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Open Joint Stock Company
Closed-End Non-Diversified Corporate Investment Fund "Synergy" (IFSNR)

Term of activity: March 20, 2003 – March 20, 2006
Fund manager: Victor Botte
Growth of net assets value per share:+699.38% (from UAH 10,000.00 to UAH 79,937.60)
Fund's annual return: 99.8%

On the date of liquidation (May 23, 2006):
Fund’s net assets value – UAH 59,81 mln.
NAV per share – UAH 82,153.75
Asset management company’s success fee – UAH 7,45 mln.

Payment to shareholder – UAH 71,922.46 per share
Shareholder’s return – 619.2% (1 159 days)
Shareholder’s annual return (excluding taxes and fees) – 79.3%

Factsheet

Type	Equity fund
Classification	Value fund
Face Value	UAH 10,000
Shares outstanding	728

Shareholders

53% – individuals

47% – legal entities

80% – domestic

20% – foreigners

Objective

Maximum appreciation of capital through medium-term investment in Ukrainian equities with growth potential higher than market average

Asset allocation

≥70% – shares of Ukrainian companies

≤30% – deposit

Additional restrictions: ≤10% - in the securities issued by one and the same issuer

Dynamics of NAV Growth	Industry Breakdown

Аctive Operations

Тоp Results


Realized return:	Profitable positions:

AZOVSTAL – 2,451.7% (217 days) SUMY FRUNZE MACHINE-BUILDING SCIENTIFIC & PRODUCTION AMALGAMATION – 873.9% (267 days) KYIVOBLENERGO – 691.5% (189 days) POLTAVA ORE MINING & ENRICHMENT WORKS – 683.8% (138 days) INTERPIPE NYZHNYODNIPROVSKY PIPE-ROLLING PLANT – 567.1% (253 days)	LUHANSKTEPLOVOZ – UAH 6.8 mln. INTERPIPE NYZHNYODNIPROVSKY PIPE-ROLLING PLANT – UAH 6.7 mln. STIROL – UAH 4.5 mln. UKRNAFTA – UAH 3.8 mln. ZAPORIZHSTAL – UAH 2.2 mln.

Portfolio Performance

Benchmark – PFTS Index

Table of Value

Fund	PFTS Index
Monthly Average Return
6.7%	6.2%
Standard Deviation
10.8%	12.6%
Sharpe Ratio (annualized)
2.9	2.2
Sortino Ratio (minimum acceptable return - 17%)
8.1	7.2

* - for convenience, the conventional comparison unit equals 1.0 for both the Fund’s NAV per Share at inception (UAH 10,000) and PFTS Index (53.33 pts.) as of March 20, 2003

Fund’s average excess return relative to the benchmark return (Modigliani Measure) – 29.3%

Fund	PFTS Index
Threshold return ≥17%
69.1%	65.2%
Threshold return ≤17%
30.9%	34.8%
Omega Ratio
2.2	1.9

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2 Lysenko St.,
Kyiv, Ukraine 01034
Tel.: (380-44) 246-7350, 246-7434
Fax: (380-44) 235-5875

Open Joint Stock CompanyClosed-End Non-Diversified Corporate Investment Fund "Synergy" (IFSNR)

Open Joint Stock Company
Closed-End Non-Diversified Corporate Investment Fund "Synergy" (IFSNR)