As we are explaining for a while, stock exchanges in the region of Western Balkans (countries of former Yugoslavia) are lagging behind the most in whole world. They have huge growth potential to catch up with global indices – you can for instance take a look at what happened in Baltic’s, when money came back. From autumn 2013 (when almost no one believed in that, as everyone was talking about bailout) even Slovenian index SBI TOP has risen significantly. That means that we are very close to a moment, when even indices of countries south of Slovenia will start recovering and they have the largest growth potential. Kind regards, Denis Vengust Telephone/fax: +41 22 518 02 39 www.bef-fund.com The Fund is a Segregated Portfolio of JP SPC 5, a segregated portfolio company with limited liability. This document is intended for institutional investors or high net worth individuals. If you do not fall into those categories please disregard and delete it. Portions of this document may contain information about funds and services, which may be restricted by law in certain jurisdictions. Any information in this document is not an invitation to invest in the funds, nor does it constitute an offer for sale of shares in the funds or any investment whatsoever. Further information is only available to pre-qualified, qualified or accredited investors. Subscriptions for any class of shares in the funds can only be made by completing the subscription agreement for the relevant shares and after having been provided the offering documents as described in the subscription agreement. Each prospective investor should consult his/her/its own legal counsel, accountant or other professional advisor for advice concerning the various legal, tax and economic considerations relating to the fund and offshore investment generally. Neither the fund nor any promoter can give any guarantee that tax relief or other tax benefits will be available, or that the current tax treatment of the fund will remain unchanged in the future in the jurisdiction where the prospective investor is a resident or of which he/she/it is a citizen.baltics, BELEX15, bosnia, emerging markets catch up, former Yugoslavia, frontier equity markets, growth opportunities in south eastern europe, SASX10 (Federation of Bosnia and Herzegovina), SBITOP (Slovenia), Serbia, undervalued frontier markets, western balkans
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