Novgorod and Togliatti, as well as a number of subsidiaries and affiliated companies. As of December 31, 2011, the Company’s major shareholder was Deutsche Bank OOO with a stake of 23.94%. NLMK ao (MCX:NLMK) NLMK OAO (NLMK OJSC or Novolipetskiy metallurgicheskiy kombinat OAO) is a Russian-based vertically integrated steel producer. Its activity is the production and sale of ferrous metals, primarily consisting of pig iron, steel slabs, hot rolled steel, cold rolled steel, galvanized cold rolled sheet, cold rolled sheet with polymeric coatings and electro technical steel. Its operations are structured in three segments: spanning mining, steelmaking and rolling. NLMK OAO distributes its products domestically, as well as exports them to numerous countries worldwide. The Company operates through two representative offices in Moscow and Novokuznetsk, as well as one branch in Yekaterinburg. In addition, it also has numerous subsidiaries and affiliated companies, located domestically and abroad. As of December 31, 2011, the Company’s major shareholder was Fletcher Group Holdings Limited with a stake of 85.54%. On January 11, 2012, the Company sold its 99.98% stake in Larmet OOO. MICEX Metals & Mining

48 MICEX Metals & Mining TMK OAO Magnitogorskiy metallurg. kombinat
Trubnaya Metallurgicheskaya Kompaniya OAO (TMK OAO or Pipe Metallurgical Company OJSC) is a Russia-based company, which is engaged in the production and distribution of seamless and welded pipes for the oil and gas industry and for general use. The Company’s product lines include drill pipe, oil country tubular goods (OCTG), line pipe, boiler tube, mechanical pipe and structural pipe made of carbon, alloy and stainless steel. It also focuses on the provision of consulting service to enterprises involved in the pipeline industry, located domestically, as well as abroad. The Company operates through 14 subsidiaries, located in the Russian Federation and in Germany, Switzerland, the United States of America and Kazakhstan. As of May 21, 2012, the Company’s major shareholder was TMK Steel Limited with a stake of 27.53%. Magnitogorskiy metallurg. kombinat Magnitogorskiy metallurgicheskiy kombinat OAO (MMK OAO or MMK OJSC or Magnitogorsk Iron & Steel Works OJSC) is a Russia-based company, active in the steel industry. The Company’s main activity is the production and realization of ferrous metals products. Its main products are sinter, coke, iron, crude steel, rolled products and ore materials. MMK OAO is also involved in the coal ore mining, process of ore materials, sale of ferrous metal products and others. It operates domestically, as well as exports its products to the Commonwealth of Independent States countries, Asia and the Near and Far East countries. It operates through numerous subsidiaries and affiliated companies, located in the Russian Federation, as well as in Turkey. It has one branch in Kazakhstan and one representative office located in Ukraine. As of December 31, 2011, the Company’s major shareholder was Minta Holding Limited with a stake of 45%. Raspadskaya (MCX:RASP) Raspadskaya is a compact integrated coal mining and enrichment complex located in the Kemerovo region of the Russian Federation. Raspadskaya's license area is part of a very extensive coal field south-west of Tom-Usinsk area of the Kuznetsk coal basin which itself accounts for about three quarters of the total coking coal production in Russia. Raspadskaya's total resources were estimated at 1,461 million tons and total coal reserves at 782 million ton (JORC standards, according to IMC Consulting report as of June 2006, of which 22 million tons produced by 31 March 2008). High quality of our reserves allows us to employ highly productive modern equipment and achieve high recovery rates. Based on the volume produced in 2007, our reserves-to-production ratio amounts to about 55 years of production. Vyksynskii matall. Zavod (MCX:VSMZ) Vyksa Steel Works - one of the oldest centers of metallurgical industry of Russia - is based in 1757. Today VSW - the largest domestic producer of electrowelded pryamoshovny pipes of various diameter for production and transportation of oil and gas, construction, the housing-and-municipal sphere. The enterprise has the largest complex on release of seamless-rolled railway wheels for passenger and freight cars, locomotives, underground trains. VSW is one of most technically equipped and modernized metallurgical enterprises in Russia. Technologies and the equipment of plant correspond to the highest international standards. High quality of production is confirmed with numerous Russian and foreign certificates. Achievements of VSW are noted by prestigious awards and awards. MICEX Metals & Mining

49 MICEX Manufacturing Sollers OAO (MCX:SVAV) United Aircraft Corporation
Sector investment strategy. Portfolio comprises equities included in MICEX Manufacturing Index. Minimum investment – RUB 200,000. Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months -2,19% (3,85%) 6 months 13,81% (13,67%) Year-to-date 8,87% (0,98%) Risk (Beta) 0,0236 Upside on 45,37% Issuers of stocks in portfolio Sollers OAO (MCX:SVAV) Sollers OAO (Sollers OJSC), formerly Severstal'-avto OAO is a Russia-based company involved in the manufacture and sale of passenger and commercial vehicles, including automotive components, assembly kits, engines, as well as agricultural equipment and machines. It also focuses on the management of its subsidiaries assets, including such companies as: Ul’yanovskiy avtomobil’nyi zavod OAO (UAZ OAO), Zavolzhskiy motornyi zavod OAO (ZMZ OAO) and Sollers-Naberezhnye Chelny OAO, among others. Sollers OAO is a distributor of such automobiles as: UAZ off-road vehicles, Korean SsangYong vehicles, FIAT light and commercial vehicles and Japanese ISUZU cargo trucks. The Company operates through one branch in Ulyanovsk Region, as well as seven subsidiaries, located domestically. As of December 31, 2011, the Company’s major shareholder was Newdeal Investments Limited with a stake of 52.29%. United Aircraft Corporation (UAC) The Joint Stock Company «United Aircraft Corporation» (UAC) was incorporated according to the Decree #140 “On Joint Stock Company “United Aircraft Corporation” signed by RF President V. Putin on February 20, UAC was registered on November 20, The RF Government contributed assets of the largest state-owned Russian aircraft building companies to UAC’s charter capital (according to the Supplement 1 of the Presidential Decree #140 of February 20, 2006). UAC and its member companies’ priorities include design, manufacture, sales, operation maintenance, guarantee and service maintenance, upgrading, repair and utilization of civil and military aircraft. MICEX Manufacturing

50 MICEX Manufacturing AVTOVAZ OAO (MCX:AVAZ) Gaz ao(MCX:GAZA) КKAMAZ
Avtovaz OAO (Avtovaz OJSC) is a Russia-based company, which is engaged in the manufacture of passenger cars. The Company's main brands are LADA 4x4, LADA Priora, LADA Kalina, LADA Samara and LADA 110, among others. The Company is also involved in the manufacture of automobile components, distribution of automobiles and spare parts and operation of automobile service centers. Avtovaz OAO sells its products on the domestic market, as well as exports them to the Commonwealth of Independent States (CIS) countries, Georgia, Armenia, Azerbaijan, European and others countries. It operates through one representative office, located in Moscow. As of May 5, 2012, the Company’s major shareholder was State corporation, Rostekhnologii with a stake of 28.98% Gaz ao(MCX:GAZA) GAZ Group was established in 2005 as a result of restructuring of existing production assets in 2001 of "RusPromAuto." The main businesses of the Group are the Gorky Automobile Plant (Russia's largest manufacturer of light commercial vehicles "Gazelle" and "Sable", medium-duty trucks "Valdai" and "Sadko" and cars Volga Siber); Pavlovsky Bus Plant (the largest manufacturer of small and medium buses, suburban and intercity PAZ) Likino Bus Plant (the largest manufacturer of city buses LIAZ), etc. The main shareholder of "GAZ" is a machine-building holding "Russian Machines" КKAMAZ (MCX:KMAZ) KAMAZ Group is the largest automobile corporation of the Russian Federation. OJSC KAMAZ ranks 16th among the world's top heavy truck manufacturers. The group of the process chain includes 12 large automobile plants. The following enterprises are located in Naberezhnye Chelny: Metallurgical Complex (a foundry and a forge plant), Engine Plant, Press and Stamping Plant, Automobile Plant, Repair Instrument Plant, Industial Park Master, and Remdiesel. The largest associated companies outside Naberezhnye Chelny are JSC “Neftekamsk Automobile Plant” and OAO “Tuimazinskiy Zavod Avtobetonovozov” (the Republic of Bashkortostan), Trailer KAMAZ Inc. (Stavropol). In 2011, KAMAZ Group manufactured nearly 45,200 trucks, 39 thousand units of which were sold on the Russian market. Also, KAMAZ took 38% in the segment of trucks with GVW of over 16 t and 15% in the segment of 8-16 t GVW vehicles of the Russian truck market. KAMAZ became the absolute leader in the class of heavy trucks in Ukraine, Kazakhstan, Azerbaijan, Turkmenistan, and a number of other countries. During 2011 the company produced spare parts to the tune of over 6 billion roubles and other products for the sum of more than 9 billion roubles. MICEX Manufacturing

51 MICEX Manufacturing Ul'yanovskiy avtomob. zavod OAO (P) (MCX:UAZA) OMZ
Ul'yanovskiy avtomobil'nyi zavod OAO (UAZ OAO or Ulyanovsk Automobile Plant PJSC or Ulyanovsky Avtomobilny Zavod PJSC) is a Russia-based company involved in the production and sale of automobiles, spare parts and accessories including multi-purpose cars, low-tonnage off-roaders and all-wheel drive trucks, such as: UAZ-31512, UAZ Hunter, UAZ Patriot and UAZ 2206, among others. Its products also include special automobiles for municipal economy, ambulances and small buses. In addition, the Company also offers car repair services. The Company is active domestically, as well as abroad. As of December 31, 2011, the Company’s major shareholder was Sollers OAO with a stake of 66.07%. OMZ (MCX:OMZZ) OMZ Group is: The only manufacturer in Russia and the CIS of vessel-type primary circuit equipment in complete sets for VVER-type nuclear power plants with power outputs of 1000 MWe and 1200 MWe Russia's leading producer of unique, heavy equipment for petroleum and gas processing One of the worlds top five producers (along with Japan Steel Works, Japan Casting & Forging Corporation, Kobe Steel Group, Doosan Heavy Industries & Construction Co.) of large and super large special steel products for conventional and nuclear power engineering, metallurgical and petrochemical engineering, as well as for national strategic industrial purposes Russia's leading manufacturer of electric mining shovels Competitive with leading foreign manufacturers on price, quality, and production schedule and delivery of equipment Irkut-3 (MCX:IRKT) the IRKUT Corporation is arranged as the vertically integrated holding company with diversified products portfolio, able to conceive, design, build, deploy, and support top-of-the-line aircraft. The IRKUT Corporation has unified a number of prominent design and manufacturing companies — Irkutsk Aviation Plant, Beriev Aircraft Company, Yakovlev Design Bureau, BETA AIR Company and some others. In March 2004, for the first time in the history of Russian aircraft and military equipment production, the Corporation successfully placed 23.3% of its shares (IPO) at an open stock exchange for domestic, and foreign, private and institutional investors. In November 2006 the Irkut Corporation became a part of the United Aircraft Corporation (UAC). MICEX Manufacturing

52 MICEX Financials Bank VTB OAO (MCX:VTBR) Sberbank Rossii OAO
Sector investment strategy. Portfolio comprises equities included in MICEX Financials Index. Minimum investment – RUB 200,000. Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months -2,44% (3,85%) 6 months -1,19% (13,67%) Year-to-date 1,13% (0,98%) Risk (Beta) 0,6377 Upside on 22,46% Issuers of stocks in portfolio Bank VTB OAO (MCX:VTBR) VTB Bank OAO is a Russian bank. The Company operates in the commercial banking sector. Its services include deposit taking and commercial lending, support of clients’ export/import transactions, foreign exchange, securities trading, and trading in derivative instruments. The Company offers services to its customers in the Commonwealth of Independent States, Europe, Asia and Africa. As of February 21, 2012, the Company had over 30 banks and financial companies in 19 countries worldwide. The Company’s major shareholder is the Federal Agency of the State Property Management with a stake of 75.5%. Sberbank Rossii OAO (MCX:SBER) Sberbank Rossii OAO (AK Sberegatel'nyi bank Rossiyskoy Federatsii OAO or Sberbank Rossii OJSC) is a Russia-based commercial bank. It provides a range of corporate and retail banking services, such as payments and transfers, currency exchange, credit cards, travel checks, mutual funds, precious metal trading, deposits, brokerage services and many others. The Company operates through a network of numerous branches, regional offices, retail outlets, subsidiaries and representative offices located countrywide, as well as in Ukraine, Belarus, Germany, China, India, Armenia and Kazakhstan. As of April 1, 2012, the Company’s major shareholder was the Central Bank of the Russia Federation with a stake of 57.6%. In July 2012, the Company acquired a 90% stake in Rublevo-Arkhangel'skoe ZAO. In October 2012, the Company sold its 100% stake in Sportloto OOO. MICEX Financials

53 MICEX Financials Bank Moskvy AKB OAO (P) (MCX:MMBM)
AKB Bank Moskvy OAO (Bank of Moscow OJSC) is a Russia-based financial institution, which offers a wide range of services to its clients including corporate banking, retail banking and investment banking services. The Company offers such services as opening and keeping bank accounts of physical and legal bodies, offering the debit and credit cards and safety deposit boxes, financial intermediation, cash and non-cash money transfers, currency exchange, lending and investment services, and other services. It operates through numerous branches, located domestically. In addition, AKB Bank Moskvy OAO has numerous subsidiaries. In July 2012, the Company sold its entire 92.7% stake in Mosvodokanalbank OAO. In August 2012, Radiotekhnischeskii Institut im. Akademika A. L. Mintsa OAO, a joint venture of AFK Sistema OAO and the Bank, acquired all of the shares of Sitroniks OAO, increasing its stake to 100%. In October 2012, the Company increased its stake in Eesti Krediidipank to 59.73%. Bank Sankt-Peterburg OAO (MCX:BSPB) Bank Sankt-Petersburg OAO (Bank Saint Petersburg OJSC) is a Russia-based commercial bank, which is involved in the provision of personal and corporate banking services. The Bank offers such services as the opening and keeping bank accounts of physical and legal customers, offering the debit and credit cards and safety deposit boxes, financial intermediation, securities operations, custody business, broker and dealer activities, cash and non-cash money transfers, currency exchange, lending services, payroll, export and import payments and other services. Bank Sankt-Peterburg OAO is a member of a number of organizations, including Association of Russian Banks (ARB), Visa International Service Association and others. The Bank operates through five branches located in Priozersk, Moscow, Kaliningrad, Nizhniy Novgorod and Kirishsk. As of December 31, 2011, the Company’s major corporate shareholder was Malinvest Investments Limited with a stake of 14.39%. Bank Vozrozhdeniye OAO (MCX:VZRZ) Bank Vozrozhdeniye OAO (Vozrozhdeniye Bank JSC) is a Russia-based bank that is engaged in the provision of personal banking and business services within the Russian Federation. The Bank's offer includes savings accounts, payment handlings, payroll management to mortgages, debit and credit cards, as well as business and consumer loans. The Bank is active in numerous regions through a network of 157 locations and 795 automated teller machines (ATMs), as well as one representative office, located in Saint-Petersburg. As of December 31, 2011, the Company’s major corporate shareholder was JPM International Consumer Holding Inc. with a stake of 9.37%. MICEX Financials

54 MICEX Consumer Goods & Services
Sector investment strategy. Portfolio comprises equities included in MICEX Consumer Goods & Services Index. Minimum investment – RUB 200,000. Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months 37,57% (3,85%) 6 months 21,93% (13,67%) Year-to-date 9,36% (0,98%) Risk (Beta) 0,2113 Upside on 15,62% Issuers of stocks in portfolio PROTEK OAO(MCX:PRTK) Protek OAO (Protek OJSC) is a Russia-based vertically integrated pharmaceutical holding company. Together with its subsidiaries, the Company forms Protek Group, which is engaged in the all major segments of the pharmaceutical industry. The Company focuses on such business segments as: Distribution, Retail and Production. The Company has three plants involved in the pharmaceuticals, beauty and health products manufacture: FarmFirma Soteks ZAO, Protek-SVM OOO and Proteinovyi Kontur OOO. The Company operates through numerous subsidiaries and affiliated companies, all located domestically. As of May 8, 2012, the Company’s corporate major shareholder was Sekrozon Investments Limited with a stake of 19.58%. OJSC Pharmstandard Farmstandart OAO (Pharmstandard OJSC) is a Russia-based company engaged in the manufacture and wholesale of pharmaceuticals. It was created as a result of the reorganization of Biovit OOO. The Company’s product portfolio covers more than 250 pharmaceuticals, including Arbidol, Pentalgin, Fosfogliv and Amiksin, among others. Farmstandart OAO is also involved in the biotechnological research, as well as in the medical equipment production. The Company operates through one branch in Kursk, 11 subsidiaries and one affiliated company, located on the territory of the Russian Federation and Cyprus. In addition, it owns five pharmaceutical manufacturing facilities as well as medical equipment factory. As of December 31, 2011, the Company’s major shareholder was Augment Investments Limited with a stake of 51.88%. As of June 26, 2012, the Company acquired a 50.1% stake in Bigpearl Trading Limited. MICEX Consumer Goods & Services

55 MICEX Consumer Goods & Services
Gruppa Cherkizovo ao (MCX:GCHE) Cherkizovo Group (LSE:CHE) is the largest meat manufacturer in Russia and one of the top three companies serving Russia’s poultry, pork and meat processing markets. The company is also Russia’s largest producer of fodder. The Group includes 7 full cycle poultry production facilities, with a total capacity of 400,000 tons live weight p.a.; 14 modern pork production facilities with a total capacity of 180,000 tons live weight p.a.; 6 meat processing plants with a total capacity of 190,000 tons p.a.; 6 fodder plants with a total capacity of 1.4 million tons p.a.; grain storage facilities with a total storage capacity exceeding 500,000 tons; and a land bank exceeding 100,000 hectares. In 2012, Cherkizovo expects to produce more than half a million tons of meat and processed meat products. Due to its vertically integrated structure, which includes agricultural land, grain storage facilities, feed production, livestock breeding, growing and slaughtering as well as meat processing and integrated distribution, Cherkizovo has consistently delivered sustainable revenue and profit growth. In 2011, Cherkizovo’s US GAAP consolidated revenue increased 24% to USD 1,479 million, and net profit amounted to USD millions Magnit OAO (MCX:MGNT) Magnit OAO (Magnit OJSC) is a Russia-based holding company, which is engaged in the food retail industry. The Company operates the chain of 5,370 convenience stores and 107 hypermarkets in more than 1,424 locations across the Russian Federation. In October 6, 2012 the Company opened its 13th Magnit Family store. The Company’s stores are located within the Southern, Central and Volga Regions, North-Western and Urals Regions. In addition, Magnit OAO has one wholly owned subsidiary, Tander ZAO, located in Krasnodar. It also is an owner of 15 distribution centers and fleet of 3,922 vehicles. As of December 31, 2011, the Company’s corporate major shareholder was Sberbank Rossii OAO with a stake of 28.75%. Kompaniya M.video OAO (MCX:MVID) Company M Video OJSC is a Russia-based consumer electronics and home appliance retail chain. Kompaniya M Video OAO operates through 261 stores in 115 cities, as well as through online store within the Russian Federation. It offers audio, video, digital, small and large home appliances, media and entertainment products, as well as accessories. It also offers products delivery and repair services. In addition, the Company provides management and consulting services for holding companies and for companies active in the financial and industrial sectors. Kompaniya M Video OAO operates through two wholly owned subsidiaries, located in Moscow. As of December 31, 2011, the Company’s major shareholder was Svece Limited with a stake of 67.78%. DIKSI Grupp OAO (MCX:DIXY) Dixy Group OAO (Dixy Group OJSC) is a Russia-based company, which is engaged in the provision of consulting and financial services for its subsidiaries and dependant companies. Dixy Group OAO and its 14 subsidiaries comprise Dixy Group. Dixy Group of companies are involved in the retail sale of foodstuffs and household supplies. The Company operates mainly in Moscow and Moscow Region, Saint-Petersburg and Leningrad Region, Yekaterinburg and Sverdlovsk Region, Chelyabinsk and Chelyabinsk Region, Yaroslavl and Yaroslavl Region, as well as in Ryazan, Kaluga and Tyumen, among others. Dixy Group OAO operates through numerous stores, including discounter stores, hypermarkets, supermarkets and convenience stores. As of December 31, 2011, the Company’s major shareholder was Dixy Holding Limited with a stake of 54.4%. MICEX Consumer Goods & Services

56 MICEX Consumer Goods & Services
Aptechnaya set' 36,6 OAO (MCX:APTK) Aptechnaya set' 36,6 OAO (Pharmacy Chain 36,6 OJSC) is a Russia-based company, involved in the retail of drugs and products for medical purposes, health and care goods, as well as distribution of medicaments. The Company holds the rights to the 36,6 brand and operates through the network of pharmacies across the Russian Federation. Its operational structure is divided into retail (Aptechnaya set' 36,6), pharmaceuticals production (Veropharm) and children goods (ELC). The Company operates through the chain of 979 pharmacies, numerous subsidiaries and affiliated companies located domestically, as well as on the territory of Cyprus. As of December 31, 2011, the Company’s major shareholder was 36,6 Investments Limited with a stake of 40.01%. Gruppa Razguliay ao (MCX:GRAZ) Razgulay Group is the largest national agro-industrial holding which unites three branch directions - grain, agricultural and sugar, and the division on interaction with retail networks. Holding comprises 12 elevators, 7 flour-grinding enterprises, 3 grain factories, 10 sugar factories and dairy-canning industrial complex. Under the Group control there is more than 500 thousand in hectare of land, including 380 thousand in hectare – in handling in 2012. Farmsintez OAO(MCX:LIFE) Farmsintez OAO (Farmsintez OJSC) is a Russia-based company, which is engaged in the pharmaceutical sector. The Company focuses on the medical research, development and manufacture of drugs ingredients used in oncology, gynecology, tuberculosis therapy and others. In addition, Farmsintez OAO offers chemical research services, chemical technology development and quality control services. The Company sells its products domestically, as well as abroad, including the Commonwealth of Independence State (CIS) countries. It has two wholly owned subsidiaries located in Moscow and Tallin, Estonia. As of May 21, 2011, the Company’s major shareholder was EphaG AS with a stake of 69.23%. MICEX Consumer Goods & Services

57 MICEX Chemicals Uralkaliy OAO (MCX:URKA) Akron OAO (MCX:AKRN)
Sector investment strategy. Portfolio comprises equities included in MICEX Chemicals Index. Minimum investment – RUB 200,000. Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months 3,61% (3,85%) 6 months 14,7% (13,67%) Year-to-date 6,23% (0,98%) Risk (Beta) 0,395 Upside on 24,29% Issuers of stocks in portfolio Uralkaliy OAO (MCX:URKA) Uralkaliy OAO (Uralkali OJSC) is a Russia-based company, which is engaged in the chemical industry. The Company specializes in the production of potash fertilizers. Its product portfolio comprises pink muriate of potash (PMOP), white muriate of potash (WMOP) and granular (GMOP). The Company is active through one representative office, located in Moscow, as well as numerous subsidiaries, located countrywide. Uralkaliy OAO operates on the potassium and magnesium deposits located in Berezniki, Perm and Saint Petersburg. Its production assets include seven plants and five mines. Uralkaliy OAO sells its products domestically, as well as exports it abroad to over 40 countries, including the United States, China, Brazil, India and South-East Asia. In May 2011, the Company incorporated to its structures Silvinit OAO. In July 2012, the Company decided to merge by incorporation with its two wholly owned subsidiaries IK Silvinit-Resurs ZAO And SP Kama ZAO. Akron OAO (MCX:AKRN) Akron OAO is a Russia-based company engaged in the manufacture, distribution and sales of chemical fertilizers and related by-products. The Company operates in five segments: mining, production, logistics, distribution and financial investments. The Company mainly focuses on the production of mineral fertilizers, including ammonia, nitrogen, as well as organic and non-organic compounds. The Company is active domestically and abroad in such countries as Finland, the United States, Belgium, China and Thailand, among others. The Company operates through three representative offices, located domestically and in Belarus and Ukraine, as well as through a number of subsidiaries. As of December 31, 2011, the Company’s major shareholder was Refko Holdings Limited with a stake of 19.82%. MICEX Chemicals

58 MICEX Chemicals Nizhnekamskneftekhim Dorogobuzh (MCX:DGBZ)
Nizhnekamskneftekhim OAO (NKNKh OAO) is a Russia-based company, which is engaged in the production of petrochemical products. The Compnay operates through 10 plants and seven centers. Its products portfolio include general purpose and special purpose synthetic rubbers; plastics: polystyrene, polypropylene and polyethylene; monomers, being the feedstock for production of rubbers and plastics, and other petrochemical products, such as ethylene oxide, propylene oxide, alpha-olefins and surfactants. The Company products are exported to more than 50 countries of Europe, America and South-East Asia. The Company operates through five branches and 13 subsidiaries, located domestically. As of December 31, 2011, the Company’s major shareholder was Telekom-Management OOO with a stake of 44.55%. Dorogobuzh (MCX:DGBZ) Dorogobuzh production facility is located in Smolensk region, in western Russia. It was launched throughout the 1960s and 1980s and updated in the 1990s and 2000s. Dorogobuzh produces mineral fertilisers and non-organic compounds. Dorogobuzh is a business division of Akron OAO (see the previous page) PhosAgro ao(MCX:PHOR) PhosAgro is one of the world's largest integrated manufacturers of high-grade phosphate rock, phosphate fertilizers and feed phosphates. The company is the only Russian producer of nepheline concentrate OAO Organicheskiy Sintez ao(MCX:KZOS) OAO Organicheskiy Sintez is the biggest manufacturer of polyethylene of low and high pressure gas polyethylene pipes, phenol, acetone, antifreeze, chemicals for oil and natural gas dehydration. More than 20% of its production is exported. MICEX Chemicals

59 Best equities 2011 Gruppa kompaniy PIK OAO(MCX:PIKK) Aeroflot OAO
Best equities 2011 with upside of more than 20% for the period from February 1, 2011, to the end of According to forecasts of analysts working in asset management companies and investment banks. Model portfolio return on , % p.a. (Micex Stock Index return as benchmark) 3 months -20,95% (3,85%) 6 months 0,48% (13,67%) Year-to-date -5,50% (0,98%) Risk (Beta) 0,3831 Upside on 25,3585% Issuers of stocks in portfolio Gruppa kompaniy PIK OAO(MCX:PIKK) Gruppa Kompaniy PIK OAO (PIK Group OJSC) is a Russia-based company, which is principally engaged in the residential construction industry. Its activities comprise construction and development of residential real estate projects and sales of completed units, including service and maintenance of residential real estate developed by the Company itself and by other developers; the production and assembly of concrete panel housing in Moscow and the Moscow Region, as well as the production and sales of construction materials. The Company operates through numerous subsidiaries and several affiliated companies located in Moscow and the Moscow Region, Rostov, Kirov, Kaluga, Tula, Nizhny Novgorod, Kaliningrad as well as in Cyprus, among others. As of October 18, 2011, the Company’s major shareholder was Deutsche Bank Trust Company Americas with a stake of 23.6%. Aeroflot OAO (MCX:AFLT) Aeroflot OAO (Aeroflot - Rossiyskiye Avialinii OAO or Aeroflot - Russian Airlines OJSC or Aeroflot OJSC) is a Russia-based company involved in the provision of passenger and cargo air transportation services, both domestically and internationally. The Company and its subsidiaries also provide airline catering and insurance services. Its affiliates are mainly comprised of cargo-handling services, fuelling services and duty-free retail businesses. Aeroflot operates a fleet of 121 liners to provide scheduled flights to 115 destinations to 52 countries around the world. It operates through numerous branches and representative offices, located domestically and abroad, as well as nine subsidiaries. As of December 31, 2011, the Company’s major shareholder was the Federal Agency for State Property Management with a stake of 51.17%. Best equities 2011

60 Best equities 2011 Enel OGK-5 OAO (MCX:OGKE) Holding MRSK OAO
Enel OGK-5 OAO, formerly OGK-5 OAO (OGK-5 OJSC) is a Russia-based company, which is involved in the generation of electricity and heat energy. The Company owns and operates four power plants: Konakovskaya GRES, Nevinnomysskaya GRES, Reftinskaya GRES and Sredneural’skaya GRES. The Company provides electric and thermal power for both industrial enterprises and household consumers via local power distribution networks. As of December 31, 2011, the Company’s major shareholder was ENEL Investment Holding B.V. with a stake of 56.43%. Holding MRSK OAO (MCX:MRKH) Holding MRSK OAO (IDGC Holding JSC) is a Russia-based holding company, the main activity of which is the management of various enterprises engaged in the electric power sector. Holding MRSK OAO was created as a result of the reorganization of the Unified Energy System of Russia RAO. The Company’s structure comprises interregional and regional distribution grid companies, research and development institutes, design and construction institutes, and construction and sales entities, among others. Holding MRSK OAO operates through numerous subsidiaries and affiliated companies, located domestically. As of December 31, 2011, the Company’s major shareholder was the Federal Agency of the State Property Management with a stake of 53.69%. Gazprom OAO (MCX:GAZP) Gazprom OAO is a Russia-based company that, along with its subsidiaries, is primarily engaged in the operation of gas pipeline systems and gas supply to European countries. In addition, it is involved in the oil production and refining activities, as well as energy generation. The Company’s activities comprise exploration and production of gas, transportation of gas, sale of gas within the Russian Federation and abroad, gas storage, production of crude oil and gas condensate, processing of oil, gas condensate and other hydrocarbons, and sales of refined products, as well as electric and heat energy generation and sales. Through its subsidiaries and affiliates, the Company also has operations established in the United Kingdom, Serbia, Belarus, Uzbekistan, Kyrgyzstan, Tajikistan, Vietnam, India, Iraq, Algeria, Libya, Equatorial Guinea, Bolivia and Venezuela, among others. The Company’s ultimate controlling party is the Government of the Russian Federation. RUSGIDRO (MCX: HYDR) RusHydro shares are traded on the MICEX-RTS. In July 2008, the Company launched a global depository receipt (GDR) program; in July 2009, its DRs began trading on the London Stock Exchange (LSE); and in August 2008, RusH With 35.2 GW installed electricity generation capacity and 16.2 thousand GCal/h heat capacity, RusHydro is one of Russia's largest power generating companies. Including the Sayano-Shushenskaya HPP, the largest in Russia, the Company has over 70 renewable energy source (RES) facilities: 9 power stations in the Volga-Kama Cascade with a total installed capacity of more than 10,167 MW, the Zeiskaya HPP (1,330 MW) – the first large-scale hydro-power plant in the Russian Far East, the Bureiskaya HPP (2,010 MW), the Novosibirsk HPP (455 MW) and tens of HPPs in the North Caucasus. ydro's shares were included in the MSCI EM and MSCI Russia indices. Best equities 2011

61 Best equities 2011 Sberbank Rossii OAO (MCX:SBER) Gruppa Cherkizovo ao
Sberbank Rossii OAO (AK Sberegatel'nyi bank Rossiyskoy Federatsii OAO or Sberbank Rossii OJSC) is a Russia-based commercial bank. It provides a range of corporate and retail banking services, such as payments and transfers, currency exchange, credit cards, travel checks, mutual funds, precious metal trading, deposits, brokerage services and many others. The Company operates through a network of numerous branches, regional offices, retail outlets, subsidiaries and representative offices located countrywide, as well as in Ukraine, Belarus, Germany, China, India, Armenia and Kazakhstan. As of April 1, 2012, the Company’s major shareholder was the Central Bank of the Russia Federation with a stake of 57.6%. In July 2012, the Company acquired a 90% stake in Rublevo-Arkhangel'skoe ZAO. In October 2012, the Company sold its 100% stake in Sportloto OOO. Gruppa Cherkizovo ao (MCX:GCHE) Cherkizovo Group (LSE:CHE) is the largest meat manufacturer in Russia and one of the top three companies serving Russia’s poultry, pork and meat processing markets. The company is also Russia’s largest producer of fodder. The Group includes 7 full cycle poultry production facilities, with a total capacity of 400,000 tons live weight p.a.; 14 modern pork production facilities with a total capacity of 180,000 tons live weight p.a.; 6 meat processing plants with a total capacity of 190,000 tons p.a.; 6 fodder plants with a total capacity of 1.4 million tons p.a.; grain storage facilities with a total storage capacity exceeding 500,000 tons; and a land bank exceeding 100,000 hectares. In 2012, Cherkizovo expects to produce more than half a million tons of meat and processed meat products. Due to its vertically integrated structure, which includes agricultural land, grain storage facilities, feed production, livestock breeding, growing and slaughtering as well as meat processing and integrated distribution, Cherkizovo has consistently delivered sustainable revenue and profit growth. In 2011, Cherkizovo’s US GAAP consolidated revenue increased 24% to USD 1,479 million, and net profit amounted to USD millions INTER RAO EES OAO (MCX:IRAO) INTER RAO YEES OAO (INTER RAO UES OJSC) is a Russia-based company engaged in the energy sector. It is involved in the production, distribution and sale of thermal and electrical energy, export and import of electric power, trading of electrical power on the domestic and foreign markets, retailing of electrical power, as well as management of foreign assets. The Company trades electric energy on the domestic, as well as abroad, including Finland, Belarus, Lithuania, Georgia, Ukraine, and Turkey, among others. INTER RAO YEES OAO operates through five branches and three representative offices in Belgium, Ecuador and Cuba. Kompaniya M.video OAO (MCX:MVID) Company M Video OJSC is a Russia-based consumer electronics and home appliance retail chain. Kompaniya M Video OAO operates through 261 stores in 115 cities, as well as through online store within the Russian Federation. It offers audio, video, digital, small and large home appliances, media and entertainment products, as well as accessories. It also offers products delivery and repair services. In addition, the Company provides management and consulting services for holding companies and for companies active in the financial and industrial sectors. Kompaniya M Video OAO operates through two wholly owned subsidiaries, located in Moscow. As of December 31, 2011, the Company’s major shareholder was Svece Limited with a stake of 67.78%. Best equities 2011

62 TWS Strategies on international markets
Index strategies (Europe, USA, Asia) «Top pics» strategies ETF strategies FOREX strategies Socially responsible investing (SRI) strategies TWS Strategies on international markets

63 Asian shares Value / Light (MSCI All Country Asia ex Japan Index )
Index strategy based on geographic selection. Assets are invested in the wide variety of Chinese, Indian, Hong Kong, Singapore, Korean and other leading Asian countries’ equities. Minimum investment – USD 100,000. For portfolios of smaller volume - from USD 10,000 to USD 100,000 – it is better to use Asian shares Light. Portfolio is estimated in USD according to the rate set up by TWS for currency quotations. Model portfolio return on , % p.a. (S&P 500 Index return asbenchmark) 3 months - unavailable 6 months Year-to-date Risk (Beta) 0,9907 / 0,4783 Upside on 7,15% / 0,52% Issuers of stocks in portfolio SAMSUNG ELECTRONICS Samsung Electronics Co., Ltd. is a Korea-based company principally engaged in the provision of consumer electronic products. The Company operates its business under two divisions. The End Product division manufactures and sells digital media products such as digital televisions (TVs), monitors, printers, air conditioners, refrigerators and others, as well as information and communication products such as third-generation (3G) phones, smart phones, communication systems and others. The Component division manufactures and sells semiconductors such as memory chips, system large scale integrated circuit (LSI) products, storages and others, as well as liquid crystal display (LCD) products such as LCD displays used for TVs, monitors, notebook personal computers (PCs) and others. In January 2011, it acquired display technology firm, Liquavista BV. TAIWAN SEMICONDUCTOR Taiwan Semiconductor Manufacturing Co., Ltd. is principally engaged in the research, development, manufacture and distribution of integrated circuit (IC) related products. The Company operates its businesses through wafer manufacture, mask production, wafer testing and packaging components. The Company also involves in the provision of production management, customer services and design services. Its products and services are applied in the manufacture of personal computers and peripheral products, information related products, wire and wireless communication systems, automobile and industrial equipment, as well as consumer electronic products, such as digital disk players, digital televisions (TVs), game consoles, as well as digital cameras, among others. Asian shares Value / Light (MSCI All Country Asia ex Japan Index )

64 Asian shares Value / Light (MSCI All Country Asia ex Japan Index )
CHUNGHWA TELECOM Chunghwa Telecom Co., Ltd. (Chunghwa) is a telecommunications service provider in Taiwan. The Company has five segments: domestic fixed communications business, mobile communications business, Internet business, international fixed communications business and others. Domestic fixed communications business is engaged in the provision of local telephone services, domestic long distance telephone services, broadband access, and related services; Mobile communications business is engaged in the provision of mobile services, sales of mobile handsets and data cards, and related services; Internet Business is engaged the provision of HiNet services and related services; International fixed communications business is engaged in the provision of international long distance telephone services and related services, and Others engaged in the provision of non-telecom services and the corporate related items not allocated to reportable segments. SHINHAN FINANCIAL Shinhan Financial Group Co., Ltd. is a Korea-based financial holding company engaged in the management of subsidiaries. The Company, through its subsidiaries and affiliated companies, is involved in banking, credit card, securities, asset management, insurance and leasing businesses. As of March 31, 2011, the Company had 32 subsidiaries, including SHINHAN BANK, Jeju Bank, Shinhan Card Co.,Ltd, Shinhan Investment Corp., Shinhan Life Insurance Co., Ltd., Shinhan Capital Co., Ltd., Shinhan Credit Information Co.,Ltd., Shinhan Macquarie Financial Advisory, Shinhan Credit Information Co.,Ltd., Shinhan Private Equity Inc. and others. HDFC BANK LTD HDFC Bank Limited (the Bank) is an India-based banking company. Its principal business activities consist of retail banking, wholesale banking and treasury operations. The Bank has two subsidiaries: HDFC Securities Limited (HSL) and HDB Financial Services Limited (HDBFS). HSL is primarily in the business of providing brokerage services through the internet and other channels. HDBFS is a non-deposit taking non-bank finance company (NBFC). The Bank provides a range of financial products, including deposit products, loans, credit cards, debit cards, third-party mutual funds and insurance products, investment advice, bill payment services and other services. As of March 31, 2010, theBank had 1,725 branches, including nine extension counters, and 4,232 automated teller machines (ATMs) in 779 cities. It also provides telephone banking in 778 cities, as well as Internet and mobile banking. CHINA MOBILE China Mobile Limited provides a range of mobile telecommunications services in 31 provinces, autonomous regions and directly-administered municipalities in the People’s Republic of China, as well as in the Hong Kong Special Administrative Region of the People’s Republic of China. As of March 31, 2011, its total number of customers was approximately million. As of March 31, 2011, China Mobile Communications Corporation (CMCC) owned 74.2% equity interest in the Company. It offers mobile telecommunications services using the Global System for Mobile Communications (GSM). Its businesses consist of voice business and value-added business. In March 2011, the Company, through its wholly owned subsidiary, China Mobile Communication Co., Ltd. (CMC), acquired from CMCC, ZTE, Eastern Communications Co., Ltd., Beijing Digital China Limited, Ningbo Bird Co., Ltd. and Shenzhen Huawei Investment & Holding Co., Ltd. Asian shares Value / Light (MSCI All Country Asia ex Japan Index )

65 Asian shares Value / Light (MSCI All Country Asia ex Japan Index )
POSCO POSCO is an integrated steel producer in Korea. It produced approximately 33.7 million tons of crude steel during the year ended December 31, 2010, a substantial portion of which was produced at Pohang Works and Gwangyang Works. Pohang Works has an annual crude steel and stainless steel production capacity of 14.2 million tons, and Gwangyang Works has an annual crude steel production capacity of 19.5 million tons. POSCO's product portfolio consists of hot rolled steels, steel plates, wire rods, cold rolled steels, galvanized steels, electrical galvanized steels, electrical steels, stainless steels and titanium products, which are used in ships, automobiles, consumer electronics, machine structural uses and general structures. INFOSYS TECHNOLOGIES Infosys Ltd (Infosys) is a global technology services company. Infosys provides business consulting, technology, engineering and outsourcing services to help clients in over 30 countries. Infosys’s end-to-end business solutions leverage technology for its clients. Its suite of business solutions includes business and technology consulting, custom application development, infrastructure management services, maintenance and production support, package enabled consulting and implementation including enterprise solutions, product engineering and lifecycle solutions, systems integration, validation solutions and cloud-based solutions and services. The Company also provides software products to the banking industry. Through Infosys business process outsourcing (BPO), it provides business process management services, such as offsite customer relationship management, finance and accounting, and administration and sales order processing. KB FINANCIAL GROUP KB Financial Group Inc. is a Korea-based financial holding company engaged in the management of subsidiaries. As of March 31, 2010, the Company had nine subsidiaries: KOOKMIN BANK, engaged in commercial banking business; KB Investment & Securities, engaged in equity and derivatives brokerage services for retail and wholesale clients; KB Life Insurance Company, engaged in life insurance business; KB Asset Management, engaged in asset management business; KB Real Estate Trust Co., Ltd., engaged in real estate trust business; KB Investment Co., Ltd, engaged in equity and derivatives brokerage business; KB Futures, engaged in provision of stock price index products, interest rate products and other related products; KB Credit Information, engaged in debt collection business, and KB Data Systems Co.,Ltd, engaged in system software development business. RELIANCE INDS Reliance Industries Limited is an India-based company. The Company operates in three business segments: petrochemicals, refining, and oil and gas. The petrochemicals segment includes production and marketing operations of petrochemical products, including polyethylene, polypropylene, polyvinyl chloride, poly butadiene rubber, polyester yarn, polyester fiber, purified terephthalic acid, paraxylene, ethylene glycol, linear alkyl benzene, butadiene, acrylonitrile, caustic soda and polyethylene terephthalate. The refining segment includes production and marketing operations of the petroleum products. The oil and gas segment includes exploration, development and production of crude oil and natural gas. The other segment of the Company includes textile, retail business and special economic zone (SEZ) development. In April 2009, Reliance Industries Limited bought back Chevron Corporation's 5% stake in Reliance Petroleum Limited. Asian shares Value / Light (MSCI All Country Asia ex Japan Index )

66 Asian shares Value / Light (MSCI All Country Asia ex Japan Index )
UNITED MICROELECTRONICS United Microelectronics Corp. is principally engaged in the manufacture of semiconductor products. The Company operates its businesses primarily through wafer production services. The Company provides the customer-tailored design, testing and production of silicon intellectual property (IP) products, embedded integrated circuits (ICs), masks and wafers. The Company offers complementary metal-oxide semiconductor (CMOS) logics, mixed signals, radio frequency (RF) CMOS, embedded memory products, high voltage and CMOS image sensors. The Company distributes its products primarily in North America, Asia and Europe. HON HAI PRECISION Hon Hai Precision Industry Co., Ltd. is principally engaged in the production and distribution of electronic products. The Company provides computer, communication and consumer electronic (3C) products, including input/output (I/O) connectors, integrated circuit (IC) cables, memory IC connectors, system connectors, network terminals, scanners, keyboards, monitors, mouse, network integrated connection cables, digital network optical connectors, connection cables, filtering connectors, electrostatic prevention connectors, high frequency connectors, casings, heat sinks, precision metal components, engineering plastic components, memory products, broadband communication products, wireless mobile communication products, Ethernet switches and wireless network products, among others. KT CORPORATION KT Corporation is a Korean-based company engaged in the provision of integrated telecommunications services. The Company's services are divided into five categories. Its Internet service provides high-speed Internet, Internet data center (IDC), Internet protocol television (IPTV) and other services under the brand names of olleh Internet and olleh TV. Its Data service provides leased lines for data communications. Its Telephone service provides wired telephones and others. Its Wireless service provides wireless telephones and others. Its Products Sales service provides mobile phone terminals under the brand name olleh Mobile. As of December 31, 2010, the Company had 30 domestic affiliated companies, as well as nine overseas affiliated companies in the United States, Japan, China, Vietnam, Mongolia and others. ICICI BANK ICICI Bank Limited (the Bank) is a banking company. The Bank together with its subsidiaries, joint ventures and associates is a diversified financial services group providing a range of banking and financial services, including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services. It operates under four segments: retail banking, wholesale banking, treasury and other banking. Retail Banking includes exposures, which satisfy the four criteria of orientation, product, granularity and low value of individual exposures for retail exposures. Wholesale Banking includes all advances to trusts, partnership firms, companies and statutory bodies, which are not included under Retail Banking. Treasury includes the entire investment portfolio of the Bank. Other Banking includes hire purchase and leasing operations and other items. Asian shares Value / Light (MSCI All Country Asia ex Japan Index )

67 Asian shares Value / Light (MSCI All Country Asia ex Japan Index )
INDUSTRIAL AND COMMERCIAL BANK OF CHINA Industrial and Commercial Bank of China Limited (ICBC) is a commercial bank. The Bank provides personal banking services, including personal deposits, personal loans, bank cards, credit cards, fund investment and personal financing services, among others; corporate banking services, including corporate deposits, loans, international settlements, international financing, management of corporate annuity, assets custody, investment banking and trade financing services, among others; electronic banking services, including online banking, telephone banking and mobile phone banking services, among others, as well as self-service banking business. The Bank also involves in provision of financial consulting and charge agency services. As of December 31, 2010, the Bank had 16,227 offices and branches in China. WIPRO Wipro Limited is a global information technology (IT) services company. It also provides outsourced research and development, infrastructure outsourcing, business process outsourcing (BPO) and business consulting services. The Company operates in three segments: IT Services, IT Products, Consumer Care and Lighting. Its IT Services segment provides a range of IT and IT enabled services, which includes IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, technology infrastructure outsourcing, BPO services and research and development services in the areas of hardware and software design. Its IT Products segment provides a range of IT products, which include computing, storage, networking, security and software products. In June 2011, the Company acquired SAIC, Inc.’s operations focused on providing specialized information technfology (IT) services to oil and gas companies. KOREA ELECTRIC POWER CORPORATION Korea Electric Power Corporation (KEPCO) is engaged in the generation, transmission and distribution of electricity and development of electric power resources in the Republic of Korea. KEPCO’s business operations include nuclear, hydro and thermal generation; transmission and distribution, and resources development. KEPCO consists of power generation companies, subsidiaries and affiliates, and other share-holding companies. KEPCO completed consulting projects in Myanmar, the Philippines, Indonesia, Libya, Ukraine and Paraguay, and is working on 12 projects in Western Africa, Cambodia, Bangladesh, Pakistan, Egypt, Saudi Arabia and Azerbaijan. KEPCO is investing in green growth business, which includes implementation of Smart Grid and electric vehicle charging infrastructure and reduction of greenhouse gas emissions. On January 5, 2010, KEPCO developed the prototype of next-generation electric vehicle chargers. CNOOC CNOOC Limited, incorporated on August 20, 1999, is an investment holding company. The Company, through its subsidiaries, is engaged in the exploration, development, production and sales of crude oil and natural gas and other petroleum products. It is a producer of offshore crude oil and natural gas. It has four production areas in offshore China, which are Bohai Bay, Western South China Sea, Eastern South China Sea and East China Sea. In addition, the Company is also an offshore crude oil producer in Indonesia. The Company also has upstream assets in Nigeria, Australia and some other countries. As of December 31, 2009, the Company owned net proved reserves of approximately 2.66 billion barrels of oil equivalent (BOE), and its average daily net production was 623,896 BOE. Its subsidiaries include CNOOC China Limited, CNOOC International Limited, China Offshore Oil (Singapore) International Pte Ltd, CNOOC Finance (2002) Limited and CNOOC Finance (2003) Limited. Asian shares Value / Light (MSCI All Country Asia ex Japan Index )

68 Asian shares Value / Light (MSCI All Country Asia ex Japan Index )
CHINA CONSTRUCTION BANK China Construction Bank Corporation (CCB) is a commercial bank. The Bank operates its businesses through corporate banking business, including corporate deposit, corporate credit loan, asset custody, enterprise annuity, trade financing, internationals settlement, international financing and value-added services, among others; personal banking business, including personal deposit, loan, bank card services, foreign exchange trading and gold trading, among others, as well as capital business, including financial market business and investment banking business. The Bank also involves in provision of electronic banking, online banking, mobile phone banking and telephone banking services, equity investment, as well as fund management and banking investment businesses. The Bank operates its businesses in domestic and overseas markets. CHINA LIFE INSURANCE China Life Insurance Company Limited is an insurance company. The Company operates its businesses through individual insurance business, group insurance business and short term insurance business, which provides individual life insurance, group life insurance, casualty insurance and health insurance products and services, such as financing insurance, children's insurance, endowment insurance and protection insurance, among others. The Company operates its businesses primarily in domestic market. As of December 31, 2010, the Company had three subsidiaries, which involved in asset management, life insurance and property insurance businesses. PETROCHINA PetroChina Company Limited is principally engaged in manufacture and distribution of petroleum, natural gas and related products. The Company operates its businesses through exploration and production of crude oil and natural gas, refining, transportation, storage and distribution of crude oil and petroleum products, manufacture and distribution of basic petroleum chemical products, derivative chemical products and other chemical products, distribution of natural gas, crude oil and refined oil products, as well as sale of natural gas. The Company's major products include petroleum, diesel oil, kerosene, lubricant, synthetic resin, synthetic fibers, synthetic rubber, urea, organic and inorganic chemical products, among others. The Company also involves in the operation of gas stations, as well as the construction and operation of oil and gas distribution pipelines. SK TELECOM SK Telecom Co., Ltd. (SK Telecom) is a Korea-based wireless telecommunications services provider. SK Telecom's services are provided under five categories: wireless Internet services, which include music portal services under the brand MelOn, game portal services under the brand GXG, multimedia services under the brand June, and wired and wireless integrated multimedia services under the brand NATE; ubiquitous and convergence services, which include telematics, digital home, satellite digital multimedia broadcasting (DMB), commerce, mobile radio frequency identification (RFID) and mobile community; international roaming services, which include global system for mobile communication (GSM) and wideband code division multiple access (WCDMA) roaming services and others; video telephony services, which enable subscribers incorporating video conferences, as well as business to business (B2B) services. Asian shares Value / Light (MSCI All Country Asia ex Japan Index )

69 Asian shares Value / Light (MSCI All Country Asia ex Japan Index )
TENCENT HOLDINGS Tencent Holdings Limited is an investment holding company. The Company and its subsidiaries are principally engaged in the provision of Internet value-added services, mobile and telecommunications value added services and online advertising services to users in the People’s Republic of China (PRC). It has four segments: Internet value added services; mobile and telecommunications value-added services; online advertising, and others. Other segments of the Company primarily comprise provision of online payments and trademark licensing. Its subsidiaries include Tencent Computer, Tencent Technology, Shiji Kaixuan, Tencent Cyber (Tianjin) Company Limited, Tencent Asset Management Limited, Tencent Technology (Beijing) Company Limited, Shenzhen Tenpay Technology Limited and Nanjing Wang Dian Technology Company. HONG KONG EXCHANGES & CLEARING Hong Kong Exchanges and Clearing Limited (HKEx) owns and operates the stock exchange and futures exchange in Hong Kong and their related clearing houses. It operates in four segments. Cash Market includes the operations of the The Stock Exchange of Hong Kong Limited (Stock Exchange), which includes products traded on the Cash Market platforms, such as equities, callable bull/bear contracts and derivative warrants. Derivatives Market business refers to the derivatives products traded on Hong Kong Futures Exchange Limited (Futures Exchange) and stock options traded on the Stock Exchange. Clearing Business refers to the operations of the three clearing houses, namely Hong Kong Securities Clearing Company Limited, SEHK Options Clearing House Limited and HKFE Clearing Corporation Limited. Market Data develops, promotes, compiles and sells real-time, historical as well as statistical market data and issuer information. ISHARES MSCI MALAYSIA ETF iShares MSCI Malaysia Index Fund (the Fund) seeks to provide investment results that correspond generally to the price and yield performance of publicly traded securities in the aggregate in the Malaysian market, as measured by the MSCI Malaysia Index (the Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. The Fund invests in the sectors, such as financial, communications, industrial, utilities, energy, basic materials, consumer non-cyclical and consumer cyclical. The Fund’s investment advisor is BlackRock Fund Advisors. Asian shares Value / Light (MSCI All Country Asia ex Japan Index )

70 European shares Value (MSCI EAFE Value Index Fund)
Index strategy based on geographic selection. Funds are invested in shares of European companies undervalued according to Price to Book Ratio. Minimum investment – USD 10,000. Portfolio is estimated in USD according to the rate set up by TWS for currency quotations. Model portfolio return on , % p.a. (S&P 500 Index return asbenchmark) 3 months - unavailable 6 months Year-to-date Risk (Beta) 0,3417 Upside on 2,44% Issuers of stocks in portfolio HSBC HOLDINGS HSBC Holdings plc (HSBC) is a global banking and financial services organizations. As of December 31, 2010, it provided a range of financial services to around 95 million customers through two customer groups, Personal Financial Services (PFS), including consumer finance, and Commercial Banking (CMB), and two global businesses, Global Banking and Markets (GB&M), and Global Private Banking (GPB). Its international network covers 87 countries and territories in six geographical regions; Europe, Hong Kong, Rest of Asia-Pacific, the Middle East, North America and Latin America. As of December 31, 2010, the Company had an international network of some 7,500 offices in 87 countries and territories in six geographical regions; Europe, Hong Kong, Rest of Asia-Pacific, the Middle East, North America and Latin America. PFS incorporates the Company’s consumer finance businesses, which include HSBC Finance Corporation (HSBC Finance). VODAFONE GROUP Vodafone Group Plc (Vodafone) is a mobile communications company operating across the globe providing a range of communications services. It offers a range of products and services, including voice, messaging, data and fixed-line solutions and devices to assist customers in meeting their total communications needs. Vodafone has a significant global presence, with equity interests in over 30 countries and over 40 partner markets worldwide. It operates in three geographic regions: Europe, Africa and Central Europe; Asia Pacific, and the Middle East, and has an investment in Verizon Wireless in the United States. On April 20, 2009, it acquired an additional 15% stake in Vodacom Group Limited (Vodacom). On May 18, 2009, Vodacom became a subsidiary following the termination of the shareholder agreement with Telkom SA Limited, the seller and previous joint venture partner. On June 9, 2009, Vodafone Australia completed its merger with Hutchison 3G Australia to form a 50:50 joint venture. European shares Value (MSCI EAFE Value Index Fund)

71 European shares Value (MSCI EAFE Value Index Fund)
BP BP p.l.c. (BP) is an international oil and gas company. It operates in more than 80 countries, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products. The Company operates two segments: Exploration and Production, and Refining and Marketing. Exploration and Production’s activities cover three key areas. Upstream activities include oil and natural gas exploration, field development and production. Midstream activities include pipeline, transportation and processing activities related to its upstream activities. Marketing and trading activities include the marketing and trading of natural gas, including liquefied natural gas (LNG), together with power and natural gas liquids (NGLs). Refining and Marketing’s activities include the supply and trading, refining, manufacturing, and marketing and transportation of crude oil. In April 2011, BP acquired 83% of Companhia Nacional de Acucar e Alcool. TOTAL TOTAL S.A. (TOTAL), together with its subsidiaries and affiliates worldwide, is an integrated international oil and gas company. With operations in more than 130 countries, TOTAL engages in all aspects of the petroleum industry, including Upstream operations (oil and gas exploration, development and production, liquefied natural gas (LNG)) and Downstream operations (refining, marketing and the trading and shipping of crude oil and petroleum products). It also produces base chemicals (petrochemicals and fertilizers) and specialty chemicals for the industrial and consumer markets. In addition, TOTAL has interests in the coal mining and power generation sectors, as well as a financial interest in Sanofi-Aventis. It is also active in solar-photovoltaic power, both in Upstream and Downstream activities. TOTAL’s worldwide operations are conducted through four business segments: Upstream, Downstream, Corporate and Chemicals. BANCO SANTANDER Banco Santander, S.A. (Santander) is a financial group operating principally in Spain, the United Kingdom, Portugal, other European countries, Brazil and other Latin American countries and the United States, offering a range of financial products. It operates in four segments: Continental Europe, United Kingdom, Latin America and Sovereign. Continental Europe segment covers all retail banking business, wholesale banking and asset management and insurance conducted in Europe, with the exception of the United Kingdom. United Kingdom includes retail and wholesale banking, asset management and insurance. Latin America includes the specialized units in Santander Private Banking, as an independent globally managed unit. Sovereign includes all the financial activities of Sovereign, including retail and wholesale banking, asset management and insurance. On March 10, 2010, Santander Private Banking UK Limited completed the sale of James Hay Holdings Limited (including its five subsidiaries). ROYAL DUTCH SHELL Royal Dutch Shell plc (Shell) is an independent oil and gas company. The Company owns, directly or indirectly, investments in the numerous companies constituting the Group. Shell is engaged worldwide in the aspects of the oil and gas industry and also has interests in chemicals and other energy-related businesses. The Company operates in three segments: Upstream, Downstream and Corporate. Its Upstream business explores for and extracts crude oil and natural gas, often in joint ventures with international and national oil companies. Shell’s Downstream segment turns crude oil into a range of refined products, which are moved and marketed worldwide for domestic, industrial and transport use. The Corporate segment covers the non-operating activities supporting Shell. During the year ended December 31, 2009, it acquired a 40% interest in the Alam El Shawish West concession, located in the Egyptian western desert. European shares Value (MSCI EAFE Value Index Fund)

72 European shares Value (MSCI EAFE Value Index Fund)
TOYOTA MOTOR TOYOTA MOTOR CORPORATION is a Japan-based company mainly engaged in the automobile business and financial business. The Company operates through three business segments. The Automobile segment is engaged in the design, manufacture and sale of car products, including sedans, minivans, 2BOX cars, sport-utility vehicles and trucks, as well as the related parts and accessories. The Finance segment is involved in the provision of financial services related to the sale of the Company's products, as well as the leasing of vehicles and equipment. The Others segment is involved in the design, manufacture and sale of housings, as well as information and communication business. As of March 31, 2011, the Company had 511 subsidiaries and 217 associated companies. TELEFONICA Telefonica, S.A. (Telefonica) together with its subsidiaries and investees operates in the telecommunications, media and contact center industries. Telefonica’s basic purpose is the provision of all manner of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. It operates in three business segments: Telefonica Spain, Telefonica Europe and Telefonica Latin America. On October 26, 2010, it acquired Portugal Telecom’s, a 50% interest in Brasilcel. On September 27, 2010, it acquired 50% of the interest of Brasilcel (a Dutch company that owns interest representing, approximately, 60% of the interest capital stock of Brazilian company Vivo Participacoes, S.A.). On February 16, 2010, it completed the acquisition of 100% of the interest of HanseNet Telekommunikation GmbH. In January 2010, the Telefonica Group, through its wholly owned subsidiary Telefonica Europe Plc, acquired 100% of the interest of Jajah Inc. ASTRAZENECA AstraZeneca PLC (AstraZeneca) is a global biopharmaceutical company. AstraZeneca discovers, develops and commercializes prescription medicines for six areas of healthcare: Cardiovascular, Gastrointestinal, Infection, Neuroscience, Oncology, and Respiratory and Inflammation. It has a range of medicines that includes treatments for illnesses, such as its antibiotic, Merrem/Meronem and Losec/Prilosec for acid related diseases. AstraZeneca’s products include Crestor, Seloken/Toprol-XL, Atacand, Nexium, Synagis, Seroquel IR, Seroquel XR, Arimidex, Zoladex and Symbicort. The Company owns and operates a range of research and development (R&D), production and marketing facilities worldwide. AstraZeneca operates in over 100 countries, including China, Mexico, Brazil and Russia. On March 3, 2010, AstraZeneca completed the acquisition of Novexel S.A. Novexel is a France-based research company focused on the infection therapy area. COMMONWEALTH BANK OF AUSTRALIA Commonwealth Bank of Australia (the Bank) is an Australia-based bank. The Bank, along with its subsidiary, is engaged in the provision of a range of banking and financial products and services to retail, small business, corporate and institutional clients. The Bank is a provider of integrated financial services, including retail, business and institutional banking, superannuation, life insurance, general insurance, funds management, broking services and finance company activities. The Bank operates in seven segments: Retail Banking Services, Business and Private Banking, Institutional Banking and Markets, Wealth Management, New Zealand, Bankwest and Other. Its Retail Banking Services segment provides home loan, consumer finance and retail deposit products. Its Business and Private Banking segment provides banking services to relationship managed business and agribusiness customers. The Bank operates primarily in Australia, New Zealand, United Kingdom, United States and Asia Pacific. European shares Value (MSCI EAFE Value Index Fund)

73 European shares Value (MSCI EAFE Value Index Fund)
MITSUBISHI UFJ FINANCIAL Mitsubishi UFJ Financial Group, Inc. (MUFJ) is a holding company for The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), Mitsubishi UFJ Trust and Banking Corporation (MUTB), Mitsubishi UFJ Securities Holdings Co., Ltd. (MUSHD), Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.( MUMSS), Mitsubishi UFJ NICOS Co., Ltd. (Mitsubishi UFJ NICOS) and other companies engaged in a range of financial businesses. Its services include commercial banking, trust banking, securities, credit cards, consumer finance, asset management, leasing and fields of financial services. In May 2010, the Company and Morgan Stanley formed two joint ventures in Japan by integrating our respective Japanese securities companies engaged in investment banking and securities businesses. SANOFI Sanofi, formerly Sanofi-Aventis, is a global and diversified healthcare company. The Company discovers, develops and distributes therapeutic solutions focused on patients’ needs. Sanofi focuses on the field of healthcare with seven growth platforms: diabetes solutions, human vaccines, innovative drugs, rare diseases, consumer healthcare, emerging markets and animal health. As of February 2011, Sanofi portfolio comprised 55 projects in clinical development, of which 13 were in Phase III or had been submitted to the health authorities for approval. Sanofi has a portfolio of prescription drugs, vaccines, generics and consumer healthcare products. Its prescription medicines include Lantus, which is an insulin band. The range of products in the field of diabetes also include Apidra and Amaryl. Its human vaccines for Polio/Pertussis include Pentacel and Pentaxim along with influenza vaccines (Vaxigrip et Fluzone). Its animal health products include Frontline and Heartgard. ENI Eni SpA (Eni) is engaged in the oil and gas exploration and production, gas marketing operations, management of gas infrastructures, power generation, petrochemicals, oil field services and engineering industries. Eni has operations in 79 countries as of December 31, The Company segments include Exploration & Production, Gas & Power, Refining & Marketing, Engineering & Construction, Petrochemicals and other activities. In November 2010, Eni and the Venezuelan State Company PDVSA established a joint venture in charge of developing the Junin 5 oil field, located in the Orinoco Oil Belt. In April 2010, Eni sold to Libyan National Oil Corp (NOC) a 25% interest and the control of GreenStream BV. In December 2010, Eni acquired Minsk Energy Resources which operates three exploration licenses in the Polish Baltic Basin. In December 2010, Eni acquired a controlling interest in Altergaz. NOVARTIS Novartis AG (Novartis) provides healthcare solutions. The Company’s portfolio includes medicines, preventive vaccines and diagnostic tools, generic pharmaceuticals and consumer health products. The Company operates in four divisions: pharmaceuticals, vaccines and diagnostics, sandoz, and consumer health. On August 25, 2010, Novartis completed the acquisition of a further 52% interest in Alcon, Inc. (Alcon). On June 1, 2010, the Company completed the acquisition of Oriel Therapeutics Inc. On February 3, 2010, the Company completed the acquisition of Corthera Inc. On April 8, 2011, the Company completed the merger of Alcon, Inc. European shares Value (MSCI EAFE Value Index Fund)

74 European shares Value (MSCI EAFE Value Index Fund)
AUSTRALIA AND NEW ZEALAND BANKING GROUP Australia and New Zealand Banking Group Limited (ANZ) provides a range of banking and financial products and services to retail, small business, corporate and institutional clients. The Company conducts its operations in Australia and New Zealand and the Asia Pacific region. The Company operates in three segments: Australia, New Zealand and the combined Asia, Pacific, Europe & America. Each segment focuses on four customer based divisions being Retail, Commercial, Wealth and Institutional. On November 30, 2009, the Company acquired ING Groep’s 51% interest in the ANZ-ING wealth management and life insurance joint ventures in Australia and New Zealand. On March 1, 2010, it completed its acquisition of the Landmark Financial Services business from AWB Group. During the fiscal year ended September 30, 2010 (fiscal 2010), it acquired selected Royal Bank of Scotland Group plc (RBS) businesses in Asia. E.ON E.ON AG is an investor-owned energy company. Its segments include the Central Europe market unit, Pan-European Gas, the U.K. market unit, the Nordic market unit, Energy Trading and the New Markets, which includes all of the remaining segments. The Central Europe market unit focuses on E.ON’s electricity business and the downstream gas business in central Europe. Pan-European Gas focuses on the upstream and midstream gas business. The U.K. market unit operates the energy business in the United Kingdom. The Nordic market unit focuses on the energy business in Northern Europe. Energy Trading combines E.ON’s European trading activities for electricity, gas, coal and carbon dioxide (CO2) allowances. New Markets consists of the climate and renewables, Italy, and Russia market units. On February 25, 2010, the Company completed the sale of its subsidiary, Transpower Stromuebertragungs GmbH. In July 2010, it sold its 50% interest in Europgas a.s. in the Czech Republic. GLAXOSMITHKLINE GlaxoSmithKline plc (GSK) is global healthcare group, which is engaged in the creation and discovery, development, manufacture and marketing of pharmaceutical products, including vaccines, over-the-counter (OTC) medicines and health-related consumer products. Its principal pharmaceutical products include medicines in the therapeutic areas, such as respiratory, anti-virals, central nervous system, cardiovascular and urogenital, metabolic, anti-bacterials, oncology and emesis, dermatalogicals and vaccines. The Company's segments include Pharmaceuticals and Consumer Healthcare. On July 22, 2009, it acquired Stiefel Laboratories, Inc. On October 30, 2009, it acquired Pfizer Inc.’s HIV business and combined it with its own HIV business to form ViiV Healthcare Limited. On November 10, 2009, it acquired the Algerian pharmaceutical, manufacturing and distribution group, Laboratoire Pharmaceutique Algerien. On December 18, 2009, it acquired NovaMin Technology Inc. European shares Value (MSCI EAFE Value Index Fund)

75 European shares Value (MSCI EAFE Value Index Fund)
BASF BASF SE is a chemical company. The Company operates in six segments: Chemicals, Plastics, Performance Products, Functional Solutions, Agricultural Solutions and Oil & Gas. Chemicals segment offers products in the chemical, electronic, construction, textile, automotive, pharmaceutical and agricultural industries. Plastics segment offers a range of products, system solutions and services. Performance Products help its customers to improve their products and processes. Functional Solutions segment bundles system solutions and products for customers and industries. The Agricultural Solutions segment includes crop protection products, which guard against fungal diseases and insects. Its Oil & gas segment produces oil and gas. In April 2010, Intertek Group plc acquired the Regulatory and Safety Testing businesses of Ciba Expert Services from the Company. In December 2010, BASF completed the acquisition of Cognis Holding GmbH from Cognis Holding Luxembourg S.a r.l. WESTPAC BANKING CORPORATION Westpac Banking Corporation (Westpac) is a banking organization. The Company provides a range of banking and financial services in these markets, including retail, business and institutional banking and wealth management services. Westpac operates in five business divisions: Westpac Retail & Business Banking (Westpac RBB), Westpac Institutional Bank (WIB), St.George Bank, BT Financial Group Australia (BTFG), and New Zealand Banking. Westpac RBB is responsible for sales, marketing and customer service for all consumer and small-to-medium enterprise customers in Australia under the Westpac and RAMS brands. WIB, delivers a range of financial services to commercial, corporate, institutional and government customers either based in, or with interests in, Australia and New Zealand. In June 2011, the Company ceased to be holder in PanAust Limited. European shares Value (MSCI EAFE Value Index Fund)

76 American shares Value (Russell 1000 Value Index Fund)
Index strategy based on geographic selection. Funds are invested in shares of US companies undervalued according to Price to Book Ratio. Minimum investment – USD 10,000. Portfolio is estimated in USD according to the rate set up by TWS for currency quotations. Model portfolio return on , % p.a. (S&P 500 Index return asbenchmark) 3 months -11,21% (-12,32%) 6 months 14,87% (7,64%) Year-to-date 23,47% (11,27%) Risk (Beta) 0,9907 Upside on 7,15% Issuers of stocks in portfolio AT&T AT&T Inc. is a holding company. The Company is a provider of telecommunications services in the United States and worldwide. These include wireless communications, local exchange services, long-distance services, data/broadband and Internet services, video services, managed networking, wholesale services and directory advertising and publishing. It operates in four segments: wireless, which provides both wireless voice and data communications services across the United States and, through roaming agreements, in foreign countries; wireline, which provides landline voice and data communication services, AT&T U-Verse TV, broadband and voice services (U-Verse) and managed networking to business customers; advertising solutions, which publishes Yellow and White Pages directories and sells directory advertising and Internet-based advertising and local search, and other, which provides results from customer information services and all corporate and other operations PROCTER&GAMBLE The Procter & Gamble Company (P&G) is focused on providing consumer packaged goods. The Company’s products are sold in more than 180 countries primarily through mass merchandisers, grocery stores, membership club stores, drug stores and high-frequency stores, the neighborhood stores, which serve many consumers in developing markets. It has on-the-ground operations in approximately 80 countries. As of June 30, 2010, P&G comprised of three Global Business Units (GBUs): Beauty and Grooming, Health and Well-Being and Household Care. Sales to Wal-Mart Stores, Inc. and its affiliates represent approximately 16% of its total revenue during the fiscal year ended June 30, 2010 (fiscal 2010). In October 2009, Warner Chilcott Plc completed the acquisition of the Company’s global branded prescription pharmaceutical business. In July 2010, Sara Lee Corporation completed the sale of its air care business to The Procter & Gamble Company. American shares Value (Russell 1000 Value Index Fund)

77 American shares Value (Russell 1000 Value Index Fund)
JPMORGAN CHASE&CO JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. JPMorgan Chase’s principal bank subsidiaries are JPMorgan Chase Bank, National Association (JPMorgan Chase Bank, N.A.), a national bank with United States branches in 23 states, and Chase Bank USA, National Association (Chase Bank USA, N.A.), a national bank that is the Firm’s credit card-issuing bank. JPMorgan Chase’s principal nonbank subsidiary is J.P. Morgan Securities LLC (JPMorgan Securities), the Firm’s United States investment banking firm. The bank and nonbank subsidiaries of JPMorgan Chase operate nationally, as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Company's activities are organized into six business segments: Investment Bank, Retail Financial Services (RFS), Card Services (CS), Commercial Banking (CB), Treasury & Securities Services (TSS) and Asset Management (AM). CHEVRON Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in petroleum operations, chemicals operations, mining operations, power generation and energy services. Upstream operations consist of exploring for, developing and producing crude oil and natural gas; transporting crude oil by international oil export pipelines; transporting, storage and marketing of natural gas, and a gas-to-liquids project. Downstream operations consist of refining of crude oil into petroleum products marketing of crude oil and refined products. In September 2010, the Company completed acquisition of operating interests in three deepwater exploration blocks in the South China Sea’s Pearl River Mouth Basin. In February 2011, Chevron completed the acquisition of Atlas Energy, Inc. JOHNSON&JOHNSON Johnson & Johnson is a holding company. The Company and its subsidiaries are engaged in the research and development, manufacture and sale of a range of products in the health care field. It has more than 250 operating companies conducting business worldwide. The Company’s operating companies are organized into three business segments: Consumer, Pharmaceutical and Medical Devices and Diagnostics. The Company and its subsidiaries operate 139 manufacturing facilities occupying approximately 21.8 million square feet of floor space. Within the United States, 7 facilities are used by the Consumer segment, 11 by the Pharmaceutical segment and 36 by the Medical Devices and Diagnostics segment. BERKSHIRE HATHAWAY Berkshire Hathaway Inc. (Berkshire) is a holding company owning subsidiaries engaged in a number of diverse business activities. Berkshire’s Insurance businesses are conducted on both a primary basis and a reinsurance basis. The Company also owns and operates number of other businesses engaged in a variety of activities. On February 12, 2010, Berkshire completed its acquisition of Burlington Northern Santa Fe, LLC (BNSF), formally Burlington Northern Santa Fe Corporation. At the end of 2010, The Berkshire Hathaway Reinsurance Group (BHRG) acquired the life reinsurance business of Sun Life Assurance Company of Canada. On April 23, 2010, McLane Company, Inc. (McLane) acquired Kahn Ventures, parent company of Empire Distributors and Empire Distributors of North Carolina. In June 2011, Wesco Financial Corporation merged with and into a subsidiary of Berkshire Hathaway Inc. American shares Value (Russell 1000 Value Index Fund)

78 American shares Value (Russell 1000 Value Index Fund)
PFIZER Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company operates in two segments: Biopharmaceutical and Diversified. Biopharmaceutical includes the Primary Care, Specialty Care, Established Products, Emerging Markets and Oncology customer-focused units, which includes products that prevent and treat cardiovascular and metabolic diseases, central nervous system disorders, arthritis and pain, respiratory diseases, urogenital conditions, cancer, eye disease and endocrine disorders, among others. Diversified includes Animal Health products; Consumer Healthcare products , such as pain management therapies, cough/cold/allergy remedies, dietary supplements, hemorrhoidal care and other personal care items; Nutrition products such as infant and toddler formula products, and Capsugel. On January 31, 2011, it acquired approximately 92.5% of King’s common stock. GENERAL ELECTRIC General Electric Company (GE) is a technology and financial services corporation. Its products and services range from aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing and industrial products. It serves customers in more than 100 countries. Effective January 28, 2011, it held a 49% interest in a media entity that includes the NBC Universal businesses. Its segments include Energy Infrastructure, Technology Infrastructure, NBC Universal, GE Capital and Home & Business Solutions. Effective January 1, 2011, it reorganized the Technology Infrastructure segment into three segments: Aviation, Healthcare and Transportation. In March 2010, it sold its GE Security business to United Technologies. In December 2010, it sold its Central American bank and card business, BAC Credomatic GECF Inc. (BAC). On February 1, 2011, it acquired Dresser, Inc. On February 3, 2011, it acquired Wellstream PLC. BANK OF AMERICA Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Bank of America is a financial institution, serving individual consumers, small and middle market businesses, corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services. Through its banking subsidiaries (the Banks) and various non-banking subsidiaries throughout the United States and in selected international markets, it provides a range of banking and non-banking financial services and products through six business segments: Deposits, Global Card Services, Home Loans & Insurance, Global Commercial Banking, Global Banking & Markets (GBAM) and Global Wealth & Investment Management (GWIM), with the remaining operations recorded in All Other. In April 2011, the Company merged its corporate and investment banking divisions. WELLS FARGO Wells Fargo & Company (Wells Fargo) is a diversified financial services company. The Company provides banking, insurance, investments, mortgage banking, investment banking, retail banking, brokerage, and consumer finance through banking stores, the Internet and other distribution channels to consumers, businesses and institutions in 50 states, the District of Columbia, and in other countries. The Company operates in three segments: Community Banking, Wholesale Banking, and Wealth, Brokerage and Retirement. The Company provides other financial services through subsidiaries engaged in various businesses, principally: wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, insurance agency and brokerage services, computer and data processing services, trust services, investment advisory services, mortgage-backed securities servicing and venture capital investment. American shares Value (Russell 1000 Value Index Fund)

79 American shares Value (Russell 1000 Value Index Fund)
MERCK&CO Merck & Co., Inc. (Merck) is a global health care company. Merck delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets through its joint ventures. Merck’s operates in four segments: the Pharmaceutical, Animal Health, Consumer Care and Alliances segments. The Pharmaceutical segment includes human health pharmaceutical and vaccine products marketed either directly by the Company or through joint ventures. Human health pharmaceutical products consist of therapeutic and preventive agents, sold by prescription, for the treatment of human disorders. The Company sells these human health pharmaceutical products primarily to drug wholesalers and retailers, hospitals, government agencies and managed health care providers, such as health maintenance organizations, pharmacy benefit managers and other institutions. VERIZON COMMUNICATIONS Verizon Communications Inc. (Verizon) is a holding company. Verizon through its subsidiaries is a provider of communications services. The Company has two segments: Domestic Wireless and Wireline. Its Domestic Wireless’ communications products and services include wireless voice and data services and equipment sales, which are provided to consumer, business and government customers across the United States. Wireline’s communications products and services include voice, Internet access, broadband video and data, Internet protocol (IP) network services, network access, long distance and other services. The Company provides these products and services to consumers in the United States, as well as in over 150 other countries around the world. During the year ended December 31, 2010, Verizon launched its 4G LTE network in 38 metropolitan areas and more than 60 commercial airports in the United States. In April 2011, the Company acquired Terremark Worldwide, Inc. CITIGROUP Citigroup Inc. (Citigroup) is a global diversified financial services holding company. Citigroup businesses provide consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2010, the Company had approximately 200 million customer accounts and did business in more than 160 countries and jurisdictions. Citigroup operates two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). On February 1, 2011, Citigroup acquired Maltby Acquisitions Limited (Maltby). GOLDMAN SACHS GROUP The Goldman Sachs Group, Inc. (Goldman Sachs) is a bank holding and a financial holding company. Goldman Sachs is a global investment banking, securities and investment management company providing a range of financial services to a client base that includes corporations, financial institutions, governments and high-net-worth individuals. Its United States depository institution subsidiary, Goldman Sachs Bank USA (GS Bank USA), is a New York State-chartered bank. Goldman Sachs operates in three segments: Investment Banking, Institutional Client Services, Investing & Lending and Investment Management. During the year ended December 31, 2010, Goldman Sachs's subsidiaries sold the La Francia mine and related infrastructure assets, including Concession 5160, and Adromi Capital Corp., the holder of the La Francia II concession, to a subsidiary of the Company, and Nexen Inc. sold its natural gas trading operations to a unit of The Goldman Sachs Group, Inc. American shares Value (Russell 1000 Value Index Fund)

80 American shares Value (Russell 1000 Value Index Fund)
THE WALT DISNEY CO The Walt Disney Company, together with its subsidiaries, is a diversified worldwide entertainment company. The Company operates in five segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products and Interactive Media. The Company has a 51% effective ownership interest in Disneyland Paris, a 5,510-acre development located in Marne-la-Vallee, approximately 20 miles east of Paris, France. The Company manages and has a 40% equity interest in Euro Disney S.C.A. The Company holds an 18% equity interest in The Active Network, Inc. The Company owns a 47% interest in Hong Kong Disneyland Resort through Hong kong International Theme Parks Limited. On December 31, 2009, the Company completed an acquisition of Marvel Entertainment, Inc. (Marvel). On March 31, 2010, the Company acquired Retail Networks Company Limited. On August 27, 2010, the Company completed the acquisition of Playdom, Inc. MICROSOFT Microsoft Corporation is engaged in developing, manufacturing, licensing and supporting a range of software products and services for different types of computing devices. Its software products and services include operating systems for personal computers, servers and intelligent devices; server applications for distributed computing environments; information worker productivity applications; business solutions applications; computing applications; software development tools, and video games. It operates in five segments: Windows & Windows Live Division (Windows Division), Server and Tools, Online Services Division, Microsoft Business Division, and Entertainment and Devices Division. It also designs and sells hardware, including the Xbox 360 gaming and entertainment console and accessories, the Zune digital music and entertainment device and accessories, and Microsoft personal computer (PC) hardware products. In December 2009, it acquired Opalis Software Inc. American shares Value (Russell 1000 Value Index Fund)

81 Socially Responsible Investing SRI (MSCI USA ESG Select Social Index)
Strategy based on Top 10 MSCI USA ESG Select Social Index Shares. Socially responsible investing is the process of making investment decisions with consideration to social and ecological consequences of these investments within the traditional financial analysis. The portfolio is formed with shares of companies conforming to indicated social or ecological criteria. Minimum investment – USD 10,000. Model portfolio return on , % p.a. (S&P 500 Index return asbenchmark) 3 months -5,86% (-12,32%) 6 months 6,93% (7,64%) Year-to-date 4,78% (11,27%) Risk (Beta) 0,7981 Upside on 6,17% Issuers of stocks in portfolio EATON Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety. On January 1, 2011, it closed the acquisition of the Tuthill Coupling Group, which is a division of the Tuthill Corporation. It has five segments: Electrical Americas and Electrical Rest of World; Hydraulics; Aerospace; Truck, and Automotive. On October 12, 2010, it acquired Chloride Phoenixtec Electronics. On October 1, 2010, it acquired CopperLogic, Inc. On August 25, 2010, it acquired Wright Line Holding, Inc. On July 15, 2010, it acquired EMC Engineers, Inc. In May 2011, it acquired Internormen Technology Group. STARBUCKS Starbucks Corporation (Starbucks) is the roaster and retailer of specialty coffee in the world, operating in more than 50 countries. Starbucks purchases and roasts whole bean coffees and sells them, along with handcrafted coffee and tea beverages and a variety of fresh food items, through Company-operated retail stores. It also sells coffee and tea products and license its trademarks through other channels, such as licensed retail stores and, through certain of its licensees and equity investees, the Company produces and sells a variety of ready-to-drink beverages. In addition to its flagship Starbucks brand, its portfolio includes brands, such as Tazo Tea, Seattle’s Best Coffee, and Starbucks VIA Ready Brew. Starbucks has three operating segments: United States (US), International, and Global Consumer Products Group (CPG). In October 2010, the Company acquired Magic Johnson Enterprise’s remaining 50% interest in Urban Coffee Opportunities. Socially Responsible Investing SRI (MSCI USA ESG Select Social Index)

82 Socially Responsible Investing SRI (MSCI USA ESG Select Social Index)
IBM International Business Machines Corporation (IBM) is an information technology (IT) company. It operates under five segments: Global Technology Services (GTS), Global Business Services (GBS), Software, Systems and Technology, and Global Financing. GTS primarily provides IT infrastructure services and business process services. GBS primarily provides professional services and application management services. IBM’s Software segment consists primarily of middleware and operating systems software. IBM provides clients with business solutions requiring advanced computing power and storage capabilities. Global Financing invests in financing assets and leverages with debt. During the year ended December 31, 2010, IBM acquired Intelliden Inc., National Interest Security Company, LLC, Cast Iron Systems, BigFix, Inc., Datacap Inc., Clarity Systems, BLADE Network Technologies, Netezza Corporation, Lombardi and Unica Corporation. In April 2011, it acquired TRIRIGA, Inc. BECTON DICKINSON&CO Becton, Dickinson and Company (BD) is a global medical technology company engaged in the development, manufacture and sale of medical devices, instrument systems and reagents used by healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. BD’s operations consist of three business segments: BD Medical, BD Diagnostics and BD Biosciences. On November 19, 2009, BD acquired 100% of the outstanding shares of HandyLab, Inc. (HandyLab), a company that develops and manufactures molecular diagnostic assays and automation platforms. During the fiscal year ended September 30, 2010 (fiscal 2010), the Company sold the Ophthalmic Systems unit, as well as the surgical blades, critical care and extended dwell catheter product platforms of the Medical Surgical Systems unit. PROCTER&GAMBLE The Procter & Gamble Company (P&G) is focused on providing consumer packaged goods. The Company’s products are sold in more than 180 countries primarily through mass merchandisers, grocery stores, membership club stores, drug stores and high-frequency stores, the neighborhood stores, which serve many consumers in developing markets. It has on-the-ground operations in approximately 80 countries. As of June 30, 2010, P&G comprised of three Global Business Units (GBUs): Beauty and Grooming, Health and Well-Being and Household Care. Sales to Wal-Mart Stores, Inc. and its affiliates represent approximately 16% of its total revenue during the fiscal year ended June 30, 2010 (fiscal 2010). In October 2009, Warner Chilcott Plc completed the acquisition of the Company’s global branded prescription pharmaceutical business. In July 2010, Sara Lee Corporation completed the sale of its air care business to The Procter & Gamble Company. SPECTRA ENERGY Spectra Energy Corp, through its subsidiaries and equity affiliates, owns and operates a portfolio of complementary natural gas-related energy assets and is a natural gas infrastructure company. The Company operates in three areas of the natural gas industry: gathering and processing, transmission and storage, and distribution. It operates in four segments: the United States Transmission, Distribution, Western Canada Transmission & Processing, and Field Services. Based in Houston, Texas, it provides transportation and storage of natural gas to customers in various regions of the north-eastern and south-eastern United States, the Maritime Provinces in Canada and the Pacific Northwest in the United States and Canada, and in the province of Ontario, Canada. It also provides natural gas sales and distribution services to retail customers in Ontario, and natural gas gathering and processing services to customers in western Canada. Socially Responsible Investing SRI (MSCI USA ESG Select Social Index)

83 Socially Responsible Investing SRI (MSCI USA ESG Select Social Index)
JOHNSON&JOHNSON Johnson & Johnson is a holding company. The Company and its subsidiaries are engaged in the research and development, manufacture and sale of a range of products in the health care field. It has more than 250 operating companies conducting business worldwide. The Company’s operating companies are organized into three business segments: Consumer, Pharmaceutical and Medical Devices and Diagnostics. The Company and its subsidiaries operate 139 manufacturing facilities occupying approximately 21.8 million square feet of floor space. Within the United States, 7 facilities are used by the Consumer segment, 11 by the Pharmaceutical segment and 36 by the Medical Devices and Diagnostics segment. MICROSOFT Microsoft Corporation is engaged in developing, manufacturing, licensing and supporting a range of software products and services for different types of computing devices. Its software products and services include operating systems for personal computers, servers and intelligent devices; server applications for distributed computing environments; information worker productivity applications; business solutions applications; computing applications; software development tools, and video games. It operates in five segments: Windows & Windows Live Division (Windows Division), Server and Tools, Online Services Division, Microsoft Business Division, and Entertainment and Devices Division. It also designs and sells hardware, including the Xbox 360 gaming and entertainment console and accessories, the Zune digital music and entertainment device and accessories, and Microsoft personal computer (PC) hardware products. In December 2009, it acquired Opalis Software Inc. DELL Dell Inc. (Dell), Dell Inc. (Dell) is a technology company that offers a range of technology product categories, including mobility products, desktop personal computers (PCs), software and peripherals, servers and networking products, storage and services. Its services include a range of configurable information technology and business services, including infrastructure technology, consulting and applications, and product-related support services. Dell operates in four global business segments: Large Enterprise, Public, Small and Medium Business, and Consumer. It designs, develops, manufactures, markets, sells, and supports a range of products and services that can be customized to individual customer requirements. In February 2011, it acquired Compellent Technologies, Inc.During the fiscal year ended January 28, 201, it completed five acquisitions Kace Networks, Inc., Ocarina Networks Inc., Scalent Systems Inc., Boomi, Inc., and InSite One, Inc. INTEL Intel Corporation is a semiconductor chip maker company. The Company develops advanced integrated digital technology products, primarily integrated circuits, for industries, such as computing and communications. The Company designs and manufactures computing and communications components, such as microprocessors, chipsets, motherboards, and wireless and wired connectivity products, as well as platforms that incorporate these components. The Company’s reportable operating segments are PC Client Group (PCCG) and Data Center Group. It also has non-reportable operating segments, whose product lines are based on Intel architecture: Embedded and Communications Group, Digital Home Group and Ultra-Mobility Group. The Company’s NAND Solutions Group, Wind River Software Group, and Software and Services Group segments are included within the other operating segments category. In February 2011, it acquired McAfee, Inc. Socially Responsible Investing SRI (MSCI USA ESG Select Social Index)

84 Socially Responsible Investing SRI (MSCI USA ESG Select Social Index)
MSCI USA ESG Select Social Index Fund iShares MSCI USA ESG Select Social Index Fund (the Fund), formerly iShares FTSE KLD Select Social Index Fund, seeks to provide investment results that correspond generally to the price and yield performance of the MSCI USA ESG Select Index (the Index). The Index is designed to measure the equity performance of large capitalization companies. The Index consists of approximately 250 companies from the universe of companies included in the MSCI USA Index, . The Fund’s investment advisor is BlackRock Fund Advisors (BFA). Socially Responsible Investing SRI (MSCI USA ESG Select Social Index)

85 Buffett choice (Buffett and Berkshire Stocks With Most Upside)
Portfolio is made up of shares recommended by the greatest investor Warren Buffett. Minimum investment – USD 10,000. Mr. Buffett doesn’t recommend investors to look at buying Berkshire Hathaway shares if their price is overstated. According to website Model portfolio return on , % p.a. (S&P 500 Index return as benchmark) 3 months 15,33% (-12,32%) 6 months 10,46% (7,64%) Year-to-date 4,92% (11,27%) Risk (Beta) 0,7987 Upside on 4,79% Issuers of stocks in portfolio COCA-COLA The Coca-Cola Company is a non-alcoholic beverage company. The Company owns or licenses and markets more than 500 non-alcoholic beverage brands, primarily sparkling beverages but also a variety of still beverages such as waters, enhanced waters, juices and juice drinks, ready-to-drink teas and coffees, and energy and sports drinks. It also owns and markets non-alcoholic sparkling beverage brands, including Diet Coke, Fanta and Sprite. It manufactures, markets and sells, beverage concentrates, referred to as beverage bases, and syrups, including fountain syrups (the concentrate business or concentrate operations), and finished sparkling and still beverages (finished products business or finished products operations).It operates in six segments: Eurasia and Africa, Europe, Latin America, North America, Pacific, Bottling Investments and Corporate. On October 2, 2010, it acquired the North American business of Coca-Cola Enterprises Inc. (CCE). WELLS FARGO Wells Fargo & Company (Wells Fargo) is a diversified financial services company. The Company provides banking, insurance, investments, mortgage banking, investment banking, retail banking, brokerage, and consumer finance through banking stores, the Internet and other distribution channels to consumers, businesses and institutions in 50 states, the District of Columbia, and in other countries. The Company operates in three segments: Community Banking, Wholesale Banking, and Wealth, Brokerage and Retirement. The Company provides other financial services through subsidiaries engaged in various businesses, principally: wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, insurance agency and brokerage services, computer and data processing services, trust services, investment advisory services, mortgage-backed securities servicing and venture capital investment. Buffett choice (Buffett and Berkshire Stocks With Most Upside)

86 Buffett choice (Buffett and Berkshire Stocks With Most Upside)
AMERICAN EXPRESS American Express Company (American Express) is a global service company The Company’s principal products and services are charge and credit payment card products and travel-related services offered to consumers and businesses around the world. American Express Company and its principal operating subsidiary, American Express Travel Related Services Company, Inc. (TRS), are bank holding companies. It is engaged in businesses comprising four reportable operating segments: U.S. Card Services, International Card Services, Global Commercial Services, and Global Network & Merchant Services. Its range of products and services includes charge and credit card products, expense management products and services, consumer and business travel services, stored value products, network services, merchant acquisition and processing, point-of-sale, servicing and settlement, and marketing and information products and services for merchants, and fee services. In November 2010, it acquired Accertify Inc. PROCTER&GAMBLE The Procter & Gamble Company (P&G) is focused on providing consumer packaged goods. The Company’s products are sold in more than 180 countries primarily through mass merchandisers, grocery stores, membership club stores, drug stores and high-frequency stores, the neighborhood stores, which serve many consumers in developing markets. It has on-the-ground operations in approximately 80 countries. As of June 30, 2010, P&G comprised of three Global Business Units (GBUs): Beauty and Grooming, Health and Well-Being and Household Care. Sales to Wal-Mart Stores, Inc. and its affiliates represent approximately 16% of its total revenue during the fiscal year ended June 30, 2010 (fiscal 2010). In October 2009, Warner Chilcott Plc completed the acquisition of the Company’s global branded prescription pharmaceutical business. In July 2010, Sara Lee Corporation completed the sale of its air care business to The Procter & Gamble Company. KRAFT FOODS Kraft Foods Inc. (Kraft Foods) manufactures and markets packaged food products, including biscuits, confectionery, beverages, cheese, convenient meals and various packaged grocery products. The Company sells its products to consumers in approximately 170 countries. Kraft Foods operates in three segments: Kraft Foods North America, Kraft Foods Europe and Kraft Foods Developing Markets. At December 31, 2010, Kraft Foods had operations in more than 75 countries and made its products at 223 manufacturing and processing facilities worldwide. At December 31, 2010, its portfolio included 11 brands Oreo, Nabisco and LU biscuits; Milka and Cadbury chocolates; Trident gum; Jacobs and Maxwell House coffees; Philadelphia cream cheeses; Kraft cheeses, dinners and dressings, and Oscar Mayer meats. In February 2010, the Company announced that it has acquired the control of Cadbury plc. As of June 1, 2010, the Company owned 100% interest of Cadbury ADSs (Cadbury Shares). WEST STREET CAPITAL CORPORATION West Street Capital Corporation (West Street) is an investment holding company. The Company’s investment portfolio consists principally of preferred shares, income trust units and bonds. The Company’s securities are classified as available-for-sale financial instruments. It invests in sectors, such as financial services, natural resources and real estate. Buffett choice (Buffett and Berkshire Stocks With Most Upside)

87 Buffett choice (Buffett and Berkshire Stocks With Most Upside)
WALMART Wal-Mart Stores, Inc. (Walmart) operates retail stores. The Company operates in three business segments: Walmart U.S., International and Sam’s Club. During the fiscal year ended January 31, 2010 (fiscal 2010), The Walmart U.S. segment accounted for 63.8% of its net sales, and operated retail stores in different formats in the United States, as well as Walmart’s online retail operations, walmart.com. The International segment consists of retail operations in 14 countries and Puerto Rico. During fiscal 2010, the segment generated 24.7% of the Company’s net sales. The International segment includes different formats of retail stores and restaurants, including discount stores, supercenters and Sam’s Clubs that operate outside the United States. The Sam’s Club segment consists of membership warehouse clubs in the United States and the segment’s online retail operations, samsclub.com. During fiscal 2010, Sam’s Club accounted for 11.5% of its net sales. US BANCORP U.S. Bancorp is a multi-state financial services holding company. U.S. Bancorp provides a range of financial services, including lending and depository services, cash management, foreign exchange and trust and investment management services. The Company also engages in credit card services, merchant and automated teller machine (ATM) processing, mortgage banking, insurance, brokerage and leasing. U.S. Bancorp’s banking subsidiaries are engaged in the general banking business, principally in domestic markets. The subsidiaries provide a range of products and services to individuals, businesses, institutional organizations, governmental entities and other financial institutions. During the year ended December 31, 2010, it acquired the securitization trust administration business of Bank of America, N.A. In January 2011, the Company acquired the banking operations of First Community Bank of New Mexico (FCB) from the FDIC and acquired 38 branch locations from the FDIC. CONOCOPHILLIPS ConocoPhillips is an international, integrated energy company. the Company operates in six segments: Exploration and Production (E&P), which explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids on a worldwide basis; Midstream, which gathers, processes and markets natural gas produced by it and others, and fractionates and markets natural gas liquids, in the United States and Trinidad; Refining and Marketing (R&M), which purchases, refines, markets and transports crude oil and petroleum products, in the United States, Europe and Asia; LUKOIL Investment, which consists of its investment in the ordinary shares of OAO LUKOIL; Chemicals, which manufactures and markets petrochemicals and plastics worldwide, and Emerging Businesses, which represents investment in new technologies or businesses outside its operations. JOHNSON&JOHNSON Johnson & Johnson is a holding company. The Company and its subsidiaries are engaged in the research and development, manufacture and sale of a range of products in the health care field. It has more than 250 operating companies conducting business worldwide. The Company’s operating companies are organized into three business segments: Consumer, Pharmaceutical and Medical Devices and Diagnostics. The Company and its subsidiaries operate 139 manufacturing facilities occupying approximately 21.8 million square feet of floor space. Within the United States, 7 facilities are used by the Consumer segment, 11 by the Pharmaceutical segment and 36 by the Medical Devices and Diagnostics segment. Buffett choice (Buffett and Berkshire Stocks With Most Upside)

88 Buffett choice (Buffett and Berkshire Stocks With Most Upside)
MOODY'S Moody’s Corporation (Moody’s) is a provider of credit ratings; credit and economic related research, data and analytical tools, risk management software and quantitative credit risk measures, credit portfolio management solutions, training and financial credentialing and certification services. Moody’s operates in two segments: Moody’s Investors Service (MIS) and Moody’s Analytics (MA). MIS, the credit rating agency, publishes credit ratings on a range of debt obligations and the entities that issue such obligations in markets worldwide, including various corporate and governmental obligations, structured finance securities and commercial paper programs. MA segment develops a range of products and services that support the risk management activities of institutional participants in global financial markets. In November 2010, the Company acquired CSI Global Education Inc. WASHINGTON POST he Washington Post Company is a diversified education and media company. The Company’s subsidiary, Kaplan, Inc. (Kaplan), provides a variety of educational services, both domestically and outside the United States. The Company’s media operations consist of the ownership and operation of cable television systems, newspaper publishing (principally The Washington Post), television broadcasting (through the ownership and operation of six television broadcast stations). The Company’s operations in geographic areas outside the United States consist primarily of Kaplan’s foreign operations. During the fiscal year ended January 2, 2011 (fiscal 2010), these operations accounted for approximately 11% of the Company’s consolidated revenues. During fiscal 2010, the Company sold Newsweek magazine. In January 2011, the Company announced the launch of SocialCode (www.socialcode.com; M&T BANK M&T Bank Corporation (M&T) is a bank holding company. As of December 31, 2010, M&T had two wholly owned bank subsidiaries: M&T Bank and M&T Bank, National Association (M&T Bank, N.A.). Through its subsidiaries, M&T provides individuals, corporations and other businesses, and institutions with commercial and retail banking services, including loans and deposits, trust, mortgage banking, asset management, insurance and other financial services. The Company operates in six segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking. As of December 31, 2010, M&T Bank represented 99% of consolidated assets of the Company. As of December 31, 2010, M&T Bank had 738 domestic banking offices located throughout New York State, Pennsylvania, Maryland, Delaware, New Jersey, Virginia, West Virginia, and the District of Columbia, and a full-service commercial banking office in Ontario, Canada. Buffett choice (Buffett and Berkshire Stocks With Most Upside)

89 Buffett choice (Buffett and Berkshire Stocks With Most Upside)
Republic Services Republic Services, Inc. is a provider of services in the domestic non-hazardous solid waste industry. The Company provides non-hazardous solid waste collection services for commercial, industrial, municipal and residential customers through 348 collection companies in 40 states and Puerto Rico. It owns or perates 204 transfer stations, 193 active solid waste landfills and 76 recycling facilities. It also operates 73 landfill gas and renewable energy projects. It has four segments: Eastern, Midwestern, Southern and Western. The Company provides solid waste collection services to commercial, industrial, municipal and residential customers through 348 collection companies. During the year ended December 31, 2010, 76.2% of its revenue was derived from collection services. USG Corp USG Corporation (USG), through its subsidiaries, is a manufacturer and distributor of building materials. USG produces a range of products for use in new residential, new nonresidential, and residential and nonresidential repair and remodel construction, as well as products used in certain industrial processes. USG is organized into three reportable segments: North American Gypsum, Building Products Distribution and Worldwide Ceilings, the net sales of which accounted for approximately 49%, 31% and 20%, respectively, of its consolidated net sales during the year ended December 31, North American Gypsum manufactures and markets gypsum and related products in the United States, Canada and Mexico. Building Products Distribution consists of L&W Supply and other building materials in the United States. Worldwide Ceilings manufactures and markets interior systems products worldwide. In 2010, U.S. Gypsum introduced SHEETROCK Brand UltraLight Panels. IBM International Business Machines Corporation (IBM) is an information technology (IT) company. It operates under five segments: Global Technology Services (GTS), Global Business Services (GBS), Software, Systems and Technology, and Global Financing. GTS primarily provides IT infrastructure services and business process services. GBS primarily provides professional services and application management services. IBM’s Software segment consists primarily of middleware and operating systems software. IBM provides clients with business solutions requiring advanced computing power and storage capabilities. Global Financing invests in financing assets and leverages with debt. During the year ended December 31, 2010, IBM acquired Intelliden Inc., National Interest Security Company, LLC, Cast Iron Systems, BigFix, Inc., Datacap Inc., Clarity Systems, BLADE Network Technologies, Netezza Corporation, Lombardi and Unica Corporation. In April 2011, it acquired TRIRIGA, Inc. Buffett choice (Buffett and Berkshire Stocks With Most Upside)

90 iShares exchange-traded funds (ETFs) are included in portfolios
iShares exchange-traded funds (ETFs) are included in portfolios. The funds are managed by BlackRock - a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At September 30, 2012, BlackRock's AUM was $3.673 trillion Different ETF strategies utilize ETF, investing in stocks, bonds, realty, commodities and alternatives The strategies’ weights are set depending on the market conditions and trends Active management includes tactical tactical asset allocation in terms of stocks vs bonds, emerging countries vs developed, USA vs Europe and / or Asia, large companies vs SME, cyclical sectors vs noncyclical, high yield bonds vs treasures, greater duration vs short term and one asset class vs another The minimal ammount for ETF strategies is as low as USD 2,000 comparing with 10,000 for stocks strategies ETF strategies

91 ETF Bonds iBoxx $ High Yield Corporate Bond Fund (HYG)
Portfolio comprises high-risk, conservative and ultraconservative investment in state and corporate bonds. Depending on debt capital market situation and macroeconomic tendencies weight of different bond types in combined portfolio varies. Minimum investment – USD 2,000. Model portfolio return on , % p.a. (S&P 500 Index return asbenchmark) 3 months 5,73% (-12,32%) 6 months 9,38% (7,64%) Year-to-date 9,40%(11,27%) Risk (Beta) 0,0634 Upside on 8,27% Stocks in portfolio iBoxx $ High Yield Corporate Bond Fund (HYG) iShares iBoxx $ High Yield Corporate Bond Fund (the Fund)seeks investment results, which correspond to the price and yield performance of the iBoxx $ Liquid High Yield Index (the Index). The Index is a rules-based index consisting of liquid United States dollar-denominated, high yield corporate bonds for sale in the United States, as determined by International Index Company Limited. The Fund invests in a sample of securities included in the Index, which has an investment profile similar to the Index. iBoxx $ Investment Grade Corporate Bond Fund (LQD) iShares iBoxx $ Investment Grade Corporate Bond Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the corporate bond market as defined by the iBoxx $ Liquid Investment Grade Index (the Index). The Index measures the performance of 600 highly liquid investment-grade corporate bonds. The Index is a rules-based index consisting of highly liquid, investment-grade, United States dollar-denominated corporate bonds that seek to maximize liquidity, while maintaining representation of the corporate bond market. The Fund invests in a representative sample of the securities included in the Index that collectively has an investment profile similar to the Index. iShares 10+ Year Credit Bond Fund (CLY) iShares 10+ Year Credit Bond Fund ETF (the Fund) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of The BofA Merrill Lynch 10+ Year United States Corporate & Yankees Index (the Underlying Index), which includes debt securities issued publicly by United States corporations and United States dollar-denominated, publicly issued debt of non- United States corporations, non- United States government debt and supranational debt. The Fund will generally invest at least 80% of its assets in the securities of its Underlying Index or in depositary receipts representing securities in the Underlying Index. ETF Bonds

92 REIT Realty FTSE NAREIT Real Estate 50 Index Fund (FTY)
Real estate strategy based on geographic selection. Taking into consideration macroeconomic situation in various pats of the world, investors can put up their funds in real estate of those countries that possess the highest upside potential. Minimum investment – USD 2,000. Model portfolio return on , % p.a. (S&P 500 Index return asbenchmark) 3 months 15,57% (-12,32%) 6 months 11,07% (7,64%) Year-to-date 19.49%(11,27%) Risk (Beta) 0,385 Upside on 11,10% Stocks in portfolio FTSE NAREIT Real Estate 50 Index Fund (FTY) iShares FTSE NAREIT Real Estate 50 Index Fund (the Fund) seeks investment results that correspond to the price and yield performance of the FTSE NAREIT Real Estate 50 Index (the Index). The Index measures the performance of the large-capitalization real estate sector of the United States equity market and consists of the 50 real estate investment trusts (REITs) within the FTSE NAREIT Composite Index. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. FTSE NAREIT Industrial/Office Capped Index Fund (FNIO) iShares FTSE NAREIT Industrial/Office Capped Index Fund (the Fund), seeks investment results that correspond generally to the price and yield performance of the FTSE NAREIT Industrial/Office Capped Index (the Index). The Index measures the performance of the industrial and office real estate sector of the United States equity market. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. FTSE EPRA/NAREIT North America Index Fund (IFNA) iShares FTSE EPRA/NAREIT North America Index Fund (the Fund) seeks investment results that correspond to the price and yield performance of the FTSE EPRA/NAREIT North America Index (the Index). The Index measures the stock performance of companies engaged in the ownership and development of the North American real estate market. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. REIT Realty

93 REIT Realty FTSE NAREIT Residential Plus Capped Index Fund (REZ)
inheres FTSE NAREIT Residential Plus Capped Index Fund (the Fund), seeks investment results that correspond generally to the price and yield performance of the FTSE NAREIT All Residential Capped Index (the Index). The Index measures the performance of the residential, healthcare and self-storage real estate sectors of the United States equity market. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. S&P Developed ex-U.S. Property Index Fund (WPS) iShares S&P Developed ex-U.S. Property Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the S&P Developed ex US Property Index (the Index). The Index is a free float-adjusted, market capitalization-weighted index that defines and measures the investable universe of publicly-traded real estate companies domiciled in developed countries outside of the United States. The companies in the Index are engaged in real estate-related activities, such as property ownership, management, development, rental and investment. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. REIT Realty

94 ETF America aggressive
All funds are invested in the most promising, growing and small-cap US companies of technology sector. Investors should realize that all risks of investing in small, growing companies of sunrise industries, biotechnology and other growth sectors potential are higher compared to traditional companies. Minimum investment – USD 2,000. Model portfolio return on , % p.a. (S&P 500 Index return asbenchmark) 3 months -4,25% (-12,32%) 6 months 9,16% (7,64%) Year-to-date 15,98%(11,27%) Risk (Beta) 0,8371 Upside on 9,40% Stocks in portfolio MSCI USA Index Fund (EUSA) iShares MSCI USA Index Fund (the Fund) seeks investment resulte that correspond to the price and yield performance of the MSCI USA Index (the Underlying Index). The Underlying Index is a market capitalization weighted index designed to measure the performance of equity securities in the 85% by market capitalization of equity securities listed on stock exchanges in the United States. The Fund invests at least 90% of its assets in the securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents. Nasdaq Biotechnology Index Fund (IBB) iShares Nasdaq Biotechnology Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the NASDAQ Biotechnology Index (the Index). The Index contains securities of NASDAQ listed companies that are classified according to the Industry Classification Benchmark as either biotechnology or pharmaceuticals, which also meet other eligibility criteria determined by NASDAQ. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. ETF America aggressive

95 ETF America aggressive
Russell Microcap(R) Index Fund (IWC) iShares Russell Microcap Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the Russell Microcap Index (the Index). The Index measures the microcap sector of the United States equity market. The Index is a float-adjusted capitalization-weighted index and includes equity securities issued by issuers with total market capitalizations ranging from approximately $50 million to $600 million, though these amounts may change from time to time. The Index represents approximately 3% of the market capitalization of listed United States equity securities. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Russell Midcap Growth Index Fund (IWP) iShares Russell Midcap Growth Index Fund (the Growth Fund) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Russell Midcap Growth Index (the Growth Index). The Index measures the performance of the mid-capitalization growth sector of the United States equity market. It is a subset of the Russell Midcap Index and measures the performance of equity securities of Russell Midcap Index issuers with relatively higher price-to-book ratios and higher forecasted growth. It invests in a representative sample of securities included in the index that has an investment profile similar to Growth Index. S&P 500 Growth Index Fund (IVW) iShares S&P 500 Growth Index Fund (the Growth Fund) seeks investment results that correspond generally to the price and yield performance of the S&P 500/Citigroup Growth Index (the Growth Index). The Growth Index measures the performance of the large-capitalization growth sector of the United States equity market. The Growth Index is a subset of the S&P 500 and consists of those stocks in the S&P 500 exhibiting the strongest growth characteristics. The Growth Fund invests in a representative sample of securities included in the Growth Index that collectively has an investment profile similar to the Growth Index. Due to the use of representative sampling, the Growth Fund may or may not hold all of the securities that are included in the Growth Index. Russell 2000 Growth Index Fund (IWO) iShares Russell 2000 Growth Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the Russell 2000 Growth Index (the Index). The Index measures the performance of the small-capitalization growth sector of the United States equity market. The Index is a subset of the Russell 2000 Index. The Index is a capitalization-weighted index and consists of those companies or portion of a company, with higher price-to-book ratios and higher forecasted growth within the Russell 2000 Index. The Index represents approximately 50% of the total market capitalization of the Russell 2000 Index. Component companies are adjusted for available float and must meet objective criteria for inclusion to the Index. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. ETF America aggressive

96 ETF risk appetitte S&P Aggressive Allocation Fund (AOA)
Depending on the market and stock market situation, optimal combination of high- and medium-risk assets is used in this portfolio. With the developing negative scenario, conservative instruments will prevail, and during the time of economic boom products with high earning potential will be invested in actively. Minimum investment – USD 2,000. Model portfolio return on , % p.a. (S&P 500 Index return asbenchmark) 3 months 4,28% (-12,32%) 6 months 9,49% (7,64%) Year-to-date 9,18%(11,27%) Risk (Beta) 0,4153 Upside on 6,25% Stocks in portfolio S&P Aggressive Allocation Fund (AOA) iShares S&P Aggressive Allocation Fund (the Fund) is an open-end management investment company. The Fund seeks investment results that correspond generally to the price and yield performance of the S&P Target Risk Aggressive Index (the Aggressive Allocation Index). The Aggressive Allocation Index seeks to measure the performance of an asset allocation strategy targeted to an aggressive risk profile. The Fund is designed for investors seeking long-term capital appreciation. S&P Conservative Allocation Fund (AOK) iShares S&P Conservative Allocation Fund (the Fund) is an open-end management investment company. The Fund seeks investment results that correspond generally to the price and yield performance of the S&P Target Risk Conservative Index (the Conservative Allocation Index). The Conservative Allocation Index seeks to measure the performance of an asset allocation strategy targeted to a conservative risk profile. The Fund is designed for investors seeking current income and capital preservation. S&P Growth Allocation Fund (AOR) iShares S&P Growth Allocation Fund (the Fund) is an open-end management investment company. The Fund seeks investment results that correspond generally to the price and yield performance of the S&P Target Risk Growth Index (the Growth Allocation Index). The Growth Allocation Index seeks to measure the performance of an asset allocation strategy targeted to a growth-focused risk profile. The Fund is designed for investors seeking moderate capital appreciation and opportunity for current income and capital preservation. ETF risk appetitte

97 ETF risk appetitte S&P Moderate Allocation Fund (AOM)
iShares S&P Moderate Allocation Fund (the Fund) is an open-end management investment company. The Fund seeks investment results that correspond generally to the price and yield performance of the S&P Target Risk Moderate Index (the Moderate Allocation Index). The Moderate Allocation Index seeks to measure the performance of an asset allocation strategy targeted to a moderate risk profile. The Fund is designed for investors seeking current income, some capital preservation and an opportunity for moderate to low capital appreciation. ETF risk appetitte

98 ETF Geography S&P Europe 350 Index Fund (IEV)
This strategy combines investing in equities in various parts of the world. The largest part of funds is invested in regions with the best economic indicators and highest asset value growth potential, and the smallest part will go to regions with economic problems and regions that are lagging far behind and not on the stage of economic growth. Minimum investment – USD 2,000. Model portfolio return on , % p.a. (S&P 500 Index return asbenchmark) 3 months 25,88% (-12,32%) 6 months 26,37% (7,64%) Year-to-date 16,67% (11,27%) Risk (Beta) 0,7636 Upside on 9.27% Stocks in portfolio S&P Europe 350 Index Fund (IEV) iShares S&P Europe 350 Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the S&P Europe 350 Index (the Index). The Index measures the performance of the stocks of leading companies in Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. S&P Global 100 Index Fund (IOO) iShares S&P Global 100 Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the S&P Global 100 Index (the Index). The Index is designed to measure the performance of 100 large-capitalization global companies. These companies are highly liquid and represent some of the largest multi-national businesses in the world. The Index is a subset of the S&P Global 1200 Index, and contains 100 common stocks, screened for sector representation, liquidity and size. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. S&P Latin America 40 Index Fund (ILF) iShares S&P Latin America 40 Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the S&P Latin America 40 Index (the Index). The Index consists of selected equities trading on the exchanges of four Latin American countries. The Index includes highly liquid securities from major economic sectors of the Mexican and South American equity markets. Companies from Mexico, Brazil, Argentina and Chile are represented in the Index. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. ETF Geography

99 ETF Geography S&P India Nifty 50 Index Fund (INDY)
iShares S&P India Nifty 50 Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the S&P CNX Nifty Index (the Index). The Index measures the equity performance of the top 50 companies by market capitalization that trade in the Indian market. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. MSCI United Kingdom Index Fund (EWU) iShares MSCI United Kingdom Index Fund (the Fund) seeks to provide investment results that correspond generally to the price and yield performance of publicly traded securities in the aggregate in the British market, as measured by the MSCI United Kingdom Index (the Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. The Fund invests in the sectors, such as financial, communications, industrial, utilities, energy, basic materials, technology and consumer cyclical. MSCI Pacific ex-Japan Index Fund (EPP) iShares MSCI Pacific ex-Japan Index Fund (the Fund) seeks to provide investment results that correspond generally to the price and yield performance of publicly traded securities in the aggregate in the Australia, Hong Kong, New Zealand and Singapore markets, as measured by the MSCI Pacific ex-Japan Index (the Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. The Index seeks to measure the performance of the Australian, Hong Kong, New Zealand and Singapore equity markets. The Index is a capitalization-weighted index that aims to capture 85% of the (publicly available) total market capitalization. Component companies are adjusted for available float and must meet objective criteria for inclusion to the Index. The Index is reviewed quarterly. MSCI Japan Index Fund (EWJ) iShares MSCI Japan Index Fund (the Fund) is a non-diversified fund. The Fund’s investment objective is to seek investment results that correspond to the price and yield performance of publicly traded securities in the Japanese market, as measured by the MSCI Japan Index (the Index). The Index seeks to measure the performance of the Japanese equity market. The Index is a capitalization-weighted index that aims to capture 85% of the (publicly available) total market capitalization. Component companies are adjusted for available float and must meet objective criteria for inclusion in the Index. The Index is reviewed quarterly. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. The Fund invests in the securities of non-United State issuers of a single country. ETF Geography

100 ETF Geography MSCI Emerging Markets Index Fund (EEM)
iShares MSCI Emerging Markets Index Fund (the Fund) ) is a non-diversified fund. The Fund’s investment objective is to seek investment results that correspond to the price and yield performance of publicly traded equity securities in global emerging markets, as measured by the MSCI Emerging Markets Index (the Index). The Index is designed to measure equity market performance in the global emerging markets. The Index is a capitalization-weighted index that aims to capture 85% of the total market capitalization. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. The Fund invests in the securities of non-United States issuers that may trade in non-United States markets. MSCI BRIC Index Fund (BKF) iShares MSCI BRIC Index Fund (the Fund) is an exchange-traded fund that seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI BRIC Index (the Index). The Index is a free float-adjusted market capitalization index that is designed to measure the combined equity market performance in Brazil, Russia, India and China (BRIC). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. The Fund invests in various sectors, such as financials, energy, materials, information technology, telecommunication services, consumer staples, industrials, consumer discretionary, utilities and health care. MSCI All Country Asia ex Japan Index Fund (AAXJ) The iShares MSCI All Country Asia ex Japan Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance, of the MSCI All Country Asia ex Japan Index (the Index). The Index is a free-float adjusted market capitalization index designed to measure equity market performance of the 12 countries, such as Australia, China, Honk Kong, India, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Taiwan and Thailand. The Fund generally invests at least 90% of its assets in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index. BlackRock Fund Advisors (BFA) serves as the investment advisor to the Fund. ETF Geography

101 ETF duration S&P Target Date 2010 Index Fund (TZD)
This strategy combines investing in bonds with different duration (maturity dates). Depending on the situation on debt capital markets products with different duration are chosen. In the times of low rates, short-term bonds are preferred, when rates are expected to go down, long-term instruments will be chosen. Minimum investment – USD 2,000. Model portfolio return on , % p.a. (S&P 500 Index return asbenchmark) 3 months 4,51% (-12,32%) 6 months 9,42% (7,64%) Year-to-date 9,94%(11,27%) Risk (Beta) 0,3975 Upside on 6,42% Stocks in portfolio S&P Target Date 2010 Index Fund (TZD) iShares S&P Target Date 2010 Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the S&P Target Date 2010 Index (the Index). The Index seeks to represent asset allocations, which target an approximate 2010 retirement horizon. The Index is designed to measure the performance of an investable asset allocation strategy that meets the investment objectives of investors with an approximate 2010 target retirement horizon. S&P Target Date 2015 Index Fund (TZE) iShares S&P Target Date 2015 Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the S&P Target Date 2015 Index (the Index). The Index seeks to represent the market consensus for asset allocations, which target an approximate 2015 retirement horizon. The Index is designed to measure the performance of an investable asset allocation strategy that meets the investment objectives of investors with an approximate 2015 target retirement horizon. S&P Target Date 2020 Index Fund (TZG) iShares S&P Target Date 2020 Index Fund (the Fund) is an exchange-traded fund that seeks investment results that correspond generally to the price and yield performance of the S&P Target Date 2020 Index (the Index). The Fund seeks to achieve its objective by investing primarily in underlying funds that comprise its Index, as well as securities not included in its Index. The Fund invests at least 90% of its assets in securities of its Index. The Fund may invest in short-term instruments, including money market instruments. The Fund may also invest in various types of United States Government obligations. The Funds may invest in investment grade corporate bonds. ETF duration

102 ETF duration S&P Target Date 2025 Index Fund (TZI)
iShares S&P Target Date 2025 Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the S&P Target Date 2025 Index (the Index). The Index seeks to represent the market consensus for asset allocations, which target an approximate 2025 retirement horizon. The Index is designed to measure the performance of an investable asset allocation strategy that meets the investment objectives of investors with an approximate 2025 target retirement horizon. S&P Target Date 2030 Index Fund (TZL) iShares S&P Target Date 2030 Index Fund (the 2030 Fund) seeks investment results that correspond generally to the price and yield performance of the S&P Target Date 2030 Index (the 2030 Index). The 2030 Index seeks to represent the market consensus for asset allocations, which target an approximate 2030 retirement horizon. S&P Target Date 2035 Index Fund (TZO) iShares S&PTarget Date 2035 Index Fund (the 2035 Fund) seeks investment results that correspond generally to the price and yield performance of the S&P Target Date 2035 Index (the 2035 Index). The 2035 Index seeks to represent the market consensus for asset allocations, which target an approximate 2035 retirement horizon. S&P Target Date 2040 Index Fund (TZV) iShares S&P Target Date 2040 Index Fund (the 2040 Fund) seeks investment results that correspond generally to the price and yield performance of the S&P Target Date 2040 Index (the 2040 Index). The 2040 Index seeks to represent the market consensus for asset allocations, which target an approximate 2040 retirement horizon. ETF duration

103 ETF Scale 3 months 6 months Year-to-date
This portfolio combines investments in shares of large, medium and small companies, depending on which of those can show the highest return rate at the moment. Minimum investment – USD 2,000. Model portfolio return on , % p.a. (S&P 500 Index return asbenchmark) 3 months 3,13% (-12,32%) 6 months 13,52% (7,64%) Year-to-date 16,19%(11,27%) Risk (Beta) 0,8858 Upside on 12,00% Stocks in portfolio Russell Microcap(R) Index Fund (IWC) iShares Russell Microcap Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the Russell Microcap Index (the Index). The Index measures the microcap sector of the United States equity market. The Index is a float-adjusted capitalization-weighted index and includes equity securities issued by issuers with total market capitalizations ranging from approximately $50 million to $600 million, though these amounts may change from time to time. The Index represents approximately 3% of the market capitalization of listed United States equity securities. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Russell Midcap Value Index Fund (IWS) iShares Russell Midcap Value Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the Russell Midcap Value Index (the Value Index). The Value Index measures the performance of the mid-capitalization value sector of the United States equity market. The Value Index is a subset of the Russell Midcap Index and measures the performance of equity securities issued by those Russell Midcap Index companies with relatively lower price-to-book ratios and lower forecasted growth. The Value Index represents approximately 52% of the total market capitalization of the Russell Midcap Index. Component companies are adjusted for available float and must meet objective criteria for inclusion to the Index. Reconstitution is annual. The Fund invests in a representative sample of securities included in the Value Index that collectively has an investment profile similar to the Value Index. Russell Top 200 Value Index Fund (IWX) iShares Russell Top 200 Value Index Fund (the Value Fund) seeks investment results that correspond generally to the price and yield performance of the Russell Top 200 Value Index (the Value Index). The Value Index is a style factor weighted index that measures the performance of the largest-capitalization value sector of the United States equity market. The Value Index is a subset of the Russell Top 200 Index and measures the performance of equity securities of Russell Top 200 Index issuers with relatively lower price-to-book ratios and lower forecasted growth. The Value Fund invests in a representative sample of securities included in the Value Index that collectively has an investment profile similar to the Value Index. Due to the use of representative sampling, the Value Fund may or may not hold all of the securities that are included in the Value Index. ETF Scale

104 This portfolio combines investments in various sectors of US economy
This portfolio combines investments in various sectors of US economy. The best performing sectors will have the greater portion in the investment structure providing the highest return. Different sectors show different results on different stages of business cycles. Besides, there are sectors performance of which does not depend on the business cycle stage. This s a countercyclical strategy aiming at smoothing fluctuations in portfolio value on various stages of business cycle. Minimum investment – USD 2,000. Model portfolio return on , % p.a. (S&P 500 Index return asbenchmark) 3 месяца 19,91% (-12,32%) 6 месяцев 26,07% (7,64%) 1 год 15,78%(11,27%) Risk (Beta) 0,3196 Upside on 7,87% Stocks in portfolio MSCI ACWI ex US Consumer Discretionary Sector Index Fund (AXDI) The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Consumer Discretionary Index. The fund generally invests at least 80% of its assets in securities of the underlying index or in depositary receipts representing securities of the underlying index. The underlying index is a free float-adjusted market capitalization-weighted index designed to measure the combined equity market performance of the consumer discretionary sector of developed and emerging markets countries, excluding the United States. The fund is non-diversified. MSCI ACWI ex US Consumer Staples Sector Index Fund (AXSL) The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Consumer Staples Index (the "underlying index"). The fund generally invests at least 80% of its assets in securities of the underlying index or in depositary receipts representing securities of the underlying index. The underlying index is a free float-adjusted market capitalization-weighted index designed to measure the combined equity market performance of the consumer staples sector of developed and emerging markets countries, excluding the United States. The fund is non-diversified. MSCI ACWI ex US Energy Sector Index Fund (AXEN) The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Energy Index (the "underlying index"). The fund generally invests at least 80% of its assets in securities of the underlying index or in depositary receipts representing securities of the underlying index. The underlying index is a free float-adjusted market capitalization-weighted index designed to measure the combined equity market performance of the energy sector of developed and emerging markets countries, excluding the United States. The fund is non-diversified. ETF Sectors

105 ETF Sectors MSCI ACWI ex US Financials Sector Index Fund (AXFN)
The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Financials Index (the "underlying index"). The fund generally invests at least 80% of its assets in securities of the underlying index or in depositary receipts representing securities of the underlying index. The underlying index is a free float-adjusted market capitalization-weighted index designed to measure the combined equity market performance of the financials sector of developed and emerging market countries, excluding the United States. The fund is non-diversified. MSCI ACWI ex US Health Care Sector Index Fund (AXHE) The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Health Care Index (the "underlying index"). The fund generally invests at least 80% of its assets in securities of the underlying index or in depositary receipts representing securities of the underlying index. The underlying index is a free float-adjusted market capitalization-weighted index designed to measure the combined equity market performance of the healthcare sector of developed and emerging markets countries, excluding the United States. The fund is non-diversified. MSCI ACWI ex US Index Fund (ACWX) The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World Index ex USA (the "underlying index"). The fund generally invests at least 90% of its assets in securities of the underlying index or in depositary receipts representing securities of the underlying index. The underlying index is a free float-adjusted market capitalization-weighted index designed to measure the combined equity market performance of developed and emerging markets countries, excluding the United States. The fund is non-diversified. MSCI ACWI ex US Industrials Sector Index Fund (AXID) The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Industrials Index (the "underlying index"). The fund generally invests at least 80% of its assets in securities of the underlying index or in depositary receipts representing securities of the underlying index. The underlying index is a free float-adjusted market capitalization weighted index designed to measure the combined equity market performance of the industrials sector of developed and emerging markets countries, excluding the United States. The fund is non-diversified. ETF Sectors

106 MSCI ACWI ex US Information Technology Sector Index Fund (AXIT)
The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Information Technology Index. The fund generally invests at least 80% of its assets in securities of the underlying index or in depositary receipts representing securities of the underlying index. The underlying index is a free float-adjusted market capitalization-weighted index designed to measure the combined equity market performance of the information technology sector of developed and emerging markets countries, excluding the United States. The fund is non-diversified. MSCI ACWI ex US Materials Sector Index Fund (AXMT) The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Materials Index (the "underlying index"). The fund generally invests at least 80% of its assets in securities of the underlying index or in depositary receipts representing securities of the underlying index. The underlying index is a free float-adjusted market capitalization-weighted index designed to measure the combined equity market performance of the materials sector of developed and emerging markets countries, excluding the United States. The fund is non-diversified. MSCI ACWI ex US Telecommunication Services Sector Index Fund (AXTE) The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Telecommunication Services Index. The fund generally invests at least 80% of its assets in securities of the underlying index or in depositary receipts representing securities of the underlying index. The underlying index is a free float-adjusted market capitalization-weighted index designed to measure the combined equity market performance of the telecommunications sector of developed and emerging markets countries, excluding the United States. The fund is non-diversified. MSCI ACWI ex US Utilities Sector Index Fund (AXUT) The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Utilities Index (the "underlying index"). The fund generally invests at least 80% of its assets in securities of the underlying index or in depositary receipts representing securities of the underlying index. The underlying index is a free float-adjusted market capitalization-weighted index designed to measure the combined equity market performance of the utilities sector of developed and emerging markets countries, excluding the United States. The fund is non-diversified. ETF Sectors

107 ETF Every Class MSCI USA Index Fund (EUSA)
Strategy combines investments in different asset classes: equities in developed and emerging markets, bonds, real estate, gold, commodities, alternative investments. Depending on market conditions at certain moments different asset classes will provide better ratio of risk and return. Minimum investment – USD 2,000. Model portfolio return on , % p.a. (S&P 500 Index return asbenchmark) 3 months 5,47% (-12,32%) 6 months 14,55% (7,64%) Year-to-date 12,62%(11,27%) Risk (Beta) 0,4115 Upside on 8,52% Stocks in portfolio MSCI USA Index Fund (EUSA) iShares MSCI USA Index Fund (the Fund) seeks investment resulte that correspond to the price and yield performance of the MSCI USA Index (the Underlying Index). The Underlying Index is a market capitalization weighted index designed to measure the performance of equity securities in the 85% by market capitalization of equity securities listed on stock exchanges in the United States. The Fund invests at least 90% of its assets in the securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents. MSCI ACWI ex US Index Fund (ACWX) The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World Index ex USA (the "underlying index"). The fund generally invests at least 90% of its assets in securities of the underlying index or in depositary receipts representing securities of the underlying index. The underlying index is a free float-adjusted market capitalization-weighted index designed to measure the combined equity market performance of developed and emerging markets countries, excluding the United States. The fund is non-diversified. MSCI Emerging Markets Index Fund (EEM) iShares MSCI Emerging Markets Index Fund (the Fund) ) is a non-diversified fund. The Fund’s investment objective is to seek investment results that correspond to the price and yield performance of publicly traded equity securities in global emerging markets, as measured by the MSCI Emerging Markets Index (the Index). The Index is designed to measure equity market performance in the global emerging markets. The Index is a capitalization-weighted index that aims to capture 85% of the total market capitalization. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. The Fund invests in the securities of non-United States issuers that may trade in non-United States markets. ETF Every Class

108 ETF Every Class S&P U.S. Preferred Stock Index Fund (PFF)
iShares S&P U.S. Preferred Stock Index Fund (the Fund) seeks investment results that correspond to the price and yield performance of the S&P U.S. Preferred Stock Index (the Index). The Index measures the performance of a select group of preferred stocks listed on the New York Stock Exchange (NYSE), the NYSE Amex Equities or The NASDAQ Stock Market LLC, and includes preferred stocks with market capitalizations over $100 million that meet minimum price, liquidity, trading volume, maturity and other requirements determined by S&P. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Russell 2000 Value Index Fund (IWN) iShares Russell 2000 Value Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the Russell 2000 Value Index (the Index). The Index measures the performance of the small-capitalization value sector of the United States equity market. The Index is a subset of the Russell 2000 Index. The Index is a capitalization-weighted index and consists of those companies or portion of a company, with lower price-to-book ratios and lower forecasted growth within the Russell 2000 Index. The Index represents approximately 50% of the total market capitalization of the Russell 2000 Index. Component companies are adjusted for available float and must meet objective criteria for inclusion to the Index. Reconstitution is annual. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. iShares Gold Trust (IAU) iShares Gold Trust (the Trust), formerly iShares COMEX Gold Trust, is a grantor trust. The purpose of the Trust is to own gold transferred to the Trust in exchange for shares issued by the Trust. Each share represents a fractional undivided beneficial interest in the net assets of the Trust. The Trust seeks to correspond generally to the day-to-day movement of the price of gold bullion. The objective of the Trust is for the value of the iShares to reflect, at any given time. The Trust creates and redeems shares on a continuous basis but only in Baskets of 50,000 Shares. The sponsor of the Trust is BlackRock Asset Management International Inc. (the Sponsor). The trustee of the Trust is The Bank of New York Mellon (the Trustee). Only registered broker-dealers who have entered into written agreements with the Sponsor and the Trustee (each, an Authorized Participant) can deposit gold and receive Baskets of Shares in exchange. A basket consists of 50,000 shares. Barclays 7-10 Year Treasury Bond Fund (IEF) iShares Barclays 7-10 Year Treasury Bond Fund (the Fund), formerly iShares Lehman 7-10 Year Treasury Bond Fund, seeks investment results that correspond generally to the price and yield performance of the Barclays Capital U.S Year Treasury Bond Index (the Index). The Index measures the performance of public obligations of the United States Treasury that have a remaining maturity of greater than or equal to 7 years and less than 10 years. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. Barclays Aggregate Bond Fund (AGG) iShares Barclays Aggregate Bond Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the total United States investment-grade bond market as defined by the Barclays Capital U.S. Aggregate Bond Index (the Index). The Index provides a measure the performance of the United States investment-grade bond market, which includes investment-grade United States Government bonds, investment-grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States. The securities in the Index must have at least one year remaining to maturity. In addition, the securities must be denominated in United States dollars, and must be fixed-rate and non-convertible and taxable securities. ETF Every Class

109 FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund (IFGL)
The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index (the "underlying index"). The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. The underlying index measures the stock performance of companies engaged in the ownership and development of real estate markets in developed countries (except for the United States) as defined by FTSE EPRA/NAREIT. FTSE NAREIT Real Estate 50 Index Fund (FTY) iShares FTSE NAREIT Real Estate 50 Index Fund (the Fund) seeks investment results that correspond to the price and yield performance of the FTSE NAREIT Real Estate 50 Index (the Index). The Index measures the performance of the large-capitalization real estate sector of the United States equity market and consists of the 50 real estate investment trusts (REITs) within the FTSE NAREIT Composite Index. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. S&P GSCI(R) Commodity-Indexed Trust (GSG) iShares S&P GSCI Commodity-Indexed Trust (the Trust) issues units of beneficial interest, called shares, representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist of interests in the iShares S&P GSCITM Commodity-Indexed Investing Pool LLC (Investing Pool). The investment objective of the Trust is to seek investment results, through the Trust’s investment in the Investing Pool, that correspond generally, but are not necessarily identical, to the performance of the Index, before payment of expenses and liabilities of the Trust and the Investing Pool. Diversified Alternatives Trust (ALT) iShares Diversified Alternatives Trust (the Trust) is a commodity pool. The investment objective of the Trust is to maximize absolute returns from its investments in certain futures and/or forward contracts. The Trust holds long and/or short positions in foreign currency forward contracts and exchange-traded futures contracts involving assets, such as commodities, currencies, interest rates or certain eligible stock and/or bond indices. ETF Every Class

110 This strategy forms an optimal currency portfolio that hedges currency risks and allows to earn on the rise of currency value. Optimal investment – from USD 10,000. Model portfolio return on , % p.a. (S&P 500 Index return asbenchmark) 3 months - unavailable 6 months Year-to-date Risk (Beta) 0,1067 Upside on 2,56 % Tickers / Currency pairs US Dollar vs Russian rouble (USDRUB) since October. 2012 US Dollar vs Swiss franc (USDCHF); US dollar vs Japaniese yen (USDJPY); GB pound vs US dollar (GBPUSD); Euro vs US Dollar (EURUSD); Euro vs Swiss franc (EURCHF); US Dollar vs Canadian dollar (USDCAD); US dollar vs Australian dollar (USDAUD); US dollar vs Hong Kong dollar (USDHKD); US dollar vs Norwegian krone (USDNOK); US dollar vs Swedish krone (USDSEK) FOREX

111 How are Trader’s strategies set up?
Every strategy (portfolio) contains a certain set of instruments (tickers) and funds (cash) The following criteria are set up: Weight of each ticker Cash weight Target deviation for tickers Target deviation for cash Minimal lot size, exchange symbol, quote currency and other characteristics of securities Beta as an estimation of market risk, and Target price – market consensus for up-side premium / downside risk How are Trader’s strategies set up?

112 How are strategies uploaded in Trader?
Strategies are compiled in StrLight application by sell-side analysts, and this application uploads them to server Uploading of strategies to Trader is done via Internet, from the server The right to upload and upgrade strategies is given to Trader’s registered users, who either purchased a subscription or chose demo-access option to Trader Trader checks the server for strategies update on a regular basis (once in 2 hours), and if they are available, uploads the updates The User can also update strategies in Trader manually by pressing an appropriate button How are strategies uploaded in Trader?

113 To achieve OPTIMAL results Trader should run on the user’s PC throughout all trading session time
User’s PC should have a steady Internet connection (all technical requirements are provided in Trader Manual) Nevertheless, it is possible that The program is running from time to time The user stops using the program The program data is lost in case of PC malfunction Internet connection is broken throughout the program operation The program is protected against purchase of securities with no funds on broker accounts marginal transactions with assets placing orders during stock exchange non-working hours While developing strategies, special attention was given to securities that can be delisted or restricted. Nevertheless, to minimize all risks regular updates of Trader’s trading strategies should be made by the user How to use the program

114 How to invest: User’s actions
To achieve OPTIMAL results with Trader the USER CAN (or SHOULD): Choose TIME to buy and sell (adding and withdrawing funds to / from the strategies) The time is chosen depending on 2 key factors: 1) availability of money in the account (or the need for withdrawal of money for personal use) and 2) projections of growth (or decline) of the market. The best results are given under the influence of the second of these factors. Choose the most valuable STRATEGY to invest at that time Choose the strategy that will be most profitable or less risky on the current market Promptly withdraw money from the strategies of high risk and low potential, thus fixing the profits Shift funds from the Strategy will higher risk though less potential to the better performing Strategy Increase or decrease invested amount depending on the available money and the capacity of the Strategy, investing more in better performing strategies Invest less in less risky strategies, including diversifying and reducing risks How to invest: User’s actions

115 How to invest: strategy creators actions
To achieve OPTIMAL results with Trader the Strategies’ creators use the following methods: Create NEW AND UP-TO-DATE STRATEGIES with the highest upside at the moment If the attractive investment idea appears on the market, then in one to two days corresponding investment strategy will be set up, and will be immediately available to all clients Choose THE BEST SECURITIES for investment for the Strategy, and refuse to invest in the securities unattractive The higher upside the security has, the more weight it is given in the Strategy Securities, investment in which is undesirable, are given zero weight or they are removed from the Strategy The strategy includes securities combined by one common idea (an industry index, upside, etc.). It’s impossible that the security is in the portfolio with no understanding of its quality and the creator himself doesn’t give it BUY or HOLD rating / recommendation The creator Increase or decrease WEIGHT of securities in strategies in accordance with their investment attractiveness and future profitability The Weights of less attractive securities decreases, which corresponds to the recommendation SELL Increases the deviation of the weight of the security when the stock is on HOLD recommendation. In this case, the previously accumulated securities in portfolio will neither be sold nor bought despite any change in price and weight When the creator of the strategy forecasts decline of the stock market and the deterioration of the economic situation, reflected in the decrease in the value of securities, he/she will increase the weight of cash in the portfolio, which will limit the losses on the portfolio When the creator of the strategy foresees the future growth of the market, he or she reduces the weight of cash in the portfolio, increasing the weights of securities, resulting in increased profitability How to invest: strategy creators actions

116 What can be found at smartfond.net
Presentation for emergent investors (Investor’s Manual) Presentation on Trader for clients (Trader’s Features) Presentation on Trader for advanced investors / partnership investment companies (Trader’s Specification) Trader’s Manual Description of investment strategies used in Trader (Tools) Recommendations on the Broker’s choice (Brokers) Trader news, updates and investment strategies (News) User Personal Profile Page at Smartfond.net What can be found at smartfond.net

117 Contact us © SmartFond.ru 2013
All rights for Personal Investment Fund Program (Trader) reserved and protected. You can contact us at for any questions Trader users can contact software developers via their Personal Profile at (www.smartfond.net) You can contact us at for any questions on brokers and investment companies, possible cooperation and projects. We speak Russian and English Contact us


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