Portfolio

According to the Fund Rules, the Fund may invest in the following third-country markets (together with or outside the ones entered in the list approved by the Deputy Chair):

State	Market
Russia	Moscow Internbank Currency Exchange – MICEX
Russia	ussian Trade System – RTS
Macedonia	Macedonian Exchange
Serbia	Belgrade Stock Exchange
Turkey	Istanbul Stock Exchange
Ukraine	PFTS Stock Trading System
Croatia	Zagreb Stock Exchange
Israel	Tel Aviv Stock Exchange
Bosnia and Herzegovina	Sarajevo Stock Exchange
Bosnia and Herzegovina	Banja Luka Stock Exchange
Montenego	Montenegro Stock Exchange
Kazakhstan	Kazakhstan Stock Exchange

Acting in accordance with legal restrictions and the Fund Rules, Expat New Europe Properties plans to geographically structure its investments relying on the following model:

1. Investments in Bulgarian securities – up to 90% of the Fund's portfolio

2. In foreign securities from Member State or third country agreed showed above – up to 30% of the Fund's portfolio in securities from a single country

3. In securities from other countries, outside the ones listed above paragraphs 1 through 2 – up to 10% of the Fund's portfolio

The specific structure of the assets will depend on current market conditions and will be dynamic within the framework of the above restrictions, as regards the type of assets, as well as regarding the geographical structure. In the event of a prolonged market decline in a certain country, the Fund will go about withdrawing investments from the group of stocks to direct them to lower-risk assets to the end of protecting investors' investments.