July 2017 September 2013 INTRODUCING ASIA FRONTIER CAPITAL AFC - - PowerPoint PPT Presentation

CONFIDENTIAL

AFC Asia Frontier Fund September 2013 AFC Asia Frontier Fund July 2017

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INTRODUCING ASIA FRONTIER CAPITAL

AFC Asia Frontier Fund

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Proven Expertise In Frontier Markets

• Asia Frontier Capital Limited was created in June 2013 through a Management Buy Out from Leopard Capital
• The founder and CEO, Thomas Hugger, has more than 20 years experience in investing in Frontier Markets
• Licensed by SFC Hong Kong for Type 4 (advising on securities) and Type 9 (asset management)

Asia Frontier Capital Offers Three Funds

• AFC Asia Frontier Fund – Launched 30th March 2012
• AFC Vietnam Fund – Launched 23rd December 2013
• AFC Iraq Fund – Launched 26th June 2015

Attractive Equities Identified in Structured Investment Policy

• Asia Frontier Capital has identified equities with good upside potential
• The Fund has access to numerous primary and secondary research sources
• A Structured Investment and Research process is being followed

AFC Asia Frontier Fund

INTRODUCING ASIA FRONTIER CAPITAL

Our Team Thomas Hugger, CEO and Fund Manager, has spent 27 years in private banking and has been investing in Asian and African Frontier Markets since 1993. He is the former Managing Partner, CFO & COO of Leopard Capital; and was previously a Managing Director and Head of Portfolio Management at LGT Bank in Hong

• Kong. Mr. Hugger was the founding shareholder of one of the

largest brokerage companies in Bangladesh. He is also a Certified Financial Investment Analyst (CFIA) and Investment Adviser (Switzerland) and a Certified European Federation of Financial Analysts Societies (EFFAS) Financial Analyst. Ahmed Tabaqchali, CIO of Iraq Investments, is an experienced capital markets professional with over 22 years of experience in MENA markets as well as the US. He is currently a board member of the Credit Bank of Iraq and former Executive Director of NBK Capital, the investment banking arm of the National Bank of Kuwait. Prior to these roles Ahmed was Managing Director and Head of International Institutional Sales at WR Hambrecht + Co. This followed on from roles as a Managing Director at KeyBanc Capital Markets and Director & Head of Capital Markets & Institutional Sales at Jefferies Int'l in London. Ahmed is an Iraqi as well as British national and holds a M.Sc. in Mathematics from Oxford University in England, a B.Sc. (Hons, 1st class) in Mathematics from Victoria University and a B.Sc. in Mathematics from Canterbury University in New Zealand. Ruchir Desai, CFA, Senior Investment Analyst, is an MBA graduate in Finance from CUHK Business School at The Chinese University of Hong Kong and is also an alumnus of The Fuqua School of Business at Duke University where he spent a semester during his MBA program. He is also a Chartered Financial Analyst (CFA) charter

• holder. Prior to being based in Hong Kong, Ruchir was based in

Mumbai where he spent two years as a Senior Analyst at HandsOn Ventures LLC, a private equity group focused on investments in the Business Services industry. Prior to this role, he spent three years as a Research Analyst at Pioneer Investcorp Ltd, an institutional brokerage based in Mumbai. Peter de Vries, Marketing Director, has over 25 years experience in finance of which 20 in Hong Kong. He is a former Director and Senior Relationship Manager at Leopard Capital. Prior to that he was an Executive Vice President at Upbest Financial Services where he was involved with fund raising and deal structuring for real estate investment and development projects in Macau. Previously he worked as Executive Vice President at ViewTrade Securities in Hong Kong as head of the business development for the Asia Pacific region. Mr. De Vries has also held the position of Assistant Vice President at Merrill Lynch Asia Pacific. He holds an MBA in finance from Calstate Hayward, and a Masters of Science in Electrical Engineering from Twente University in the Netherlands. Mr. De Vries is fluent in Dutch, English and German. Scott Osheroff, Regional Research Analyst, holds a Bachelor’s Degree in Business Administration with a Concentration in Finance from Northeastern University. Prior to joining Asia Frontier Capital, Scott worked with Pathfinder Capital Management in Southeast Asia and Mongolia. Prior to this role, Scott co-founded a publishing company whose principal asset, EmergingFrontiers.com, was leveraged to provide investment coverage on public and private investments in Asia’s frontier markets. He has spent the last two years between Mongolia and Cambodia, and currently resides in Yangon, Myanmar.

• Ms. Margaret Kwok, Accounting & Administration Executive, has over

30 years of prior work experience in accounting, administration, and financial services at institutions such as Christfund Securities, PFC International, and Guoyuan Securities. She holds advanced level certificates in Accounting & Costing from London Chamber of Commerce & Industry and a Certificate in Accountancy from Kwai Chung Technical Institute. Margaret is fluent in Cantonese, Mandarin and English.

4 AFC Asia Frontier Fund

OUR TEAM

Our Team

Thomas Hugger, CEO and Fund Manager, has spent 27 years in private banking and has been investing in Asian and African Frontier Markets since

• 1993. He is the former

Managing Partner, CFO & COO of Leopard Capital; and was previously a Managing Director and Head of Portfolio Management at LGT Bank in Hong Kong. Mr. Hugger was the founding shareholder of one of the largest brokerage companies in Bangladesh. He is also a Certified Financial Investment Analyst (CFIA) and Investment Adviser (Switzerland) and a Certified European Federation of Financial Analysts Societies (EFFAS) Financial Analyst. Lord Fraser of Corriegarth, Director. Andrew Fraser is a graduate of St John's College, Oxford after which he held numerous posts in the financial sector both in the City of London and elsewhere. He has previously held positions as; CEO of Baring Securities in the UK, Chairman of Equity Partners Ltd., a Bangladesh investment bank, as well as Chairman of Bridge Securities, a quoted Korean company, amongst other posts. At present he is a global investor based in London.

• Dr. Marc Faber, is CEO, investment advisor

and fund manager of Marc Faber Limited. He is the publisher of a widely read monthly investment newsletter The Gloom, Boom and Doom report which highlights global investment opportunities.

• Dr. Faber is

respected around the world for his market forecasts over the past three decades.

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SHAREHOLDERS OF ASIA FRONTIER CAPITAL LIMITED

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WHY ASIAN FRONTIER MARKETS?

AFC Asia Frontier Fund

7 AFC Asia Frontier Fund

WHY ASIAN FRONTIER MARKETS

AFC Asia Frontier Fund Universe Bangladesh Cambodia Iraq Laos Maldives Mongolia Myanmar Pakistan Papua New Guinea Sri Lanka Vietnam

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Excellent upside potential due to high GDP growth Low Correlation and Diversification at attractive Valuations Increasing Consumption Favourable Demographics

AFC Asia Frontier Fund

WHY ASIAN FRONTIER MARKETS

Manufacturing shift from China & One Belt One Road Initiative

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Diversification has led to Low Correlations for the Fund with Global Markets

AFC Asia Frontier Fund

Source: Bloomberg, Asia Frontier Capital. Correlations based on Monthly Returns and Net Fund Returns AAFF – AFC Asia Frontier Fund

WHY ASIAN FRONTIER MARKETS

Correlation of AAFF with MSCI Indexes since Inception (30th March 2012) Variable AAFF MSCI World Index MSCI Emerging Markets Index MSCI BRIC Index MSCI Frontier Markets Index MSCI World Index 0.33 1.00 MSCI Emerging Markets Index 0.29 0.75 1.00 MSCI BRIC Index 0.33 0.74 0.97 1.00 MSCI Frontier Markets Index 0.56 0.63 0.59 0.57 1.00 MSCI Frontier Markets Asia Index 0.78 0.42 0.35 0.35 0.61

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Low Correlations for the Fund with Global Markets has led to excellent Risk-Return profile

AFC Asia Frontier Fund

*Returns of indexes are based on Net Total Return USD Indexes Returns of funds are net, after fees.

Annualised Volatility Cumulative Returns* AFC Asia Frontier Fund 8.91% 77.60% MSCI World Index 10.71% 62.76% MSCI Frontier Markets Index 11.53% 40.86% MSCI Frontier Markets Asia Index 13.43% 48.12% MSCI Emerging Market Index 15.07% 10.62% MSCI BRIC Index 18.12% 6.94%

WHY ASIAN FRONTIER MARKETS

AFC Asia Frontier Fund USD A

MSCI World MSCI Frontier Markets MSCI Frontier Markets Asia MSCI Emerging Markets MSCI Bric Index

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 6% 8% 10% 12% 14% 16% 18% 20% Net Return Annualised Volatility

Annualised Volatility vs. Fund Performance (Net) (Since Inception, March 2012)

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Low Correlation to Global Markets

Asian Frontier markets are under researched and have the potential to provide returns with low correlations to global markets

AFC Asia Frontier Fund

WHY ASIAN FRONTIER MARKETS

Source: Bloomberg. *Based on 5 years monthly data

• 0.33
• 0.09

0.01 0.11 0.20 0.25 0.28 0.31 0.47

• 0.40
• 0.20

0.00 0.20 0.40 0.60

Correlation with the MSCI World Index

DSEX Index (Bangladesh) ISXGI Index (Iraq) CSX Index (Cambodia) MSETOP Index (Mongolia) LSXC Index (Laos) VH Index (Vietnam) CSEALL Index (Sri Lanka) KSE100 Index (Pakistan) VN Index (Vietnam)

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Attractive Valuations

Asian Frontier markets offer attractive dividend yields and lower Price to Earnings and Price to Book ratios relative to emerging markets Asian Frontier markets are valued attractively relative to emerging Asian countries

AFC Asia Frontier Fund

Source: Bloomberg. P/E is based on Trailing 12 Months and P/B is latest reporting period.

WHY ASIAN FRONTIER MARKETS

Select Asian Frontier Index Valuations Country Index P/E (x) P/B (x) Dividend Yield (%) Pakistan KSE100 8.8 1.8 4.8 Sri Lanka CSEALL Share 12.6 1.5 2.8 Laos LSXC 13.9 0.9 6.5 Vietnam VNINDEX 16.4 2.3 2.7 Emerging Asia Index Valuations Country Index P/E (x) P/B (x) Dividend Yield (%) Thailand SET 16.0 1.9 3.1 Malaysia FBMKLCI 16.5 1.7 3.1 Philippines PCOMP 21.7 2.4 1.6 India BSE SENSEX 23.4 3.0 1.1 Indonesia JCI 24.9 2.4 2.1

Source: Bloomberg. P/E is based on Trailing 12 Months and P/B is latest reporting period.

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WHY ASIAN FRONTIER MARKETS

Low Market Cap/GDP relative to Emerging Markets Offers Value

Source: Bloomberg, Asia Frontier Capital

3% 6% 8% 19% 22% 28% 32% 39% 39% 40% 43% 69% 74% 82% 83% 102% 0% 20% 40% 60% 80% 100% 120%

Market Cap. as % of GDP - Asian Frontier v/s Emerging Markets

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Excellent upside potential due to high GDP growth Low Correlation and Diversification at attractive Valuations Increasing Consumption Favourable Demographics

AFC Asia Frontier Fund

WHY ASIAN FRONTIER MARKETS

Manufacturing shift from China & One Belt One Road Initiative

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Healthy GDP Growth Outlook for AFC Frontier Universe

AFC Asia Frontier Fund

WHY ASIAN FRONTIER MARKETS

Source: IMF

7.7 7.2 6.8 6.7 6.2 5.3 5.2 4.7 4.6 3.1 1.4 5.4 0.0 2.0 4.0 6.0 8.0 10.0

Average GDP Growth Estimates (2017-2021)

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The AFC Frontier Universe offers attractive investment opportunities as their combined GDP is comparable in size to emerging and developed countries

AFC Asia Frontier Fund

WHY ASIAN FRONTIER MARKETS

Source: IMF

GDP of AFC Frontier Universe: USD 1,045 billion (as of 2015)

25.9% 19.8% 18.3% 15.8% 7.8% 6.0% 2.0% 1.7% 1.2% 1.1% 0.3%

AFC Universe - GDP Mix

Pakistan Bangladesh Vietnam Iraq Sri Lanka Myanmar Papua New Guinea Cambodia Lao P.D.R. Mongolia Maldives 1,378 1,045 859 718 664 646 493

• 250

500 750 1,000 1,250 1,500

GDP (USD billion)

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Excellent upside potential due to high GDP growth Low Correlation and Diversification at attractive Valuations Increasing Consumption Favourable Demographics

AFC Asia Frontier Fund

WHY ASIAN FRONTIER MARKETS

Manufacturing shift from China & One Belt One Road Initiative

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WHY ASIAN FRONTIER MARKETS

The AFC Frontier Universe has a sizeable population which continues to grow and will support future GDP growth

AFC Frontier Universe Combined Population: 583 million (as of 2015)

Source: IMF

32.6% 27.4% 15.7% 8.9% 6.0% 3.6% 2.7% 1.3% 1.2% 0.5% 0.1%

AFC Universe - Population Mix

Pakistan Bangladesh Vietnam Myanmar Iraq Sri Lanka Cambodia Papua New Guinea Lao P.D.R. Mongolia Maldives 1,373 1,293 583 337 322 255 204

• 250

500 750 1,000 1,250 1,500 China India AFC Universe Euro Area United States Indonesia Brazil

Population (millions)

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Compared to Developed Markets, the AFC Frontier Universe has a much younger population growing at a faster rate: This supports future economic growth and consumption

AFC Asia Frontier Fund

WHY ASIAN FRONTIER MARKETS

Source: United Nations Population Division.

AFC Frontier Universe – A Young and Growing Population

AFC Frontier Universe is supported by huge young population Developed Markets are not getting younger. AFC Frontier Universe offer young and growing population

59% 39% 37% 33% 28% 0% 20% 40% 60% 80% AFC Universe North America Northern Europe Western Europe Japan

% of Population below age of 30

25 38 40 44 47

1.5% 0.7% 0.6% 0.2%

• 0.2%
• 0.4%

0.0% 0.4% 0.8% 1.2% 1.6% 10 20 30 40 50 AFC Universe North America Northern Europe Western Europe Japan

Median Age and Population Growth

Median Age Population Growth

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Increasing urbanisation will support growth in the Consumer, Infrastructure and Financial sectors

WHY ASIAN FRONTIER MARKETS

The AFC Universe is Urbanising from a Low Base

Source: World Bank

38% 62%

AFC Universe

Urban Rural 80% 20%

OECD Members

Urban Rural

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Excellent upside potential due to high GDP growth Low Correlation and Diversification at attractive Valuations Increasing Consumption Favourable Demographics

AFC Asia Frontier Fund

WHY ASIAN FRONTIER MARKETS

Manufacturing shift from China & One Belt One Road Initiative

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Asian Frontier countries presently have similar demographics to what China had in the 1990s. By 2020 Asian Frontier countries will continue to have a young population relative to China

WHY ASIAN FRONTIER MARKETS

The Shift from China

Source: United Nations Population Division

Median Age – China in 1990 v/s Asian Frontier countries at present have similar median ages % of Population > Age 60 – China v/s Asian Frontier countries in 2020 - Asian Frontier countries’ younger population offer an alternative to China

37 25 22 22 24 26 28 30 32 10 20 30 40

Median Age

17% 16% 13% 10% 8% 8% 7% 7% 0% 4% 8% 12% 16% 20%

% of Population Aged > 60

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Combination of young workforce and low wages is attracting manufacturing activities to Asian frontier countries as wages in China increase and the workforce gets greater employment opportunities

WHY ASIAN FRONTIER MARKETS

The Shift from China

Source: China Statistical Bulletin, Wage Indicator Foundation, Bangladesh Garment Manufacturers & Exporters Association, General Statistics Office of Vietnam *Rebased to 100 (2003). RMG: Ready Made Garments

Wages in Asian Frontier countries are amongst the lowest in the region Bangladesh and Vietnam are good examples of the shift of manufacturing from China to neighboring countries 100 200 300 400 500 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Bangladesh RMG & Vietnam Export Growth* Bangladesh Vietnam 68 83 111 115 133 150 223 250 251 252 274 298 75 150 225 300 375 Monthly Minimum Wage (USD)

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WHY ASIAN FRONTIER MARKETS

The One Belt One Road Initiative

Source: MERICS

• The One Belt One Road Initiative will also be a key driver
• f economic growth in Asian frontier economies.
• Pakistan:

>USD 50 billion infrastructure related investments in the China Pakistan Economic Corridor (CPEC). Investments in new power capacity, ports, railways and highway projects.

• These investments are an incentive to improve the

security situation while the new power capacity will help improve GDP growth rates and attract foreign direct investments.

• Bangladesh: Chinese investment commitments of USD

13.6 billion mainly geared towards infrastructure investments which is a positive for the Bangladeshi economy.

• Sri Lanka: Restart of the China backed USD 1.3 billion

Colombo International Financial City. This project could attract investments up to USD 12 billion over the next decade.

• Myanmar: Chinese investments in ports and pipelines.

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Excellent upside potential due to high GDP growth Low Correlation and Diversification at attractive Valuations Increasing Consumption Favourable Demographics

AFC Asia Frontier Fund

WHY ASIAN FRONTIER MARKETS

Manufacturing shift from China

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Percentage of Durables in Private Consumption

AFC Asia Frontier Fund Universe Per capita income USD PPP (2012) Bangladesh $ 729 Cambodia $ 792 Iraq $ 3,918 Laos $ 1,017 Maldives $ 4,385 Mongolia $ 2,499 Myanmar

• Pakistan

$ 1,217 PNG $ 1,625 Sri Lanka $ 2,699 Vietnam $ 1,372

WHY ASIAN FRONTIER MARKETS

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Consumption Expenditure is Increasing in Frontier Markets

1 2 3 4 5 6 7 8 9 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Household final consumption expenditure per capita growth (annual %)

BRICS Average Linear (BRICS Average)

• 1

1 2 3 4 5 6 7 8 9 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Household final consumption expenditure per capita growth (annual %)

AFC Country Universe Average Linear (AFC Country Universe Average) $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Household final consumption expenditure per capita (USD - constant 2005)

Bangladesh Cambodia Iraq Lao PDR Maldives Mongolia Myanmar Pakistan Papua New Guinea Sri Lanka Vietnam AFC Average

• 2
• 1

1 2 3 4 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Household final consumption expenditure per capita growth (annual %)

Developed Countries Linear (Developed Countries)

WHY ASIAN FRONTIER MARKETS

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WHY ASIAN FRONTIER MARKETS

Remittance inflows continue to grow and will support domestic consumption and investment

Remittance Inflows supports GDP Growth

Source: World Bank

15 30 45 60 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Billion US$

Personal remittances, received (Billion current US$)

Bangladesh Pakistan Vietnam Sri Lanka Iraq Cambodia Mongolia Myanmar Papua New Guinea Lao P.D.R. Maldives

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Asian Frontier Consumer Stocks are undervalued and some companies have been catching up with Emerging Market valuations over the past year. This has helped generate alpha for the fund.

Asian Frontier Consumer Picks Regional Comparisons

Source: Bloomberg. P/E based on Trailing 12 Month Earnings, P/B based on most recent reporting period.

Country Company P/E (x) P/B (x) Dividend Yield (%) Vietnam Consumer Beverage Products 8.2 1.6 5.6 Vietnam Consumer Food Products 14.5 3.7 4.9 Bangladesh Shoe Retailer 14.7 4.2 2.9 Mongolia Consumer Food Products 17.1 0.5 0.7 Pakistan Automobile Manufacturer 18.9 2.2 0.8 Country Company P/E (x) P/B (x) Dividend Yield (%) Thailand President Bakery 19.8 4.5 2.6 Philippines Universal Robina Corp 26.1 4.9 1.9 India Maruti Suzuki India 29.9 6.1 0.5 China Tsingtao Brewery 41.7 2.7 1.2 India Bata India 46.4 5.6 0.6

WHY ASIAN FRONTIER MARKETS

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INVESTMENT STRATEGY

AFC Asia Frontier Fund

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Top-down Approach Value / Growth Risk Mitigation Cash

AFC Asia Frontier Fund

INVESTMENT STRATEGY

INVESTMENT STRATEGY – IDEA GENERATION PROCESS – COMBINATION OF BOTTOM UP-TOP DOWN

32 AFC Asia Frontier Fund

Bottom-up stock shortlisting using tools based on Valuation and Fundamental parameters Top-down stock shortlisting based on economy and industry analysis Access to Third Party Research (daily updates, company specific research, industry research) On the ground visits to

• countries. Conducted

269 management meeting over the past 15 months Relationship with sell side analysts for views

• n company/industry

33 AFC Asia Frontier Fund

• Historical trend of growth, margins and cash from operations
• Focus on trend in RoEs and dividend payout ratios.

Historical Financial Statement Analysis

• Well established brand
• Large distribution network
• High Market Share
• Economies of Scale
• Cost Structure
• Stable Management

Competitive Advantages

• Is company operating in an industry with favorable outlook
• Example 1: Shoes per capita in Bangladesh is significantly lower than

emerging market peers

• Example 2: Upswing in infrastructure spending in Pakistan positive for

cement companies

Industry Outlook & Opportunity

• Conduct both local and regional peer analysis by comparing valuation,

fundamental and industry metrics

Peer Comparison Analysis

INVESTMENT STRATEGY – RESEARCH PROCESS

INVESTMENT STRATEGY – WHAT WE LOOK FOR WHEN WE BUY

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Possible Triggers: Introduction of new products, expansion plans, interest rate cycle on the downswing, decreasing debt levels, improvement in macro environment Room for expansion in multiples due to undervaluation relative to peers Is future outlook consistent with past historical trend in growth, margins, cash flows, RoEs and dividend payout ratios. Take a longer term view on the business and not get distracted by near term disappointments

INVESTMENT STRATEGY – WHAT WE LOOK FOR WHEN WE SELL

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Deteriorating company fundamentals, poor industry outlook and/or deteriorating economic outlook Are negatives already in the price? Valuations move above our comfort zone on absolute and relative basis Lack of confidence in company management

INVESTMENT STRATEGY – RISK MANAGMENT

36 AFC Asia Frontier Fund Corporate Governance & Concentration Risk

• Accounting standards and

disclosures not yet comparable to developed markets.

• We look to mitigate this risk

through our research process and meeting with company management teams and on the ground research.

• To further mitigate the risk of

governance issues impacting the overall portfolio the fund has a maximum position limit

• f 5% in a holding with top

slicing at 10% should the valuation rise.

Political Risk

• Certain markets could face

unstable political and security environments.

• We look to mitigate this risk

by using a top down approach to increase/decrease country allocation based on political events that may impact our holdings.

• Keeping track of the

fundamentals of companies and the economy.

• Diversification amongst

markets that have political risks and cycles that are independent of each other.

Currency Risk

• The fund does not hedge

currency exposure as it is prohibitively expensive and at many times not logistically possible.

• We look to mitigate this risk

by using a top down approach to diversify across countries.

• Keeping track of the

fundamentals of the economy and macroeconomic

• developments. i.e. fiscal

deficit, current account deficit, balance of payments, foreign exchange reserves.

INVESTMENT STRATEGY – TOP 10 HOLDINGS

37 AFC Asia Frontier Fund

Current Top 10 Holdings

Company Country Sector % of NAV Beximco Pharmaceuticals Bangladesh Healthcare 7.6% AFC Iraq Fund Iraq Fund/ETF 3.6% Myanmar Investments Myanmar Financials 2.8% Traphaco JSC Vietnam Healthcare 2.8% Hai Duong Pump Vietnam Industrials 2.6% Safaco Foodstuff Vietnam Consumer Staples 2.3% Pak Elektron Pakistan Consumer Discretionary 2.3% Cotec Construction Vietnam Industrials 2.3% D.G. Khan Cement Pakistan Materials 2.2% Atlas Honda Pakistan Consumer Discretionary 2.0%

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FUND INFORMATION

AFC Asia Frontier Fund

Comparison of Frontier Funds (Citywire Global)

39 AFC Asia Frontier Fund

Citywire ranks AFC Asia Frontier Fund #1 in performance, #1 in lowest standard deviation and #1 in lowest maximum drawdown over a 36 month period. The list below shows the top 5 (ranked by performance) as of 30 June 2017. The AFC Asia Frontier Fund has topped this list since the publication

• f an article by Citywire on 26 November 2015 while all of the others contenders for the top 5 spots have

changed in the mean time, a true demonstration of the quality and consistency of our risk management and investment process and the keen skill of our research and investment professionals.

Rank Fund Manager Firm Fund 36 month total return 36 month maximum drawdown 36 month standard deviation #1 Thomas Hugger Asia Frontier Capital AFC Asia Frontier Fund USD A +36.2%

• 5.7% (#1)

7.3% (#1) #2 Dominic Bokor- Ingram & Stefan Böttcher Charlemagne Capital Charlemagne Magna New Frontiers N EUR +33.4%

• 23.8% (#30)

13.6% (#9) #3 Evli Fund Management Company Evli Fund Management Company Evli Emerging Frontier B +30.8%

• 14.2% (#24)

12.6% (#3) #4 Polunin Discovery Funds Polunin Discovery Funds Polunin Discovery Frontier Markets A +22.8%

• 15.6% (#9)

10.7% (#4) #5 Andrew Brudenell Ashmore Group PLC Ashmore Emerging Markets Frontier Equity Fund; Inst +8.9%

• 22.4% (#19)

11.7% (#7)

Source: Citywire Global, July 2017

AWARDS

40 AFC Asia Frontier Fund

41 AFC Asia Frontier Fund

FUND STATISTICS – AFC ASIA FRONTIER FUND

NAV

USD-A CHF-A EUR-A NAV

1,776.03 1,781.25 1,558.23

Since Inception

+77.60% +78.13% +55.82%

Inception Date

30/03/2012 30/03/2012 31/01/2014

Monthly Performances

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2012 USD

+0.91% −7.56% −0.27% −0.26% +0.85% +3.64% −0.96% +0.62% +3.62% +0.15%

2013 USD

+5.99% −1.75% −0.70% +1.12% +8.25% −2.33% −0.54% −0.90% +0.06% −1.45% +0.86% +3.18% +11.83%

2014 USD

+7.34% +1.67% +2.72% +1.53% +2.60% +0.07% +1.59% −0.05% +2.10% +2.52% −0.15% −0.62% +23.24%

2015 USD

−0.49% −0.33% −4.16% +3.28% −0.32% +3.24% +1.09% −1.43% −1.42% +2.14% −3.42% +2.97% +0.80%

2016 USD

−3.51% −0.77% +1.89% +2.30% +3.79% +1.85% +3.19% +2.54% +2.33% +0.84% +2.57% +3.69% +22.50%

2017 USD

+3.14% −1.11% +0.11% +2.33% +0.91% −1.16% +4.22%

2012 CHF

−0.29% −1.18% −2.62% +1.62% −1.40% +1.92% −1.82% +0.24% +2.26% −1.39%

2013 CHF

+5.65% +0.84% +0.62% −0.96% +11.36% −3.46% −2.54% −0.52% −2.64% −1.20% +0.78% +1.60% +8.97%

2014 CHF

+9.64% −1.12% +3.22% +1.05% +4.19% −0.76% +3.89% +0.92% +5.82% +3.35% +0.09% +2.08% +36.98%

2015 CHF

−7.83% +3.33% −2.36% −0.80% +0.19% +2.38% +4.39% −1.23% −0.21% +2.98% +0.94% +0.01% +1.20%

2016 CHF

−0.85% −3.33% −2.24% +2.20% +7.13% +0.18% +2.05% +3.68% +0.83% +2.59% +5.08% +3.15% +21.90%

2017 CHF

+0.26% +0.39% −0.13% +1.54% −1.67% −2.25% −1.90%

2014 EUR

−3.62% +2.81% +0.86% +3.69% −0.33% +3.50% +1.76% +5.69% +3.24% +0.38% +2.02% +21.56%

2015 EUR

+6.07% +0.46% +0.78% −1.80% +1.88% +1.11% +2.24% −3.04% −0.73% +3.11% +1.12% −0.45% +10.96%

2016 EUR

−2.57% −1.06% −3.06% +1.40% +6.16% +2.15% +1.85% +2.37% +0.98% +2.47% +4.33% +3.10% +19.25%

2017 EUR

+0.43% +0.40% −0.50% +0.28% −1.75% −2.00% −3.12%

AFC Asia Frontier Fund Class A – as at 30th June 2017

42 AFC Asia Frontier Fund

FUND STATISTICS – AFC ASIA FRONTIER FUND

Monthly Performances

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2012 USD

+0.94% −7.55% −0.24% −0.23% +0.88% +3.67% −0.94% +0.64% +3.65% +0.37%

2013 USD

+6.09% −1.77% −0.70% +1.17% +8.45% −2.36% −0.52% −0.87% +0.09% −1.43% +0.89% +3.19% +12.30%

2014 USD

+7.53% +1.72% +2.79% +1.58% +2.67% +0.09% +1.65% −0.03% +2.16% +2.59% −0.13% −0.62% +24.07%

2015 USD

−0.47% −0.31% −4.13% +3.31% −0.30% +3.27% +1.12% −1.41% −1.40% +2.16% −3.39% +2.99% +1.10%

2016 USD

−3.49% −0.75% +1.91% +2.32% +3.82% +1.91% +3.28% +2.61% +2.40% +0.87% +2.65% +3.78% +23.25%

2017 USD

+3.23% −1.12% +0.13% +2.40% +0.95% −1.17% +4.42%

2014 CHF

−1.23% +3.42% +1.10% +4.30% −0.76% +4.00% +0.95% +5.97% +3.44% +0.11% +2.14% +25.78%

2015 CHF

−7.81% +3.35% −2.34% −0.77% +0.21% +2.41% +4.41% −1.21% −0.18% +3.01% +0.96% +0.03% +1.51%

2016 CHF

−0.83% −3.31% −2.22% +2.22% +7.15% +0.20% +2.12% +3.77% +0.86% +2.67% +5.21% +3.23% +22.65%

2017 CHF

+0.28% +0.41% −0.11% +1.58% −1.66% −2.22% −1.76%

2014 EUR

+1.82% +5.82% +3.33% +0.40% +2.08% +14.10%

2015 EUR

+6.22% +0.49% +0.81% −1.78% +1.91% +1.15% +2.31% −3.06% −0.71% +3.14% +1.17% −0.44% +11.46%

2016 EUR

−2.55% −1.03% −3.04% +1.43% +6.18% +2.20% +1.91% +2.44% +1.02% +2.55% +4.44% +3.19% +19.96%

2017 EUR

+0.46% +0.43% −0.48% +0.30% −1.73% −1.97% −2.98%

NAV

USD-B CHF-B EUR-B NAV

1,819.49 1,538.44 1,480.24

Since Inception

+81.95% +53.84% +48.02%

Inception Date

30/03/2012 31/01/2014 31/07/2014

AFC Asia Frontier Fund Class B – as at 30th June 2017

43 AFC Asia Frontier Fund

FUND STATISTICS – AFC ASIA FRONTIER FUND (NON – US)

NAV

USD-A CHF-A EUR-A NAV

1,775.90 1,781.25 1,558.23

Since Inception

+77.59% +78.13% +55.82%

Inception Date

30/03/12 30/03/12 31/01/14

AFC Asia Frontier Fund (non-US) Class A – as at 30th June 2017

Monthly Performances

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2012 USD

+0.90% −7.56% −0.27% −0.26% +0.85% +3.64% −0.96% +0.61% +3.62% +0.14%

2013 USD

+5.99% −1.75% −0.70% +1.12% +8.25% −2.33% −0.54% −0.90% +0.06% −1.45% +0.86% +3.18% +11.83%

2014 USD

+7.34% +1.67% +2.72% +1.53% +2.60% +0.07% +1.59% −0.05% +2.10% +2.52% −0.15% −0.62% +23.24%

2015 USD

−0.49% −0.34% −4.15% +3.28% −0.32% +3.24% +1.09% −1.43% −1.42% +2.14% −3.42% +2.96% +0.79%

2016 USD

−3.51% −0.77% +1.89% +2.30% +3.80% +1.85% +3.19% +2.54% +2.33% +0.84% +2.57% +3.69% +22.51%

2017 USD

+3.14% −1.11% +0.11% +2.33% +0.91% −1.16% +4.22%

2012 CHF

−0.29% −1.18% −2.62% +1.62% −1.40% +1.92% −1.82% +0.24% +2.26% −1.39%

2013 CHF

+5.65% +0.84% +0.62% −0.96% +11.36% −3.46% −2.54% −0.52% −2.64% −1.20% +0.78% +1.60% +8.97%

2014 CHF

+9.64% −1.12% +3.22% +1.05% +4.19% −0.76% +3.89% +0.92% +5.82% +3.35% +0.09% +2.08% +36.98%

2015 CHF

−7.83% +3.33% −2.36% −0.80% +0.19% +2.38% +4.39% −1.23% −0.21% +2.98% +0.94% +0.01% +1.20%

2016 CHF

−0.85% −3.33% −2.24% +2.20% +7.13% +0.18% +2.05% +3.68% +0.83% +2.59% +5.08% +3.15% +21.90%

2017 CHF

+0.26% +0.39% −0.13% +1.54% −1.67% −2.25% −1.90%

2014 EUR

−3.62% +2.81% +0.86% +3.69% −0.33% +3.50% +1.76% +5.69% +3.24% +0.38% +2.02% +21.56%

2015 EUR

+6.07% +0.46% +0.78% −1.80% +1.88% +1.11% +2.24% −3.04% −0.73% +3.11% +1.12% −0.45% +10.96%

2016 EUR

−2.57% −1.06% −3.06% +1.40% +6.16% +2.15% +1.85% +2.37% +0.98% +2.47% +4.33% +3.10% +19.25%

2017 EUR

+0.43% +0.40% −0.50% +0.28%

• 1.75%

−2.00% −3.12%

44 AFC Asia Frontier Fund

NAV

USD-B CHF-B EUR-B NAV

1,819.32 1,538.44 1,480.24

Since Inception

+81.93% +53.84% +48.02%

Inception Date

30/03/12 31/01/14 31/07/14

FUND STATISTICS – AFC ASIA FRONTIER FUND (NON – US)

AFC Asia Frontier Fund (non-US) Class B – as at 30th June 2017

Monthly Performances

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2012 USD

+0.94% −7.55% −0.24% −0.23% +0.88% +3.67% −0.94% +0.64% +3.65% +0.36%

2013 USD

+6.09% −1.77% −0.70% +1.17% +8.45% −2.36% −0.52% −0.87% +0.09% −1.43% +0.89% +3.19% +12.29%

2014 USD

+7.53% +1.72% +2.79% +1.58% +2.67% +0.09% +1.65% −0.03% +2.16% +2.59% −0.13% −0.62% +24.07%

2015 USD

−0.47% −0.31% −4.13% +3.31% −0.30% +3.27% +1.12% −1.41% −1.40% +2.16% −3.39% +2.99% +1.09%

2016 USD

−3.49% −0.75% +1.91% +2.32% +3.83% +1.91% +3.28% +2.61% +2.40% +0.87% +2.65% +3.78% +23.26%

2017 USD

+3.23%

• 1.12%

+0.13% +2.40% +0.95% −1.17% +4.42%

2014 CHF

−1.23% +3.42% +1.10% +4.30% −0.76% +4.00% +0.95% +5.97% +3.44% +0.11% +2.14% +25.78%

2015 CHF

−7.81% +3.35% −2.34% −0.77% +0.21% +2.41% +4.42% −1.21% −0.18% +3.01% +0.96% +0.03% +1.51%

2016 CHF

−0.83% −3.31% −2.22% +2.22% +7.15% +0.20% +2.12% +3.77% +0.86% +2.67% +5.21% +3.23% +22.65%

2017 CHF

+0.28% +0.41% −0.11% +1.58% −1.66% −2.22% −1.76%

2014 EUR

+1.82% +5.82% +3.33% +0.40% +2.08% +14.10%

2015 EUR

+6.22% +0.49% +0.81% −1.78% +1.91% +1.15% +2.31% −3.06% −0.71% +3.14% +1.17% −0.44% +11.46%

2016 EUR

−2.55% −1.03%

• 3.04%

+1.43% +6.18% +2.20% +1.91% +2.44% +1.02% +2.55% +4.44% +3.19% +19.96%

2017 EUR

+0.46% +0.43% −0.48% +0.30% −1.73% −1.97% −2.98%

45 AFC Asia Frontier Fund

FUND STATISTICS

900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 1,900

Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17

Fund Performance - USD Class A (Net)

MSCI Frontier Markets Asia Net Total Return USD Index AFC Asia Frontier Fund (after fees)

46 AFC Asia Frontier Fund

FUND STATISTICS

900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200 2,300 2,400

Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17

Fund Performance – USD Class A (Gross)

MSCI Frontier Markets Asia Net Total Return USD Index AFC Asia Frontier Fund (Gross)

47 AFC Asia Frontier Fund

Growth in Fund Size and Number of Clients

FUND STATISTICS

20 40 60 80 100 120 140 160

• 5,000

10,000 15,000 20,000 25,000

Feb 12 Apr 12 Jun 12 Aug 12 Oct 12 Dec 12 Feb 13 Apr 13 Jun 13 Aug 13 Oct 13 Dec 13 Feb 14 Apr 14 Jun 14 Aug 14 Oct 14 Dec 14 Feb 15 Apr 15 Jun 15 Aug 15 Oct 15 Dec 15 Feb 16 Apr 16 Jun 16 Aug 16 Oct 16 Dec 16 Feb 17 Apr 17 Jun 17

Number of Clients Fund Size (US$'000) Private Clients (Right Axis) Institutional Clients (Right Axis) Fund Size (US$'000) (Left Axis)

48 AFC Asia Frontier Fund

COUNTRY ALLOCATION

27.6% 22.4% 16.4% 11.6% 6.1% 3.6% 3.0% 2.9% 1.0% 0.4% 5.0% 0% 5% 10% 15% 20% 25% 30%

Country Allocation – 30th June 2017

49 AFC Asia Frontier Fund

SECTOR ALLOCATION

15.5% 15.1% 14.5% 13.9% 13.0% 11.0% 3.8% 3.6% 2.1% 1.3% 1.2% 5.0% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18%

Sector Allocation – 30th June 2017

50

Investment Manager: Asia Frontier Capital Ltd., Cayman Islands Investment Advisor: Asia Frontier Investments Ltd., Hong Kong Fund Base Currencies: USD, EUR, CHF Subscription Frequency: Monthly, 5 business days before end of month Redemption: Monthly:

• 90 days prior notice for class A shares
• 180 days prior notice for class B shares

Management Fee: 1.8% p.a. of NAV for class A shares 1.5% p.a. of NAV for class B shares Performance Fee: 10% NAV appreciation above 3 month USD-LIBOR +2% and high water mark for class A shares 8% NAV appreciation above 3 month USD-LIBOR +2% and high water mark for class B shares Initial Minimum Investment: USD/EUR/CHF 50,000 for US Investors USD/EUR/CHF 25,000 for non-US Investors

FUND TERMS & CONDITIONS

AFC Asia Frontier Fund

51

Subsequent Minimum Subscription: USD 5,000 for USD shares EUR 5,000 for EUR shares CHF 5,000 for CHF shares Subsequent Subscription Price: NAV Country/Region Focus: Asia Frontier Markets Initial Launch Date: 30th March 2012 Valuation Day: Last day of each calendar month Main Custodian Banks: Deutsche Bank, Singapore / DBS, Hong Kong Auditor: Ernst & Young, Hong Kong Administrator: Custom House, Singapore Legal Advisor: Cayman Islands: Ogier, Hong Kong US: Morgan, Lewis & Bockius LLP, Boston

AFC Asia Frontier Fund

FUND TERMS & CONDITIONS

52

ASIA FRONTIER CAPITAL LTD.

Thomas Hugger, CEO and Fund Manager, Hong Kong Email: th@asiafrontiercapital.com Tel: +852 3904 1015, Fax: +852 3904 1017 Peter de Vries, Marketing Director, Hong Kong Email: pdv@asiafrontiercapital.com Tel: +852 3904 1079, Fax: +852 3904 1017 Website: www.asiafrontiercapital.com

Registered Office: c/o Intertrust Cayman Islands, 190 Elgin Avenue, George Town Grand Cayman KY1-9007, Cayman Islands Hong Kong Office: Asia Frontier Investments Limited 905, 9th Floor, Loon Kee Building, 267-275 Des Voeux Road Central, Hong Kong

AFC Asia Frontier Fund

CONTACT INFORMATION

Asia Frontier Investments Limited is licensed by SFC Hong Kong for Type 4 (advising on securities) and Type 9 (asset management) *The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The distribution of Shares in Switzerland must exclusively be made to qualified investors. The place of performance and jurisdiction for Shares in the Fund distributed in Switzerland are at the registered office of the Representative.

This Presentation is presented solely for purposes of discussion to assist prospective investors in determining whether they have a preliminary interest in the investment opportunity described herein. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy, any security or other interest in AFC Asia Frontier Fund, AFC Umbrella Fund or any other fund related thereto (the “Fund”). Offers and sales of interests in the Fund will not be registered under the laws of any jurisdiction and will be made solely to qualified investors under all applicable laws. Potential investors must read the entire Offering Memorandum delivered by the Fund and the disclosure in this Subscription Agreement. Nothing contained herein shall be deemed to be binding against, or to create any obligations or commitment on the part of, any potential investor or the Asia Frontier Capital (the “Fund Sponsors”). The Fund Sponsors reserve the right, in their sole and absolute discretion with or without notice, to alter the terms or conditions of this Presentation and the Fund and/or to alter or terminate the potential investment opportunity described herein. Potential investors are not to construe this Presentation as investment, legal or tax advice. Prior to making any potential investment, potential investors should consult with their own legal, investment, accounting, regulatory, tax and other advisors to determine the consequences of the potential investment

• pportunity described herein and to arrive at an independent evaluation of such potential investment opportunity.

By accepting this Presentation, the recipient agrees not to copy, distribute, discuss or otherwise disclose this Presentation or the contents hereof (including the potential investment opportunity described) or any

• ther related information provided by the Fund Sponsors or by its agents to any person other than employees of recipient evaluating this potential investment opportunity on recipient’s behalf without the prior written

consent of the Fund Sponsors. While the information contained herein has been obtained from various sources which the Fund Sponsors believe, but does not guarantee, to be reliable, the Fund Sponsors do not represent that it is accurate or complete and it should not be relied upon as such. No person has been authorized to give any information or make any representation or warranty regarding the subject matter hereof, either express or implied, and, if given or made in this Presentation, in other materials or verbally, such information, representation or warranty cannot and should not be relied upon nor is any representation or warranty made as to the accuracy, content, suitability or completeness of the information, analysis or conclusions or any information furnished in connection herewith contained in this Presentation and it is not to be relied upon as a substitute for independent review of the underlying documents, available due diligence information and such other information as prospective investors may deem appropriate or prudent to review. The Fund Sponsors, their agents, their respective affiliates, and each of their respective shareholders, members, officers, directors, managers, employees, counsel, advisors, consultants and agents (“Representatives”), expressly disclaim any and all liability for express or implied representations or warranties that may be contained in, or for omissions from or inaccuracies in, this Presentation or any other oral or written communication transmitted or made available to a prospective investor or its Representatives. Without limiting the generality of the foregoing, nothing contained herein is or shall be relied upon as a promise or representation as to any matter, including, without limitation, the future performance of the potential investment opportunity described herein. None of the Fund Sponsors, their agents, or their respective Representatives is under any obligation to correct any inaccuracies or omissions in this Presentation. Each prospective investor will have the sole responsibility for verifying the accuracy of all information furnished in this Presentation and in any other due diligence information furnished to a prospective investor, and each prospective investor shall have the sole responsibility for determining the value of the potential investment based on assumptions said prospective investor believes to be reasonable. There shall be no recourse against the Fund Sponsors or any of their Representatives in the event of any errors or omissions in the information furnished, the methodology used, the calculations of values or conclusions. Without limiting the generality of the foregoing, any historical information or information based on past performance included herein is for informational purposes only, has inherent limitations and is not intended to be a representation, warranty or guarantee of future performance. All of the information presented herein is subject to change without notice. Actual returns to potential investors may be lower than the figures shown herein. Projected performance data shown constitutes “forward-looking information” which is based on numerous assumptions and is speculative in nature. Actual results may vary significantly from the values and rates of return projected herein. There can no assurance that the Fund will realize its rate of return objectives or return of investors’ capital. Potential investors should have the financial ability and willingness to accept the risks (including without limitation the risk of loss and lack of liquidity) characteristic of investments in entities such as the Fund. AN INVESTMENT IN THE FUND WILL NOT BE APPROPRIATE FOR ALL INVESTORS. INTERESTS IN THE FUND WILL INVOLVE A HIGH DEGREE OF RISK AND ARE INTENDED FOR SALE ONLY TO SOPHISTICATED INVESTORS WHO ARE CAPABLE OF UNDERSTANDING AND ASSUMING THE RISKS INVOLVED. INVESTORS MAY LOSE ALL OR SUBSTANTIALLY ALL OF THEIR INVESTMENT. THE INTERESTS IN THE FUND HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE APPLICABLE SECURITIES LAWS OF ANY

• US. STATE OR ANY NON-U.S. JURISDICTION, AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY

SUCH APPLICABLE LAWS. INTERESTS IN THE FUND HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE US. SECURITIES AND EXCHANGE COMMISSION OR BY THE SECURITIES REGULATORY AUTHORITY OF ANY STATE OR ANY OTHER RELEVANT JURISDICTION, NOR HAS ANY OTHER AUTHORITY OR COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS MEMORANDUM. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL. *The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The distribution of Shares in Switzerland must exclusively be made to qualified investors. The place of performance and jurisdiction for Shares in the Fund distributed in Switzerland are at the registered office of the Representative. ** The Fund is registered for sale to investors in Japan, Switzerland (qualified investors), Hong Kong & UK (professional investors), Singapore (accredited investors) and USA (accredited investors and qualified purchasers). ** By accessing information contained herein, users are deemed to be representing and warranting that they are either a Hong Kong Professional Investor or are observing the applicable laws and regulations of their relevant jurisdictions.

53 AFC Asia Frontier Fund

DISCLAIMER