Even though autumn has arrived and delights us with its beauty, the Investment Fund is
engaged on a massive range of duties, which has resulted in some very fruitful outcomes,
which you learn in the updates section. For now just get another dose of the financial and
economic news, and enjoy the 8th Newsletter of the Investment Fund.

The first article of our newsletter is devoted to one of our neighbouring countries: yes, it is
Belarus. This year the country has undergone several devaluations due to speculative
attacks fostered by speculators and the people in Belarus themselves, who started to
doubt the stability of the rouble. Now major concerns arise whether the country could
follow the path of Zimbabwe and continue to show immense inflation rates in the nearest
future. We will try to find that out.

In the second article we shall deal with a very innovative company, which most likely is
familiar to you: Groupon. After 2 years of successful activities in the world internet discount
market, the company has finally filed for being floated on the stock exchange, namely,
undergo an Initial Public Offering. In the article we shall touch upon the problems facing the
company as well as the prospective results of the IPO.

As always, comments and suggestions are more than welcome, so we hope you will enjoy
reading the newsletter.

Yours financially,

iFund

Newsletter 8