An overview of institutional ownership in Russian equities based on public information as of 2Q 2015.

1. N. America
46.5%
UK & Ireland
22.0%
W. Europe
9.6%
Scandinavia
9.5%
Domestic
5.9%
Asia
4.1%
Other
2.5%
Ownership by Region
-1,400.0
-1,200.0
-1,000.0
-800.0
-600.0
-400.0
-200.0
0.0
200.0
400.0
600.0
N.America
UK&Ireland
W.Europe
Scandinavia
Domestic
Asia
Other
Net Change ($M Value) by Region
Q3-14
Q4-14
Q1-15
Q2-15
Market Overview:
“The Russian market fell in US dollar terms in July, not helped by the aggressive sell-off in China equities and the weakness in
commodities. Russia was impacted by a near 20% drop in the price of oil following fears of extra supply from Iran following the signing of
the Iran deal. This has in turn affected the rouble, which fell by over 11% against the US dollar. The weakness was further exacerbated by
the Central Bank lowering interest rates by 0.5%. The Fund outperformed its performance comparator during this period. We would also
note that fair value pricing has been applied for the Fund’s investments in Greece.” – Baring Russia Fund (Jul 2015).
Regional: Overall there was a net inflow into Russia of $315M with the main support coming from UK based investors, who made net
purchases of $346M. J.P. Morgan Asset Management (UK), LTD and Fidelity International Limited increased their exposure by $148M
and $144M respectively. North American investors switched from negative to positive making net investments of $159M but this is
unlikely to be repeated in Q3 which has seen Grantham Mayo van Otterloo overtake OppenheimerFunds as top sellers along with
Capital Research Global Investors moving up as a major seller. Western European investors reversed their Q1 purchasing to reduce their
net exposure by $227M, which was mainly led by index firm Lyxor Asset Management S.A. reducing its Russia portfolio by $324M. UK
interest in Q3 has increased, with Majedie Asset Management, Schroder investment Management and Pictet Asset Management
joining the top buyers.
Flow of Funds: Russia Q2 2015
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contained herein.

2. Agg Gr./Growth
43.0%
Deep Val./Value
27.3%
Index
15.2% GARP
8.6%
Specialty
0.9%
Yield
2.6%
Alternative
2.3%
Ownership by Style
-2,000.0
-1,500.0
-1,000.0
-500.0
0.0
500.0
AggGr./Growth
DeepVal./Value
Index
GARP
Specialty
Yield
Alternative
Net Change ($M Value) by Style
Q3-14
Q4-14
Q1-15
Q2-15
Investment Style: The main discipline divesting from the market was index investors who ramped up their sales from $29M in Q1 to
$212M in Q2. Growth investors were the main driver with net increases of $286M; Alternative and GARP investors were also net buyers
with investments of $107M and $87M respectively. All other styles remained relatively flat.
Flow of Funds: Russia Q2 2015
©2015 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information
contained herein.

3. Flow of Funds: Russia Q2 2015
©2015 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information
contained herein.