ELANA Fund Management is among the first licensed asset managers in Bulgaria with 18 years in top 5 of the Bulgarian fund industry.

1. www.elana.net/fund-management

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18 years in the lead
 ELANA Fund Management is among the very first licensed asset managers in Bulgaria
founded 2002. It started the first mutual fund in the country.
 A member of the Bulgarian Association of Asset Managers. Member of the Board of BAAM.
 Offers 7 UCITs funds and discretionary portfolio management to high-net-worth
individuals /HNWI/ covering the full risk spectrum of investment strategies as well as saving
plans.
 Total assets under management – EUR 72 mln. (31 Dec 2019, BAAM).
 Among the top 5 players by AUM on the Bulgarian mutual funds market (10% market share)
 32 annual industry awards based on rankings of asset managers and funds.
 Provides service to over 2 000 institutional and individual investors.
 Part of ELANA – one of the largest local institutions in the non-banking financial sector with
history of 29 years in finance, investment, consultancy.

3. www.elana.net/fund-management
ELANA Group portfolio
Asset management
ELANA Fund Management
 18 years in the lead
 Started the first mutual fund
 Manages 7 UCITs funds and individual portfolios
 EUR 72 mln. AUM
 Recognized by 32 national and international
awards
Brokerage & investment banking
ELANA Trading
 29 years a licensed broker in the top 5
 Full-service provider on Bulgarian and
international financial markets
 Best Bulgarian Broker of the Year 2019, 2018,
2017, 2016, 2015, 2014, 2013 and 2010
 Trusted long-term partner to international
institutions
Public funds management
Bulgarian Energy Efficiency and
Renewable Sources Fund
 15 years promotion of energy efficiency
 Fund Management granted via World Bank
 Selected as the first private fund manager of a
public fund
Regional Urban Development Fund
 Jessica Funds granted by EIB
 Partner of Societe Generale Expressbank
 Second term of fund management – Northern
Bulgaria
Renewable energy
ELANA Energy Management
 RE projects since 2004
 2 projects certified Class A Investment by
InvestBulgaria Agency (the governmental arm to
promote investment in Bulgaria)
Farmland investment
ELANA Agrocredit
 First farmland financial leasing company
 Registered as a financial institution in 2012
 Listed on the Bulgarian Stock Exchange -
Awarded The Best IPO in 2013
 Guaranteed annual dividend
 Invested EUR 44 mln. in farm land purchase and
loans to farmers (as of 31 Dec 2019).
EU funding consultancy
ELANA Investment
 21 years successful EU-funded projects for
business and public administration
 Consulted over 500 enterprises, agricultural
producers and municipalities
 Facilitated over EUR 260 mln. aid investment in
BG industry and agriculture

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Mission and values
Our mission
ELANA Fund Management strives to provide opportunities for wealth improvement to each and every of its investors –
large and small, institutional and individual – by highly professional and wise investment management as well as by
caring and accountable customer service.
Our values
We believe integrity and transparency are in the core our work. We are in the business of trust which can only be
successful if we care every day for the best interest of our investors and build a long-term relationship with them.
Our investment philosophy and approach
We take a fundamental approach to investing and rely on our in-depth analysis to bring the best results with a long-term
vision. In designing our products we maintain ELANA’s twofold principle – keeping up with tradition & innovation: sustain
the best of experience and grasp the future opportunities.

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Core Team
Martin Nikolov has got 29 years’ experience in investment
management. He is part of ELANA team from the very founding the
company in the early 90s. Until 2006 he was the executive director of
the brokerage ELANA Trading. Since then he took over the
management of the asset manager in ELANA group. Mr. Nikolov
graduated Economics at the New Bulgarian University and specialized
currency hedging at Merrill Lynch-London as well as Technical Analysis
at ING Bank-Austria.
Martin Nikolov
Executive Director and Member of the Board of ELANA Fund Management
Member of the Board of ELANA Financial Holding
Ivaylo Penev, CFA, MBA
Head of Asset Management Department,
Member of the Board of ELANA Fund Management
Ivaylo Penev has over 19 years of experience in investment
management and trading. He heads the asset management
including ELANA mutual funds and other assets.
Penev joined ELANA 2004 as an expert on global financial
markets at the brokerage ELANA Trading. In 2007 he
became part of the asset management team of ELANA Fund
Management. Since 2009 Mr. Penev headed the department
and in 2013 was appointed to be member of the board.
Before ELANA, he had worked at debt securities and FX
trading departments at the International Asset Bank (former
First East International Bank).
Ivaylo Penev graduated Banking & Finance at University of
National and World Economics and MBA Program in Finance
of Vienna University Executive Academy. He is a licensed
investment consultant by the Financial Supervision
Commission as well as CFA charterholder. Mr. Penev is a
member of the Bulgarian Dealers Association. He delivers
thematic lectures on Finance at the American University in
Bulgaria and at the Atanas Burov Foundation summer school
on capital markets.
Board Member
Investment Relations Director at ELANA Fund Management
Member of the Board of ELANA Fund Management
Nikolay Pavlov has got 20 years of experience in finance and
investment. He joined ELANA in 1998 as financial expert first in
Financial Dept., and later moved to Sales Dept. He has accumulated
experience also as a dealer in Global Markets Trading at ELANA Trading
but focused on consulting of investors consequently as chief expert
financial services, director of ELANA Investment Centre-Business Park
and Key Accounts Manager for the financial businesses of ELANA.
Nikolay Pavlov graduated Management, Commerce and Marketing
College and Management at Plovdiv University “Saint Paisius of
Hilendar”. He has attended a series of courses in sales and business
communication.

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Partnerships
In Bulgaria, ELANA Fund Management is a founding member of the Bulgarian Association of Asset Managers and currently is a
member of the board of the organisation. It represents the local fund industry and works for improvement and development of the
market by legal and educational efforts in order to ensure investors find a fair investing environment.
Traditional international partnerships
In 2008 launched a capital-protected fund, designed for Bulgarian investors, in partnership with KBC Asset Management. In 2019 the
company is launching a partnership for local distribution of Citi funds.

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Award-winning mutual funds
Conservative investment strategy
 Inception 2007
 Currency – BGN
 Invests in fixed-income instruments
 5 national and international prizes
 AUM (Dec 2019) – EUR 9.3m
 Inception 2009
 Currency - EUR
 Invests in fixed-income and money
market instruments, up to 10% stocks
 11 national and international prizes
 AUM (Dec 2019) – EUR 7.6m
Balanced investment strategy
 Inception 2006
 The first mutual fund in USD on
the local market
 Invests up to 60% in Bulgarian and
international stocks
 4 national prizes
 AUM (Dec 2019) – USD 4m
 Inception 2005
 Currency - EUR and BGN
 Invests up to 60% in Bulgarian and
international stocks
 5 national and international prizes
 AUM (Dec 2019) – EUR 9.4m

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Award-winning mutual funds
Aggressive investment strategy
 Inception 2005
 Currency – BGN
 Invests up to 90% in Bulgarian and
international stocks
 1 national award - Top 3 Best
Equity Fund 2017
 AUM (Dec 2019) – EUR 2.05m
 Inception 2010
 Currency - EUR
 Invests up to 90% in stocks on
international markets
 Focus on global blue chips and
emerging markets ETFs
 AUM (Dec 2019) – EUR 350K
 Inception 2016
 Currency – BGN
 Invests up to 100% in stocks
focused on the Bulgarian market
 AUM (Dec 2019) – EUR 24m

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Individual Portfolio Management
ELANA Fund Management offers discretionary portfolio management to high-net-worth individuals since
2002.
What makes the difference:
 Experienced and credible asset manager
 Professional CFA team with long-standing experienced and proven results
 Flexibility of terms – customised design of portfolio and service
 Capacity and flexibility in investment opportunities – easy access to approx. 130 markets of stocks,
bonds and derivatives

10. www.elana.net/fund-management
32 national and international awards
in 18 years
ELANA Cash Fund
was awarded
Business New
Europe Best Fixed-
income Fund in CEE
2009
From 2006 to 2009
ELANA Fund
Management was
awarded The Asset
Manager of The Year
within the annual
industry ranking by
Banker Weekly
ELANA Cash Fund
was awarded Best
Investment Product
2007 by the
International
Exhibition Banks,
Investments, Money
ELANA Eurofund was
awarded The Best
Financial Product
2003 by the
International
Exhibition Banks,
Investments, Money
ELANA Balanced
EUR Fund was
awarded Business
New Europe
Intellinews Best
Balanced Fund in
CEE for 2013, 2015
and 2016
4 ELANA funds were
ranked in top 3 in
their categories in the
national ranking „Best
Bulgarian funds“ of
Investor.bg in 2019,
2018, 2017, 2016.
ELANA Balanced EUR
Fund was ranked first
in its category in the
national ranking „Best
Bulgarian funds 2016“
of Moitepari.bg
In 2016 and 2017
ELANA Fund
Management was ranked
The Asset Manager of
The Year within the
annual industry ranking
by Banker Weekly

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Bulgaria: Country Overview
 Territory – 110 994 sq.km. Population – 7.364 mln. as per 2011
census, 72.5% urban
 Political system – Parliamentary Republic
 EU member since 1.1.2007, NATO member since 29.4.2004
 Currency: Bulgarian Lev, pegged to EUR @ 1,95583
 Currency Board Arrangement, strongly supported by all institutions
and with solid coverage ratios
 Ease of doing business score (WB ranking): No. 59 – 2018 ranking до
190 countries
 Flat 10% income and corporate tax, 0% capital gains tax, 5%
withholding dividend tax Source: NSI, Ministry of finance, Bulgarian National Bank.
Latest macro data

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Welcome to Bulgaria!
ЕLANA Fund Management
Sopharma Business Towers
5, Lachezar Stanchev St., Tower B, Floor 12-13
Sofia 1797, Bulgaria
Tel.: +359 2 81 000 40
E-mail: mutualfunds@elana.net
Website: www.elana.net/fund-management

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Disclaimer
 The content of the current presentation has been published with information purpose only and does not constitute an offer or
solicitation to invest or buy or sell any securities in any country, including in the United States of America, and to any person in any
jurisdiction in which such offer or solicitation would be contrary to local law or regulation including to U.S. persons as defined in
Regulation S under the Securities Act of 1933.
 We would like to inform investors that the value of investments and the income from them can go down. Profit is not guaranteed
and there is a risk that investors may not get back the amount originally invested. Mutual fund investment as well as the fund
assets are not guaranteed by any insurance fund or other type of guarantee.
 The return data of individual portfolios’ management presented here should not be considered an indication or example of future
results. In individual portfolio management investors assign the fund manager with the task to structure and manage a portfolio of
financial assets in accordance with a specifically defined investment strategy at the risk of the investor. Investing in financial
instruments in accordance to various investment strategies holds certain risks and therefore profits are not guaranteed and there is
a risk that investors may not get back the amount originally invested.
 Potential investors should make a decision for investing in ELANA Fund Management mutual funds based on the official documents
of each fund: prospectus and key investment information document (KIID). The documents are available at ELANA Fund
Management head office at 5, Latchezar Stanchev St., Sopharma Business Towers, Tower B, Floor 12, Sofia, Bulgaria, as well as at
all ELANA investment centres and on website: www.elana.net.
 More on risks related to investment in financial instruments on www.elana.net.