Overview

Introductory Comment from Mr. Vladimir Draskovic, Portfolio Manager

Dear Shareholder,

We are pleased to announce the formation of FIMA SEE Activist fund. Through extensive analysis of Serbian and regional capital markets, management team of FIMA Invest has recognized the untapped potential of the small and mid-cap segment. By launching the FIMA SEE Activist fund we intent to achieve substantial diversification benefit for our clients and give them access to this high-potential market segment at appropriate risk levels.

FIMA SEE Activist fund’s investment goal is long-term growth through capital appreciation. The Fund will invest more than 80% of its assets in listed equity securities and adequate portion in the pre-IPO companies, depending on market circumstances. FIMA SEE Activist strategy will provide clients with multi-dimensional research that identifies the most compelling small/mid-cap opportunities available in Serbia and the region and valuation analysis to avoid overpaying for growth.

Our investment philosophy is based on the belief that portfolio constructed from well-managed companies, with steady, sustainable growth rates and priced reasonably in relation to those growth rates, will outperform over the long-term. In selecting securities for the SEE Activist fund, management team of FIMA Invest uses a bottom-up, growth oriented approach. Focus is placed on company-driven criteria rather than on economic or industry-specific factors.

We recommend FIMA SEE Activist fund to both institutional and retail investors with minimum investment horizon of 2 years.

We would like to extend our sincere thanks to all investors who placed their trust in the management team of FIMA Invest.

Thank you.

Sincerely,

Vladimir Draskovic
Portfolio Manager