Akos Sarandi Chief Executive Officer31.01.2013.

QUANTIS Investment Management Introductory presentation

Mission of QUANTIS

„… we safeguard the investments of BROKERNET clients, and assure them outstanding returns…”

The main driver behind the establishment of QUANTIS Investment Management Zrt. in 2008 was to create a professional team within the BROKERNET Group who are able to expertly select funds and pick the best products to be included in our unit-linked portfolios.

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• QUANTIS employs a multi-manager approach that is common in developed markets but unique not only in Hungary, but even in the whole Eastern European region.

• Our aim is to become the largest independent fund manager in Hungary measured by assets under management, a completely realistic target considering the fact that, with our current performance, we already rank 2nd among independent fund managers.

Mission of QUANTIS

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Owner structure of QUANTIS

30% minority share

LGT Group is an international wealth & asset management group domiciled in Vaduz, Liechtenstein. The company has been owned for eighty years by the Princely House of Liechtenstein. With around 1,700 employees, LGT Group is represented in more than 20 locations in Europe, Asia and the Middle East.

Detailed introduction here.

70% majority share

BROKERNET Group is one of Europe’s leading, independent financial consultancies. Its strong backbone consists of closely cooperating member firms that assist clients in exploiting the synergies among member firms to the greatest extent possible in four interrelated business lines: investment - insurance - credit - real estate.

Detailed introduction here.

We create value

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Assets under management of QUANTIS in EUR

Source: QUANTISInterval: since inception – till 31.12.2012.

Figures are in EUR, represented on a quarterly basis

58 mm

134 mm

198 mm

251 mm

285 mm 286 mm318 mm

362 mm 368 mm352 mm

291 mm 290 mm

322 mm303 mm 308 mm 307 mm

mm

50 mm

100 mm

150 mm

200 mm

250 mm

300 mm

350 mm

400 mm

QUARTERLY AUM EUR

We create value

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Assets under management of QUANTIS in HUF

Source: QUANTISInterval: since inception – till 31.12.2012.

Figures are in HUF, represented on a quarterly basis

18 bn

37 bn

54 bn

68 bn

76 bn82 bn

88 bn

101 bn98 bn

93 bn

85 bn90 bn

95 bn

87 bn 87 bn 90 bn

bn

20 bn

40 bn

60 bn

80 bn

100 bn

120 bn

QUARTERLY AUM HUF

Ákos Sárándi Chief Executive Officer – 17 years experience

Akos Sarandi graduated from the College of Commerce, Catering and Tourism as an Economist in 1999. He took He took the Budapest Stock Exchange qualification exam in 1996. He has been a supporting member of the Chartered Financial Analyst Hungary since 2003.

He started his career as a relationship manager and OTC/ Listed Equity Trader at First German Securities Ltd in 1995. Between 1997 and 2003, Mr. Sarandi worked at ABN AMRO Hoare Govett Ltd as Head of Sales and Trading, and also member of the board. Between 2003 and 2008 he worked at Credit Suisse Asset Management Hungary Zrt. as Head of Distribution responsible for Hungary, Romania (Member of the Board). In 2008 he has built up QUANTIS Investment Management Zrt. from scratch as Chief Executive Officer, which became the 2nd largest independent asset management company.

In 2011 Mr. Sarandi started a minority stake sales process from QUANTIS. As a result – recently, in November 2012 – the Princely Family of Lichtenstein has acquired a 30% stake from QUANTIS through their own asset management company LGT Capital Management AG.

Attila Rebák, CFA, PRM, CAIA

Chief Investment Officer – 17 years experience

Economist Attila Rebák spent more than three years as Chief Investment Officer of the Budapest office of Credit Suisse Asset Management.

In addition to his EFFAS (European Federation of Financial Analysts Societies) qualification, Mr. Rebák also holds the distinctive CFA (Chartered Financial Analyst) rating. He was the first in Hungary to earn the PRM (Professional Risk Manager) degree, and one of the first experts to be awarded the CAIA (Chartered Alternative Investment Analyst) qualification, the only professional qualification focusing exclusively on alternative investments.

In 2008 he participated in the foundation of QUANTIS Investment Management Zrt. from scratch, where he, as the Chief Investment Officer launched all the 11 mutual funds of QUANTIS.

Professional management of QUANTIS

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B

Citywire MagazineWe got known in London in 2009

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B

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Citywire MagazineWe publish studies in world-wide read investment magazines

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Citywire Magazine…and provide market commentaries

QUANTIS Investment Philosophy Multi-Manager solution and Q-SELECT

Multi-Manager solution

The main idea of the multi-manager approach applied by us is that our fund management company does not perform individual stock selection, but instead we primarily focus on investment fund selection – on finding those portfolio managers who will expectedly show outstanding performance in the future.

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Functi

on

Fund selection

Aim

Finding the best portfolio managers of a given

asset class from the available international

investment fund universe

Result

Fund specific risk has been decreased, while

performance has been significantly increased

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Only the funds of portfolio managers selected through the „Q-SELECT” process can be included in the portfolios of our investment fund, which are all "fund of funds" arrangements.

Q-SELECT fund selection model

Q-SELECT fund selection model is based

• 30% on quantitative and

• 70% on qualitative factors.

The majority of the funds performing the best in the Q-SELECT Scoring System is not available for private investors in public distribution in the Eastern European region.

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I. Quantitative factors (30%) Based on softwares

•Defining key strategy (investment region, benchmark, etc)•Further filters – to focus only on the most reliable funds and fund managers

II. Qualitative factors (70%)Based on the RFI

• Qualitative screening is based on a detailed questionnaire (Request For Information – RFI), which addresses questions to managers about:

III. In-depth interviews Face-to-face meetings with the 8-10 fund managers of the best scorings

•Adjustment of the scorings of the top managers,•Selecting 4-6 funds to be added to our portfolio.

Q-SELECT fund selection model

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B

Based on the RFI, we quantify the answers in the Q-SELECT Scoring

System, in which the following group of factors are taken into account

with particular weights:

1. Investment professionals

2. Processes

3. Portfolio risk

4. Performance related risk/reward

5. Organisation

6. Operations

7. Subjective adjustment

Q-SELECT Scoring System

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B

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Q-SELECT Scoring SystemExample for the evaluation of an RFI

B

Q-SELECT fund selection model

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1. Defining strategy (benchmark, etc.)

2. Initial filters (to narrow the universe)

3. Sreening the most reliable fund

managers through the RFI

5. Preparing buylist

6. Portfolio construction

7. Constant monitoring

Further analysis applied during the portfolio construction

•Correclation among the funds of the buy list

•Style analysis•large cap vs. small cap•value vs. growth•bull capture vs. bear capture

•Holding-based analysis

•Predicted alpha

Q-SELECT fund selection modelPortfolio construction

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Consistent performance is ensured by a constant monitoring process, once portfolio construction is finished. When certain events are detected, the concerned constituent’s weight is cut or it is liquidated immediately.

Key triggers:

•Continuous / unexpected underperformance,

•Exit of the leading portfolio manager leaves from the fund,

•Deviation from the original investment policy,

•Change in the ownership structure,

•Deviation from the pre-defined tracking error,

•Change in the analyst team

•Operational risks.

Q-SELECT fund selection modelConstant monitoring

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BAberdeen – London

GAM - Zurich

Carmignac - Paris

Q-SELECT is in progress…

Neptune - London

M&G - London

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B

F&C - London

Jupiter - LondonGoldman Sachs - Frankfurt

Pictet - London

State Street - Paris

Q-SELECT is in progress…

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Product Structure of QUANTIS

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Product Structure of QUANTISFund Share class Ccy ISIN Start date Bloomberg tickers

QUANTIS India USD Equity Fund of Funds

A USD HU0000707609 2009.01.27 QUINEQU HBN HUF HUF HU0000707773 2009.04.28 QUINENH HBN EUR EUR HU0000709720 2011.01.20 QUINENE HBN USD USD HU0000709712 2011.01.20 QUINENU HBN RON RON HU0000710074 2011.07.18  

QUANTIS China USD Equity Fund of Funds

A USD HU0000707617 2009.01.27 QUCHEQU HBN HUF HUF HU0000707765 2009.04.28 QUCHENH HBN EUR EUR HU0000709746 2011.01.20 QUCHENE HBN USD USD HU0000709738 2011.01.20 QUCHENU HBN RON RON HU0000710082 2011.07.18  

QUANTIS South-America USD Equity Fund of Funds

A USD HU0000707583 2009.02.05 QUSAUEQ HBN HUF HUF HU0000707781 2009.04.24 QUSAUNH HBN EUR EUR HU0000709654 2011.01.18 QUSAUNE HBN USD USD HU0000709662 2011.01.18 QUSAUNU HBN RON RON HU0000710033 2011.07.18  

QUANTIS Eastern-Europe EUR Equity Fund of Funds

A EUR HU0000707575 2009.02.05 QUEEEQU HBN HUF HUF HU0000707799 2009.04.27 QUEEENH HBN EUR EUR HU0000709670 2011.01.19 QUEEENE HBN USD USD HU0000709688 2011.01.19 QUEEENU HBN RON RON HU0000710090 2011.07.18  

QUANTIS Global USD Developed Markets Equity Fund of Funds

A USD HU0000707591 2009.02.05 QUGUSDM HBN HUF HUF HU0000707757 2009.04.27 QUGUSNH HBN EUR EUR HU0000709621 2011.01.18 QUGUSNE HBN USD USD HU0000709613 2011.01.18 QUGUSNU HBN RON RON HU0000710009 2011.07.18  

QUANTIS North-America USD Equity Fund of Funds

A USD HU0000707849 2009.03.30 QUNAUEF HBN HUF HUF HU0000707831 2009.04.27 QUNAUNH HBN EUR EUR HU0000709647 2011.01.18 QUNAUNE HBN USD USD HU0000709639 2011.01.18 QUNAUNU HBN RON RON HU0000710025 2011.07.18  

QUANTIS Global USD Emerging Markets Equity Fund of Funds

A USD HU0000708102 2009.09.08 QUAGUDM HBN HUF HUF HU0000708110 2009.10.15 QUAGUNH HBN EUR EUR HU0000709704 2011.01.19 QUAGUNE HBN USD USD HU0000709696 2011.01.19 QUAGUNU HBN RON RON HU0000710058 2011.07.18  

QUANTIS Russia EUR Equity Fund of Funds

A EUR HU0000710140 2009.03.30 QUGTUEF HBN HUF HUF HU0000707823 2009.04.27 QUGTUNH HBN EUR EUR HU0000709779 2011.01.19 QUGTUNE HBN USD USD HU0000709787 2011.01.19 QUGTUNU HBN RON RON HU0000710017 2011.07.18  

QUANTIS Growth HUF Balanced Fund of FundsA HUF HU0000708136 2009.09.08 QUAGRHB HB

N HUF HUF HU0000708144 2009.10.15 QUAGRNH HB

QUANTIS HUF Liquidity Fund A HUF HU0000707625 2009.01.27 QUHUFLQ HB

N HUF HUF HU0000707807 2009.04.23 QUHUFNH HB

Granit Bank Deposit Fund A HUF HU0000711106 2011.12.08  

B

Current composition

Active funds:

•Allianz RCM China Fund A USD

•Robeco Chinese Equities D USD Acc

•First State China Focus

•GAM Star China Equity USD Acc

•BlackRock Global Funds - China I USD

ETF:

•Deutsche Bank FTSE/XIN CH Tracker

QUANTIS China USD Equity FoF

Above compositions reflect a delayed status as real-time compositions and weights are confidential information, that is the property of QUANTIS Investment Management Zrt. 24

B

Current composition

Active funds:

•PineBridge India Equity A

•Franklin Templeton India A

•Matthews Asia Funds India A GBP Hdg

•Comgest Growth India

•Goldman Sachs India Fund

ETF:

•Deutsche Bank S&P Nifty Tracker

QUANTIS India USD Equity FoF

Above compositions reflect a delayed status as real-time compositions and weights are confidential information, that is the property of QUANTIS Investment Management Zrt. 25

B

Current composition

Active funds:

•Aberdeen Latin American Equity A Acc

•First State Latin America A

•Amundi Fds Eq Latin America AU-C

•T. Rowe Price Latin American Equity

•Franklin Templeton Latin America A

ETF:

•Deutsche Bank MSCI Latin America Tracker

QUANTIS South-America USD Equity FoF

Above compositions reflect a delayed status as real-time compositions and weights are confidential information, that is the property of QUANTIS Investment Management Zrt. 26

B

Current composition

Active funds:

•Nevsky Eastern European USD

•East Capital LUX Eastern Eurp A EUR

•Barings Eastern Europe A USD Inc

•T. Rowe Price EM Europe Equity A

•Danske Eastern Europe I Cap

ETF:

•iShares MSCI East Europe 10/40

QUANTIS Eastern-Europe EUR Equity FoF

Above compositions reflect a delayed status as real-time compositions and weights are confidential information, that is the property of QUANTIS Investment Management Zrt. 27

B

Current composition

Active funds:

•Aberdeen World Equity A Acc

•M&G Dividend

•Calamos Global Equity Class I USD Acc

•Jupiter Global Managed Inc

•Sands Capital Global Growth

ETF:

•Deutsche Bank MSCI World Tracker

QUANTIS Global USD Developed Markets Equity FoF

Above compositions reflect a delayed status as real-time compositions and weights are confidential information, that is the property of QUANTIS Investment Management Zrt. 28

B

QUANTIS Global USD Emerging Markets Equity FoF

Current composition

Active funds:

•Reyl GF Emerging Markets Equities B

•Aberdeen Global Emerging Markets Eq A2

•M&G Global Emerging Markets A EUR

•Neptune Emerging Markets A Acc

•Comgest Growth Emerging Markets Acc

•Aberdeen Global Emerging Markets SC D2

ETF:

•iShares MSCI EM Tracker (DE) (EUR)

Above compositions reflect a delayed status as real-time compositions and weights are confidential information, that is the property of QUANTIS Investment Management Zrt. 29

B

Current composition

Active funds:

•Aberdeen American Equity A

•Allianz RCM US Equity A

•Jupiter North American Income Inc

•M&G American A Acc

ETF:

•SPDR S&P 500 Tracker

•iShares Russel 2000 Growth Index

•Utilities Select Sector SPDR Fund (USD)

•Consumer Staples Select Sector SPDR Fund (USD)

QUANTIS North-America USD Equity FoF

Above compositions reflect a delayed status as real-time compositions and weights are confidential information, that is the property of QUANTIS Investment Management Zrt. 30

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Current composition

Active funds:

•East Capital LUX Russian A EUR

•Pictet-Russian Equities EUR

•Julius Baer Multistock - Russia Fund EUR

•Aberdeen Global Russian Equity A2

•Neptune Russia & Greater Russia A

ETF:

•DB MSCI Russia Capped Index ETF

QUANTIS Russia EUR Equity FoF

Above compositions reflect a delayed status as real-time compositions and weights are confidential information, that is the property of QUANTIS Investment Management Zrt. 31

B

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Wide range of asset classes in an actively managed portfolio

•Treasury bills

•Government bonds (EM and Dev. markets)

•Inflation-linked bonds (USA)

•Investment grade corporate bonds (USA)

•High-yield corporate bonds (global)

•Convertible bonds (global)

•Equities (EM and developed markets)

•Commodities (energy, precious metals)

•Currency trading

•HUF currency overlay management

QUANTIS Growth HUF Balanced FoF

Sales points•Active portfolio management

•Modest volatility, relatively safe investment

•Highly diversified portfolio

•Rigorous risk-monitoring process

•Long-only fund with absolute return bias

•Wide range of asset classes in the portfolio

•Portfolio construction based on the proprietary quantitative model of QUANTIS

QUANTIS Growth HUF Balanced FoF

Hungarian T-bills41,68%

Developed equities13,06%

Gold6,41%

Investment grade bonds

10,79%

EM govies14,82%

Inflation linked bonds

13,04%

Cash0,20%

Asset allocation 2012 YE

1 month 3 months 6 months 12 months 24 months 36 months 2009.09.30. - 2011 2010 2009

Quantis Növekedési 0,60% 1,44% 5,48% 13,00% 7,34% 9,24% 8,62% 1,99% 12,28% 1,13%Benchmark 1,44% 2,67% 8,84% 15,98% 9,04% 10,85% 10,99% 2,54% 13,56% 3,96%Alpha -0,84% -1,23% -3,36% -2,99% -1,70% -1,61% -2,37% -0,55% -1,27% -2,83%

Source: Bloomberg, QUANTIS

2009.09.30 Benchmark Quantis Növekedési2012.12.31

Return (annual) 12,41% 9,48%Alpha (raw - annual) -2,93%Alpha (Jensen annual) 4,32%Risk free (HUF - annual)

Stdev (annual) 9,30% 5,58%Tracking Error (annual) 7,21%Beta (annual) 1,0000 0,3794Downside deviation (annual) 5,75% 3,09%

Sharpe (annual) 0,6730 0,5963Treynor (annual) 0,0626 0,0878Sortino (annual) 1,0888 1,0780Information ratio (annual) -0,4057

Fama return decomposition

Risk free 6,1549%Benchmark 6,2564%Active

Beta -3,8828%Security selection 0,9562%

Source: Bloomberg, QUANTIS

6,1549%

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Current composition

•Discount Treasury Bill

•Hungarian Government Bonds

Duration ~ 1 month

QUANTIS HUF Liquidity Fund

Above compositions reflect a delayed status as real-time compositions and weights are confidential information, that is the property of QUANTIS Investment Management Zrt.

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Sales support

•Educational trainings

•Factsheets

•Graphs, comparisons

•Ad-hoc analysis

•Market commentaries

•PR functions

Monthly Factsheet

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Vilaggazdaság

www.quantis.hu

NAV publication

•Monthly Factsheets•Daily NAV publication:

•on our website and

•in Vilaggazdaság, a popular economic newspaper

QUANTIS Investment Management Zrt. / 1036 Budapest, Arpad fejedelem utja 79. / tel.: +36 1 413 2280 / fax: +36 1 413 2268 / e-mail: info@quantis.hu

The information contained herein is the intellectual property of QUANTIS Investment Management Zrt. and the BROKERNET Group. Any copying, duplication or reproduction in print or electronic media of this information or any part thereof is subject to the owner's approval.

The past performance of investment funds does not necessarily predict their future performance. The price and return on investment units may move up or down, and accordingly, the amount paid upon redemption of the same may be higher or lower than the original investment. All information in this document is for information purposes only and does not constitute an investment recommendation, invitation to bid or investment advice; furthermore, this document is not intended to substitute a thorough understanding of the combined Prospectus and management policy of the funds managed by the fund manager. The fund manager accepts no responsibility for investment decisions made on the basis of the announcement and the consequences thereof. Prior to making any investment decision, we suggest that the investor read the combined Prospectus and management policy available at the fund manager's headquarters and at the www.quantis.hu website. The return realised on the purchase and redemption of investment units is subject to taxation. We suggest that the investor study the applicable tax laws prior to making any investment decision.

Disclaimer

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