0 NESTOR Osteuropa Fonds Access to the Eastern European Opportunities (as of 31 Jan, 2006)

1 Performance Performance NESTOR Osteuropa Fonds Source: S&P Micropal Data as of 31 Dec 2005 WARBURG INVEST takes over management of the fund % % % % % 1 year: 3 years: 5 years: since launch: since launch p.a.: % +7.3 % % % % 2001: 2002: 2003: 2004: 2005: Rankings A CHART: Performance NESTOR Osteuropa Fonds, benchmark & competitors

2 Portfolio ( ) Country allocation Russia=61,20 % Poland=11,00 % Caspian Region= 6,53 % Hungary =4,47 % Czech Republic =2,38 % Others=4,67 % Cash =9,75 % Sector allocation Oil & Gas=39,10 % Metals=12,82 % Telecoms=9,92 % Banks=11,82 % Utilities= 5,84 % Media=3,71 % Others=16,79 %

3 Why Eastern Europe? – Ideas New Russia The value system of people is changing Development process and momentum of change is being underestimated by the west There are a lot undiscovered opportunities Europe is going East Growth potential is higher than in Western Europe Process is well known and understood

4 Fund Outlook Priorities Russia Commodities Local Gazprom Shares via a special vehicle Utilities Mobile telephone companies Poland Western Companies with main businesses in Eastern Europe Oil companies in Caspian region New potential EU Members: Turkey, Bulgaria, Romania, Ukraine

5 Growth and Perspectives Russia finds itself in a growth trend Big Central European countries grow less dynamically, with problems in state finance CountryGDP, in % Current account, in % of GDP Budget, in % of GDP F05F F05F F05F Russia Poland Hungary Czech Republic

6 Russia: More promising than ever Basic background information: Improving political stability Democratisation process should sustain, even though the way is not easy Structural reforms (not dependent on Yukos affair) Basic economic information: Russia has investment grade from all three major agencies Positive trend in capital flows after all Corporate governance is improving Yukos failure is the one-off

7 Poland: Taking off Basic background information: EU membership is a stabilising factor Political changes are not harming economic situation Structural reforms are being continued Basic economic information: Polish companies have been restructured during the economic slowdown Monetary policy is not an obstacle anymore for economic development Competitive advantage through cheaper but nevertheless well educates labour force

8 Caspian Region: Oil Bonanza Basic background information: No Yukos-like oligarchy Stable and investor friendly legislation in Kazakhstan The political system is authoritarian and might stay so Western Countries and especially USA have big political and economic interests in the region Basic economic information: Region holds 5 % of world oil and gas reserves Low costs and high profit margins Transportation problems will be solved in the near future The majority of western fund managers are not familiar with the region

9 Approach Portfolio Approach Benchmark: MSCI EM Eastern Europe (EUR) Combination of «Top Down» and «Bottom Up» approachies No hesitation to go into cash in case of negative market development

10 Approach Top Down Approach: countries Political situation: sources of disturbance / social peace / ethnic peace Economic development, business climate GDP Growth and industrial production Current account Fiscal discipline Indebtedness Interest rates Inflation / money supply / currency reserves / capital flows Development of real income / trends of labor market

11 Approach Bottom up: Stock Selection Market capitalization 200 Mio. EUR Shareholder-Value-Orientation Leading position in its sector Financials better than in average in the sector Western-minded and well trained management Strategical use of information technology Accounting under western standards Audited by well known western companies

12 Valuation P/E

13 Market Capitalization (28 Feb, 2005) Peculiarities Russia – 58 % in oil shares Poland – 50 % in banking and telecom shares Czech Republic– 85 % in 6 stocks Hungary –90 % in 4 stocks

14 Risk and Return

15 Fund outlook Features of the fund worth mentioning Active management, focused portfolio Fund manager from the region Deep understanding of specific regional risk profile of those markets Investment in stocks out of benchmark universe many of those not monitored by most of our competitors Currency hedging (EUR/USD) NESTOR OsteuropaBenchmark MSCI EM EE Number of stocks54 Bluechips50 %80 % Number of stocks out of benchmark universe 34- Stand:

16 The Fund manager Mr. Gegham Ananyan WARBURG INVEST KAG since Oct 2004 – Feb 2005Bankworld Inc. USA USAID Securities Market Strengthening Activity in Armenia Securities Market Expert 2002 Jan – Sep 2004IBM Business Consulting Services USAID Capital Market Development Project in Armenia Consultant June 1998 – Dec 2003Central Bank of Armenia Financial Market Operations Department Head of Department – Treasurer Jan – May 1998HSBC London, UK Treasury Secondment July 1995 – Oct 1997Central Bank of Armenia State Reserves Management Division Head of Division

17 The Fundmanager Key skills and achievements Key fields: reserves managements, capital markets, macroeconomics Analytical, languages, managerial, teamwork, communication skills and contacts Became Head of State Reserves Management Division of the Central Bank of Armenia in 1 year after graduation A pioneer of state foreign exchange reserves management in Armenia (Author of the number of articles on reserve management) Became Head of Financial Market Operations Department-Treasurer of the Central Bank in 4 years after graduation Member of the Committee for Developing of Armenian Precious Metals Industry and Gold Market under the Prime Minister of Armenia Made headed Committee for conducting primary auctions of Government Securities As a key negotiator of the Central Bank and the Government of Armenia, was responsible for the relations with the international private financial institutions Seconded for work in the Capital and Emerging Markets desks of the global international bank in London Trainings, including on-the-job in the leading world financial institutions: Deutsche Bank, UBS, Citibank, HSBC, Commerzbank, Credit Suisse First Boston, Chase Manhattan, Bundesbank, Bank England, De Nederlandsche Bank, World Bank, IMF

18 Investment focus: Investment company: Fund manager: x ISIN Code: Fund currency: Initial issue: End of commercial year: Dividend policy: Calculation of the Net Asset Value: Registered for sale in: Eastern- and South Eastern European equities NESTOR Investment Management S.A., Luxembourg Gegham ANANYAN, Warburg Invest KAG mbH, Frankfurt/Main LU Euro 21 February, 2000 June, 30 thesaurierend täglich Germany, Luxembourg, Austria Die Fondsdaten

19 Depository bank: Partner for institutional investors: Settlement: Kassenverein Clearstream Fundsettle Cut-off time: Partner for any sales matters: M.M.Warburg & CO Luxembourg S.A. Daniela Schiffels, Sylvia Bono Tel: Fax: Delivery against payment M.M.Warburg & CO Luxembourg S.A on every valuation day in Luxembourg at the latest by 16 p.m.; application shall be dealt with at the following valuation day NESTOR-Fonds-Vertriebs-GmbH Tel: 0800/ Die Fondsdaten

20 NESTOR Investment Management S.A. 2, Place Dargent, L-1413 Luxembourg Tel / Fax: +352/ NESTOR-Fonds-Vertriebs-GmbH Ottostraße 5, D München Tel. 089/ Fax: 089/

21 Rechtlicher Hinweis Diese Präsentation wurde von der NESTOR Investment Management S.A., Luxemburg publiziert und stellt kein Angebot zum Kauf von Anteilen und keine Aufforderung zur Abgabe eines Angebotes zum Kauf von Anteilen der NESTOR Osteuropa Fonds dar. Die bisherige Wertentwicklung ist keine Garantie für zukünftige Ergebnisse. Der Anteilerwerb erfolgt ausschließlich auf der Grundlage des gültigen Verkaufsprospektes in Verbindung mit dem letzten Jahresbericht des Fonds und, wenn dessen Stichtag länger als 8 Monate zurückliegt, zusätzlich mit dem letzten Halbjahresbericht. Alle Verkaufsunterlagen sind kostenlos am Sitz der Verwaltungsgesellschaft sowie bei allen Zahl- und Informationsstellen erhältlich (NESTOR Investment Management S.A. oder M.M.Warburg Bank Luxembourg S.A., beide 2, Place Dargent, L-1413 Luxembourg oder NESTOR-Fonds-Vertriebs-GmbH, Ottostraße 5, D München). Wertpapieranlagen besitzen nicht nur die Möglichkeit zur Wertsteigerung des eingesetzten Kapitals, sondern sind auch mit erheblichen Verlustrisiken behaftet. Dies trifft insbesondere auf Anlagen in Aktien und in davon abgeleitete Wertpapiere wie Optionsscheine zu, die Eigenkapital von Aktiengesellschaften und damit Risikokapital im ureigensten Sinne darstellen. Die in dieser Ausarbeitung enthaltenen Informationen beruhen auf Aussagen des Investmentmanagers Warburg Invest KAG mbH, Frankfurt, die aus verlässlichen Quellen stammen und ggf. die persönliche Meinung des Managers wiedergeben. Sie erheben nicht den Anspruch auf Vollständigkeit und sind daher unverbindlich. Soweit in dieser Ausarbeitung Aussagen über Preise, Zinssätze oder sonstige Indikationen getroffen werden, beziehen sich diese ausschließlich auf den Zeitpunkt der Erstellung der Ausarbeitung und enthalten keine Aussage über die zukünftige Entwicklung, insbesondere nicht hinsichtlich zukünftiger Gewinne oder Verluste. Diese Ausarbeitung stellt ferner keinen Rat oder Empfehlung dar. Vor Abschluß eines in dieser Ausarbeitung dargestellten Geschäfts ist auf jeden Fall eine kunden- und produktgerechte Beratung durch Ihren Berater erforderlich.