RNDr. Roman Vlček, Chairman of the Board of Directors SASSIng. Ivan Znášik, Executive Director SASS

Short summary of macroeconomic data of the Slovak Republic

2013 2014 End IIQ 2015

Population (million) 5.42 5.42 5.42

GDP (EUR billion)* 73.59 75.21 37.12

Real GDP growth (%)** 1.4 2.4 3.2

Inflation rate (%) 0.4 -0.1 -0.1

Unemployment rate (%) 14.2 12.6 11.2

Stock market capitalisation (EUR billion) 3.48 3.90 3.59

Stock market capitalisation (% of GDP) 4.73 5.19 n. a. Est. < 5

Bond market capitalisation (EUR billion) 35.14 37.33 40.53

Bond market capitalisation (% of GDP) 47.75 49.63 n. a. Est. >50

* at current prices** at chain-linked volumes with reference year 2010

Milestones of Collective Investment in the Slovak Republic

• 1998 SASS was established

• 1999 The European Collective Investment Act (UCITS) was adopted

• 1999 creation of the Authority for financial market supervision (UFT)

• 2001 SASS became a regular member of EFAMA

• May 2004 The Slovak Republic joined the European Union

• 2006 The integration of the Authority for financial market supervision (UFT) into the National bank of Slovakia

• January 2009 The Slovak Republic joined the Economic and Monetary Union (EMU)

The Slovak Association of Fund Management Companies (SASS)

has 6 regular members and 15 associate members

(including banks, investment companies, asset management companies,

securities brokers)

The SASS members manage:

9.258 bn EUR in mutual funds and portfolio management mandates* 6.774 bn EUR in 495 mutual funds*

5.690 bn EUR in 88 home domiciled mutual funds 1.084 bn EUR in 407 foreign domiciled mutual funds

(* July 2015)

Position of Collective Investment within domestic financial and bank market in the Slovak Republic at

end of December 2014

Economic background and recent trends in Collective Investment

Decelerating growth of global economics

Macro-economic imbalances

Geopolitical tension

Falling oil prices

Deflationary threats

Swamping financial markets with liquidity from the side of central banks

Record low interest rates

Net sales in 2014 + 792 mil. EUR in first half year 2015

+ 362 mil. EUR

Positive performance was achieved in all fund categories

Returning to UCITS funds

Continuing outflow from Money Market Funds and Short-term Investment Funds

Dominance of Balanced Funds

Regular investment - Savings

SASS legislative activities in 2014 and 2015

• Amendment of Collective Investment Act– Harmonization with the provisions of AIFMD from July 22nd,

2014– AIF managers remuneration– Methodology for reports preparation for AIF– UCITS V and SICAV implementation

Future appeals

• Tax legislation– Introduction of „Time test“ for tax free income

- 1 year holding period for securities

- 15 years for securities saving schemes– Cancelation of health care levies from foreign funds redemptions

Historical trend of assets volume in mutual funds 2003 – 2015 (mil. EUR)

Historical trend of sales volume in mutual funds 2003 – 2015 (mil. EUR)

Slovak methodology of mutual funds valid from March 2014

Criteria– The type of assets in portfolio and its corresponding market risk – Main– The legislative and regulatory frame – Additional 1– The way of distribution and sale – Additional 2

 

Additional 1– Standard mutual funds– Alternative investment funds– Non-European alternative investment

funds Additional 2– Public offer– Non-public offer

Main– Money Market Funds– Short-term Investment Funds – Bond Funds– Equity Funds– Balanced Funds– Structured Funds– Real Estate Funds– Alternative Investment Funds

Fund Industry Structure as of end of July 2015

Total volume 6,774,055,935.53 EUR

The assets value in UCITS and AIF and in public and non-public offer as of end of July 2015

Home-domiciled investment funds allocation as of end of 2014

Total volume 5,690,248,068.52 EUR

The total assets value in domestic and foreign mutual funds as of end of July 2015 (mil. EUR)

foreign

domestic

Comparison of the asset structure in UCITS in the Slovak Republic and in EFAMA member

organizations as of end of June 2015EFAMA*EFAMA* SRSR

The assets structure in UCITS in the Slovak Republic and EFAMA member organizations as

of end of June 2015

Slovesnksá asociácia správcovských spoločností

Drieňová 3

821 01 Bratislava

www.sass-sk.sk

+421 2 444 56 591

+421 2 446 32 543