Financials Fund Quarterly Report Q1 2011

ing was that the deal was 2x oversubscribed and priced in the middle of the announced price range. This price implies a valuation of 1.5x P/B 2011E and 8.2x P/E 2011E – at a small premium (5%) to Bank Saint Petersburg in P/B 2011E terms. On the first trading day, the share traded up 1.5% on an otherwise very weak market. Nomos is tradition-ally a pure corporate bank but in 2010 it acquired Bank of Khanty-Mansiysk, a leading bank in the oil-rich Tyumen region adding the SME and retail angle to Nomos’s franchise.

As we have earlier reported, we have been encouraging our own portfolio banks to seek M&A opportunities as size is even more impor-tant than before. Platinum Bank had been actively looking for suitable targets and finally in January was able to close a deal where it acquired Home Credit Finance Bank’s Ukrainian operations. The deal boosts Platinum’s total assets by 65% while vaulting their retail deposit gath-ering strategy ahead by almost two years. Also, with the addition of Home Credit’s 20 branches, Platinum now has over 50 branches cov-ering all major cities in Ukraine. This increased branch footprint will help the bank increase disbursements of its retail loans.

The way the year has started off gives us strong reasons to believe that this will be an eventful year when it comes to M&A and other capi-tal market transactions in the financial sector. Investors’ appetite for Russian banks has clearly returned and there are also some early signs of revived interest among strategic buyers. As the fund is approaching its exit phase, we are closely following the market development and are considering all opportunities. On the other hand, any acquisition or merger by one of our portfolio banks would most likely mean longer period before exit in order to fully realise the value of such a transac-tion.

As we wrote in our last quarterly letter, there was plenty of talk but little action during 2010 when it came to equity capital market trans-actions in Russia. The trend has changed and we are glad to see some action at last! VTB kicked off the activity with the sale of a 10% stake owned by the Russian government via a bookbuilding process. Taking advantage of relatively buoyant market conditions, the deal was more than three times oversubscribed and finally closed at market price which dispelled doubts about investors’ appetite for Russian equities. Russian government has announced that it plans to sell another 10% stake in VTB later this year.

On the M&A front, the first on the market was also VTB with the Bank of Moscow acquisition, announced soon after the placement. VTB first acquired the stakes owned by the Moscow city government-controlled entities totalling 50.8% of the bank. VTB paid USD 3.5 bn for this combined stake implying a valuation of 2010E P/BV of 1.7 which most analyst consider to be a fair price.

Another state controlled bank soon followed suit, when in March, Sberbank announced the purchase of Troika Dialog to boost its invest-ment bank and cross-selling operations. The deal is to be implemented in two stages. In the first stage, Sberbank is to pay USD 1bn (in 2011) and at the second stage, depending on the company’s performance in 2011–2013, another payment may be made should the average earnings during this period multiplied by 13.5 be more than the USD 1bn paid in 2011.

In April we saw the first Russian bank IPO in four years, when the second largest privately-owned Russian bank, Nomos, floated its shares in Moscow and in London. The deal included both primary and secondary shares raising USD 718m. What we found very encourag-

Buoyancy at lastFinancials FundQuarterly Report Q1 2011

Moscow International Business Center, also referred as Moscow City. VTB’s logo can be seen on one of the buildings.

Banks in Russia report in two different formats; one according to Rus-sian Accounting Standards (RAS) and one is according to International Financial Reporting Standards (IFRS). All the banks are required to report according to IFRS once a year. We have not received all of 1Q2011 IFRS results for our Russian portfolio holdings yet and can provide you with operational data (mostly according to RAS) trends only.

Probusinessbank

During the 1Q, the Life Group continued to expand its network open-ing one new office nearly every week. With 370 offices at the year end 2010, the group was 25th largest bank by branch network in Russia and 38th largest bank measured by retail loan book. It plans to add close to 100 new offices to its network this year.

Probusinessbank re-tapped its earlier subordinated debt facility in March and raised USD 11m in subordinated debt (5.5 yrs) with 12% yield. The bank is planning a Eurobond issue in 2Q11 and has given the mandate to UBS to arrange it.

Asian-Pacific Bank

Asian-Pacific Banky-o-y % growth in RUB terms

1Q2011 1Q2010*

Total assets 61.6 43.2Net customer loans 67.7 38.7Total deposits 57.5 58.2Provisions as % of gross loans 7.8 21.9* Asian - Pacific Bank standalone

In Q1 the bank grew both sides of the balance sheet in line with the business plan. As a result of the Board of Directors meeting in March the process of preparing the bank for sale was initiated. The bank hired KPMG to perform an external valuation and to identify a potential cir-cle of buyers.The consultants are also asked to assist in developing an appropriate exit strategy. By taking this strategic decision, the board abandoned the idea of any big merger going forward while it would still consider acquisitions of small regional banks in the regions of interest.

Locko Bank

Locko Bank IFRS, Unaudited

1Q2011 EURm

1Q2010 EURm

y-o-y % change

Net interest income 13.6 8.2 65.3Net interest income after provisions 12.2 3.8 217.6Net income 7.7 8.9 -13.6Total deposits 509.5 478.7 6.4Net customer loans 839.9 533.2 57.5Total assets 1 286.2 945.7 36.0Net interest margin % 4.7 4.1ROaE, annualised % 20.1 27.4

In 1Q Locko Bank continued to show strong results. Net interest income was up 65.3% y-o-y and net interest income after provisions a whopping 217.6% on the back of significantly lower cost of risk. Despite the increasingly competitive market environment, the bank has man-aged to increase NIM to 4.7% from 4.1% in 1Q10. The bank has been very successful in replacing the more expensive customer deposits with wholesale ruble funding that has also positively contributed to NIM.

Locko Bank raised another 2.5bn rubles from the local bond mar-ket in February at 8.5%, a full 100 b.p. lower than its previous issue in July 2010. The bank has gained a good name as a solid issuer on the local ruble bond market and might go to the market again in June-July should the loan growth remain strong.

Locko Bank has given a mandate to CBS Securities and Aton to raise up to USD 50m in subordinated debt. The timing of this issue is not yet decided but most likely it will take place before summer holi-days.

RussiaFinancials Fund Quarterly Report Q1 2011

Probusinessbank is among the top 40 Russian banks headquartered in Moscow with a nationwide presence through its six regional subsidiary banks all working under “Life” brand. The group has an excellent distribution network with 370 offices in 60 regions in Russia. Probusinessbank is a consolidator with good track record in acquiring and integrating regional banks.

Value drivers: profitability increase through lower C/I and improved asset quality, strong distribution network with highly motivated sales forces, non-organic growth.

Rating: B- from Fitch Ratings

Ownership stake: 19.93%Acquisition date: November 2006www.prbb.ru/en/information/news/

Asian - Pacific Bank has now merged with our other two banks in the Russian Far East, has headquarters in Blagoveschensk and ranks among the top 100 Russian banks. The bank operates in 14 regions with 158 offices focusing on retail and SME clients. Asian - Pasific Bank is a consolidator with strong shareholders and with experience merging regional banks.

Value drivers: profitability increase from merger synergies, non-organic and organic growth in Russian Far East and Siberia.Rating: B3 from Moody’sOwnership stake: 17.91%Acquisition date: December 2006www.atb.su/

Locko Bank is a Moscow based bank with an established SME franchise. During the last two years the Bank has also started to develop retail banking. The bank has a network of 47 branches in the European part of Russia. The bank has a proven track record of profitable growth, opera-tional efficiency and good asset qual-ity. Locko Bank is working closely with EBRD, IFC and KfW in various SME and trade finance programs and IFC is also a shareholder of the bank with 15% stake.

Value drivers: strong SME franchise, good platform to build retail banking, strong shareholders to support non-organic growth.

Rating: B+ from Fitch RatingsOwnership stake: 11.06%Acquisition date: September 2006www.lockobank.ru/eng/

Bank Kedr

Bank Kedry-o-y % growth in RUB terms

1Q2011 1Q2010

Total assets 7.0 7.4Net customer loans 15.8 21.9Total deposits 7.7 49.2Provisions as % of gross loans 7.1 6.9

The bank reported net profit in 1Q 2011 in contrast to loss making 1Q last year according RAS. Positive result was driven by increased net interest margin, decreased cost of funds and loan loss provisions. Loans increased by 2.9% while deposits decreased by 4.7% YTD in RUB terms helping the bank to rebalance by improving LTD ratio from 87% as at end of 2010 to 93% as of end of March.

The bank is planning to issue its debut RUB bond during the year.

Akibank

Akibanky-o-y % growth in RUB terms

1Q2011 1Q2010

Total assets 6.8 43.3Net customer loans -1.1 36.9Total deposits 9.4 47.8Provisions as % of gross loans 5.7 6.5

In Q1, the loan book of the bank had declined y-o-y but grew 7.0% q-o-q in EUR terms reflecting signs of recovery of credit demand in the region and the Moscow branch continuing bringing in new business. The competition from the state banks in the region continues to put pressure on bank’s NIM.

FIA-Bank

FIA-Banky-o-y % growth in RUB terms

1Q2011 1Q2010

Total assets 26.8 18.5Net customer loans 31.6 2.8Total deposits 30.3 43.9Provisions as % of gross loans 10.7 13.6

In Q1 the management team continued working on optimization of the bank’s operations and expenses, problem loans and developing the business. The bank booked profit in Q1 and is on budget. The bank received the approval of the Central Bank of Russia to increase capital during 2011 and we expect this to happen in H1 2011.

In February the shareholder structure of the bank changed as the former CEO was bought out by the other main shareholder. Unfortu-nately, the risk that the bank will need to create another EUR 3.7–7.4m in provisions in 2011 remains high, but it should be able to allocate this money from operating profit.

Financials FundQuarterly Report Q1 2011

Kedr is the leading regional bank in the Krasnoyarsk Krai, with an extensive customer base of SME and retail clients. The bank has a large branch network covering not only major towns in eastern Siberia, but also southern Russia, Moscow and St Petersburg. In November of 2007, Kedr became the first Russian bank to open a branch in Athens, Greece, thus giving the bank access to cheaper deposit funding.

Value drivers: loan book growth, profitability increase, strong position in the region.

Rating: B2 from Moody’s

Ownership stake: 18.85%Acquisition date: November 2006www.kedrbank.com/

Akibank is a regional bank in Russian Republic of Tatarstan, headquar-tered in Naberezhnye Chelny. The bank has a strong market position servicing big industrial groups and SME clients in the region through 44 offices. The bank is looking into opportunities to expand its opera-tions through acquisition in neigh-boring regions.

Value drivers: non-organic growth, organic growth in Moscow with reinforced management team, profitability increase.

Rating: B3 from Moody’s

Ownership stake: 19.99%Acquisition date: June 2007www.akibank.ru

FIA-Bank is based in the Samara region with 19 offices servicing retail and SME clients. The bank has strong brand recognition in the region and a growing client base. FIA-Bank is an attractive partner for banks seeking expansion in the Samara region.

Value drivers: loan and deposit growth based on strong retail platform and brand recognition, recovery of auto industry.

Rating: -

Ownership stake: 20.00%Acquisition date: April 2008www.fiabank.ru

Russian banking sector in 1Q2011

RUBbnMarch

2010December

2010February

2011March

2011m-o-m,

% changeYTD,

% changey-o-y,

% changeAssets 29 284 33 805 33 858 34 009 0.4 0.6 16.1Total loans 15 960 18 148 18 289 18 561 1.5 2.3 16.3 – retail loans 3 536 4 085 4 103 4 193 2.2 2.6 18.6 – corporate loans 12 424 14 063 14 186 14 369 1.3 2.2 15.7Deposits and current accounts 17 124 20 699 20 540 20 910 1.8 1.0 22.1Provisions 1 894 1 904 1 911 1 919 0.5 0.8 1.3 Source: CBR

Morgan&Stout

The debt collection market in Russia begins to feel the first signs of the credit crunch in 2008-2009 as banks give external collectors less and less work and limit the number of service providers they use on regular basis. This market trend can also be seen in the purchased debt market as the number of portfolios that come to the market is not increasing from last year and the quality of portfolios remains very poor. Morgan & Stout is compensating for this with the credit manage-ment business from the utilities and municipal service sectors. The company has also managed to enter into the insurance sector, signing a long-term service agreement with one of the largest insurance com-panies.

Investor interest in debt collection companies in our region seems to be picking up. A Polish receivables management company, Kruk S.A., listed in Warsaw Stock Exchange in the beginning of May attracting strong investor interest. The IPO was priced at the top of the expected range implying 15 xP/E for 2011. This is very useful for us in assessing our investment in Morgan & Stout as well as we have been lacking comparables for the company.

EE-DF AG

1Q started off sluggishly and we saw the first auctions only towards the end of January. The number of portfolios that come to the market is not increasing and the quality remains poor. In 1Q we analyzed 18 portfolios and bid for 15 as some of them were below the minimum required investment level. We won one auction for a portfolio with roughly EUR 250k in investment value in February and it is now being collected by Morgan & Stout.

In February EE-DF AG signed an agreement with EBRD on a co-financing structure where EBRD can participate in purchasing larger debt portfolios. Such portfolios should be over EUR 1mn in investment value and the maximum share of funding from EBRD will be limited to 30%. EBRD will actively market this facility to their own portfolio banks in Russia and we hope to see some proprietary portfolios com-ing this way.

Financials FundQuarterly Report Q1 2011

Morgan & Stout is a Moscow based debt collection agency that was established in April 2007. M&S offers the full spectrum of debt collection services focusing on early phase soft collection and legal services. The company has two main business lines - credit management services and purchased debt. M&S has firmly established itself as one of the top 5 collection companies in Russia with diversified client base consisting of retail banks, telecom and utilities companies.

Value drivers: diverse CMS business, high collection efficiency, good technical platform for rapid expansion.

Portfolios under management: B3 from Moody’sTotal revenues: EUR 4m as of end of November 2010Ownership stake: 33.00%

Acquisition date: July 2008www.morganstout.com/en/

EE-DF is a joint-venture with the leading European debt collection company Intrum Justitia that aims to become a significant market player in the Russian purchased debt market. The company purchases non-performing retail loan portfo-lios consisting mainly non-secured consumer loans, credit cards and car loans. The total commitment amounts to EUR 20m. The purchased portfolios will be serviced by local collection companies, with Morgan & Stout as the preferred partner for the joint-venture.

Value drivers: best in class portfolio analysis tools, good portfolio sourcing capabilities, strong partners.

Portfolios under management: n/a

Total revenues: n/aOwnership stake: 25.00%Acquisition date: January 2010

Pivdennyi bank

Bank Pivdennyi IFRS, Unaudited

1Q2011 EURm

1Q2010 EURm

y-o-y % change

Net interest income 10.9 6.8 61.6Net interest income after provisions 6.8 4.3 57.6Net income 1.4 0.4 261.4Total deposits 890.4 738.9 20.5Net customer loans 763.7 768.5 -0.6Total assets 1 119.6 1 091.5 2.6Net interest margin % 4.9 3.3ROaE, annualised% 3.9 1.2

Bank Pivdennyi showed encouraging results for the first quarter, which is traditionally the weakest quarter of the year. Net interest margin showed good improvement in comparison to last year, rising to 4.9%, mostly thanks to declining interest rates on deposit funding. The increased margin trickled down to the bottom line, with net income coming in at over triple last year’s 1Q figure and well ahead of budget. Although the loan portfolio still failed to grow, the early April data shows that this trend may finally start to turn in Q2. Meanwhile, deposit growth continues despite the steady drop in interest rates across all cur-rencies and tenors, so the bank feels confident of being able to source client funds. The annualized RoE figure is still weak at 3.9%, but with the corporate lending market starting to revive the bank’s management is feeling increasingly optimistic about the rest of the year.

Platinum bank

As mentioned earlier, Platinum Bank completed the acquisition of Home Credit Bank’s Ukrainian subsidiary in early 1Q, and manage-ment are now well into the integration process. Data from February is encouraging, with the bank meeting or exceeding its budget targets thus far despite increasing competition in the consumer finance seg-ment.

Nadra Bank

The first phase of the long-awaited recapitalization of Nadra bank was completed in early May, with companies from Group DF, controlled by Dmitry Firtash, contributing UAH 3.5bn as planned. The new share issue diluted our stake from 6.6% to 0.66%, as the fund chose not to participate in the issue due to a lack of clarity regarding asset quality and the bank’s plans for the future. In the second phase of the process, the government will contribute an equal amount of subordinated debt via Ukreximbank. Upon completion of the second phase, the bank is expected to once again be in compliance with capital adequacy requirements, and shortly thereafter we would expect the deposit restrictions, and indeed the temporary administration itself, to be lifted. The temporary administration is currently set to terminate at the latest on August 10th of this year.

Nadra paid the first semi-annual interest payment on our restruc-tured subordinated debt in early April. The debt bears a fixed interest rate of 2.5%.

UkraineFinancials FundQuarterly Report Q1 2011

Pivdennyi is the largest bank in the Odessa region with 30% market share in the South of Ukraine. The bank has a strong regional brand with loyal corporate and retail clientele. The growing Black Sea trade routes offer good growth prospects for the bank to further expand its corporate bank-ing business.

Value drivers: develop SME business and retail lending, profitability increase.

Rating: B- from Fitch, B3 from Moody’sOwnership stake: 9.98%Acquisition date: January 2008http://en.bank.com.ua/

Nadra is the 11th largest bank in Ukraine and the largest independ-ent retail bank in the country. It is a universal commercial bank with a nationwide branch network focus-ing on the mass retail market. In 2006-2007, Nadra underwent a major rebranding and re-launch of its retail product line, which was very successful but the bank experienced severe deposit outflows in late 2008

and the subsequent deterioration of assets led to a distressed situation. The bank has been under temporary administration since February 2009, and recapitalization of the bank is imminent.

Ownership stake: 0.66%

Acquisition date: August 2006

www.nadrabank.ua/eng/to-you

Platinum Bank is the only independ-ent pure play consumer finance group in Ukraine. The bank was set up in 2007 with two business lines: mortgage and consumer finance/cash cards. As the market environ-ment has changed significantly since its establishment, the bank is now expanding its product range to become a full service retail and SME bank.

Value drivers: non-organic growth, organic growth through branch roll-out, profitability increase.

Rating: -

Ownership stake: 14.33%Acquisition date: February 2007http://en.platinumbank.com.ua/

Ukrainian banking sector in 1Q2011

UAHbnMarch

2010December

2010February

2011March

2011m-o-m,

% changeYTD,

% changey-o-y,

% changeAssets 875 942 973 995 2.3 5.6 13.7Total loans 696 725 730 743 1.7 2.5 6.6 – retail loans 224 204 204 202 -1.0 -1.3 -9.9 – corporate loans 472 520 526 541 2.8 4.0 14.5Deposits and current accounts 338 414 426 440 3.3 6.1 30.1Provisions 98 113 115 118 2.5 4.4 19.8 Source: NBU

Bank of Georgia

Bank of GeorgiaIFRS, Unaudited

1Q2011 EURm

1Q2010 EURm

y-o-y % change

Net interest income 23.7 19.0 24.5Net interest income after provisions 21.5 15.9 35.3Net income 12.7 7.1 80.4Total deposits 827.0 589.1 40.4Net customer loans 952.4 764.7 24.6Total assets 1 693.9 1 319.9 28.3Net interest margin % 7.1 7.9ROaE, annualised % 17.7 11.5

Georgia

Bank of Georgia is a leading Georgian universal bank, providing a full range of commercial and investment bank-ing, asset and wealth management, insurance, leasing and card process-ing services to its corporate and retail clients. The largest retail bank in the country with 36% market share by total assets, Bank of Georgia serves over 730 000 retail clients through its network of 142 branches and 405 ATMs as well as through other deliv-ery channels including the Internet, mobile banking and state-of-the-art call center. Bank of Georgia is listed on the Georgian Stock Exchange and has its GDRs listed on the London Stock Exchange.

Value drivers: loan book growth, profitability improvement, attractiveness of the region.

Rating: ‘B/B’ from S & P, ‘B1/NP’ (FC) & ‘Ba3/NP’ (LC) from Moody’s and ‘B+/B+’ from Fitch Ratings

Acquisition date: April 2006www.bog.ge/

Bank of Georgia published quite strong unaudited 1Q results with 24.5% increase in net interest income and 80.4% increase in net income y-o-y in EUR terms. These figures however were distorted by the disposal of the Ukrainian subsidiary in February causing GEL 14m one-off loss on Income statement and contributing negatively to the loan book q-o-q growth. Net interest margin declined q-o-q under competitive pressure and continuing build-up of excessive liquidity. Annualized ROE reached 17.7% meeting the target set by the manage-ment.

Loan book decline of 5.7% in EUR terms in 1Q, apart from the disposal of Ukraianin subsidiary, was also attributable to GEL appre-ciation against USD (6% in 1Q11) and seasonality and thus not a big surprise. Customer deposits declined by 2.4% in EUR terms q-o-q also reflecting Ukrainian subsidiary disposal as the bank’s standalone financials showed increased by 8.7% q-o-q in GEL terms current accounts.

During its investor days in late February the Bank introduced its new strategy that is now purely focused on the Georgian market. The new strategy outlines three targets: 1) to double the bank’s loan book using deposit funding 2) expand into insurance and affordable housing 3) achieve 20%+ ROaE by the end of 2013. To reflect the new strategy and optimize its capital allocation, the bank has proposed the creation of a holding structure with four wholly-owned subsidiaries: Bank of Georgia, Insurance, Affordable Housing and Legacy Assets.

The share has been trading around USD 19-20 in 1Q and all analysts covering Bank of Georgia have increased the target price to USD 25-26 with a buy recommendation indicating further upside in this holding.

Georgia banking sector in 1Q2011

GELmMarch

2010December

2010February

2011March

2011m-o-m,

% changeYTD,

% changey-o-y,

% changeAssets 8 473 10 564 10 676 10 682 0.1 1.1 26.1Total loans 5 122 6 082 6 053 6 166 1.9 1.4 20.4 – retail loans 2 038 2 375 2 397 2 397 0.0 1.0 17.7 – corporate loans 3 084 3 708 3 656 3 768 3.1 1.6 22.2Deposits and current accounts 4 092 5 488 5 470 5 494 0.4 0.1 34.2Provisions 660 587 592 585 -1.1 -0.4 -11.4 Source: NBG

Fund performance since inceptions

East Capital Financials Investors AB (publ) (30.04.2011)

NAV (EUR) % 1 mth % YTD % Since inception316.99 -1.38 4.30 -36.60

NAVIndicative NAV is published on East Capital’s website on the 5thbanking day of every month.

East Capital Financials Fund

Financials FundQuarterly Report Q1 2011

Jefferies International Öhman Fondkommission Alternativa AktiemarknadenEquity Sales Equity Capital Markets Trading DeskJudah Plotner+44 207 898 7114funds@jefferies.com

Gustav Röken+46 8 402 52 13gustav.roken@ohman.se

+46 8 673 17 90info@alternativa.se

Prices can be found on:Bloomberg: <JJFD > / Emerging Europe andCentral Asia

Prices can be found on:Bloomberg: <OHMF> / Swedish shares and BondsWeb: www.ohman.se / Swedish shares and Bonds

Prices can be found on:Web: www.alternativa.se

Important NoticeThese notes should not be used as a basis for investment. Information and advice in this newsletter is based on sources that East Capital deem reliable, but East Capital can under no circumstancesbe answerable for the totality or correctness of the information, or for direct or indirect loss that can occur as a result of mistakes or discrepancies therein. Investment in funds is always associated with risks. Historic yields are no guarantee of future yields. Fund units can go up or down in value, and there is no guarantee that investors will get back all capital invested. As East Capital invests in foreign markets, currency fluctuations can affect the funds’ values. Fund information brochures can be obtained from East Capital.

Annual General Meeting 2011

On 12 May the annual general meeting of East Capital Financials Investors was held at East Capital’s office in Stockholm. The management report of East Capital Financials Fund was presented by the Investment Manager’s representative, Hanna Loikkanen, who gave her view on the current situation and future outlook on the markets where the fund operates. With market conditions and sector profitability showing steady improvement and the fund holdings developing well, the Investment Manager is optimistic about the positive trend in the Net Asset Value.

The Investment Manager currently expects to be able to exit most of the investments within the Fund’s original term, but acknowledge that a few of the holdings may need more time before they are ready for sale. The Investment Manager also clarified that as the fund is reaching towards the end of the fund term, the management fee of 2% on committed capital will gradually decreaseas the fee base will be lowered by the initial investment amount of each divested holding.The annual general meeting approved the annual accounts and reelected Justas Pipinis, Bengt Dennis and Jean-Marie Laporte as the members of the Board. The meeting also approved the Board of Directors’ proposal to change the Articles of Association in order to harmonize with the new rules in the Swedish Companies Act on giving notice of general meetings.

The management presentation can be downloaded from the East Capital website.

How to trade OTC?

The shares in the Fund’s investor consortium, East Capital FinancialInvestors AB (publ.), can be traded over-the-counter (OTC) at East Capital, Jefferies International and Öhman Fondkommission. The 534,194 shares are distributed among more than 1,200 shareholders registered at Euroclear. Institutional, corporate and qualified private investors are represented among the shareholders and a large number of the shareholders hold blocks between 100 and 500 shares.

For additional information regarding the East Capital FinancialsFund, please contact:

East Capital ABE-mail: info@eastcapital.comTel: +46 8 505 88 555

0

200

400

600

800

1 000

1 200

1 400

Apr-

06

Oct

-06

ECFI Net Asset Value OTC prices at Öhmans RTS Financials

Apr-

07

Oct

-07

Apr-

08

Oct

-08

Apr-

09

Oct

-08

Apr-

10

Oct

-10

Apr-

11