AFC Asia Frontier Fund: presentation

CONFIDENTIAL
AFC Asia Frontier Fund
July 2013

TABLE OF CONTENTS
2
1. Executive Summary 3
2. Why Asian Frontier Markets 4
3. Asia Frontier Capital 18
4. Investment Objective & Strategy 21
5. Fund Information 31
6. Country Snapshots 39
7. Fund Terms and Conditions 50
8. Contact Information 52
9. Disclaimer 53
AFC Asia Frontier Fund CONFIDENTIAL

EXECUTIVE SUMMARY
Objectives
• Achieve long-term capital appreciation by investing in listed equities of companies that have their
principal business activities in the high-growth frontier markets of Asia
Fund Overview
• Fund Universe consists of listed equities from Bangladesh, Cambodia, Iraq, Laos, Mongolia, Myanmar,
Pakistan, Papua New Guinea, Sri Lanka and Vietnam
• Focus on earnings growth and undervalued stocks as key drivers for returns
• Sector focus: Consumer related stocks (Consumer Staples and Consumer Discretionary), Financials and
Infrastructure related stocks. Additionally country specific sectors/stocks such as Tourism in Sri Lanka
and Mining in Mongolia and Papua New Guinea
• Invest in target countries’ large cap and liquid stocks (core portfolio) with stock position size ranging
from 2% to 5%, and mid to small caps (satellite portfolio) with position size ranging from 1% to 3%
Firm Overview
• Asia Frontier Capital, created through a Management Buy Out with Leopard Capital, is headquartered in
Hong Kong and is focused on managing the AFC Asia Frontier Fund
• The CEO, Thomas Hugger has more than 20 years of investment experience in emerging and frontier
markets
3AFC Asia Frontier Fund CONFIDENTIAL

4
WHY ASIAN FRONTIER MARKETS?

WHY ASIAN FRONTIER MARKETS
AFC Asia Frontier
Universe
Bangladesh
Cambodia
Iraq
Laos
Mongolia
Myanmar
Pakistan
Papua New Guinea
Sri Lanka
Vietnam

6 CONFIDENTIAL
Excellent upside
potential due to
high GDP growth
Low correlation
and diversification
Increasing
ConsumptionFavourable
Demographics

7
Low Correlation to Global Markets
Asian Frontier Markets offer greater diversification benefits
0.34
0.81
0.87 0.91
0
0.2
0.4
0.6
0.8
1
MSCI Asia Frontier
Index
MSCI Frontier
Index
MSCI BRIC Index MSCI EM Index
Correlation with MSCI World Index
Source: Bloomberg. *Based on 5 years data where available

-0.2
-0.1
0
0.1
0.2
0.3
0.4
0.5
0.6
ISXGI Index (Iraq)
DSE General Index (Bangladesh)
CSX Index (Cambodia)
MSE Top 20 Index (Mongolia)
KSE All Share Index (Pakistan)
LSXC Index (Laos)
Colombo All Share Index (Sri Lanka)
VH Index (Vietnam - Hanoi)
VN Index (Vietnam - Ho Chi Minh)
8
Low Correlation to Global Markets
Asian Frontier markets are under researched and have the potential to provide
returns with low correlations to global markets
Source: Bloomberg. *Based on 5 years data where available

9
High Growth + Diversification
High GDP growth of 6.9% in 2012 and 7.2% expected in 2013 for the AFC Frontier universe
0
2
4
6
8
10
12
14
16
AFC Frontier Universe Growth Rates (%)
Source: IMF

10
The AFC Frontier Universe offers attractive investment opportunities as
their combined GDP is comparable in size to emerging and developed countries
0
200
400
600
800
1,000
1,200
1,400
Korea Indonesia AFC Frontier
Universe
Turkey Saudi Arabia Switzerland Sweden
GDP (US$ billion)
Source: IMF
GDP of AFC Universe Economies: US$ 867 billion (as of 2012)

27%
24%
16%
14%
7%
6%
2% 2% 1% 1%
Pakistan
Iraq
Vietnam
Bangladesh
Sri Lanka
Myanmar
Papua New Guinea
Cambodia
Mongolia
Lao P.D.R.
11
GDP of AFC Universe Economies: US$ 867 billion (as of 2012)
Source: IMF

0
200
400
600
800
1,000
1,200
1,400
1,600
China India Europe
(2011)
AFC
Frontier
Universe
United
States
Indonesia Brazil
Population (Millions)
AFC Frontier Universe has a sizeable population which continues to grow which can support future GDP growth
AFC Frontier Universe Combined Population: 569 million (as of 2012)
Source: IMF

13
AFC Frontier Universe Combined Population: 569 million (as of 2012)
31%
26%
16%
11%
6%
4%
3% 1%
1% 1%
Pakistan
Bangladesh
Vietnam
Myanmar
Iraq
Sri Lanka
Cambodia
Papua New Guinea
Lao P.D.R.
Mongolia
Source: IMF

Increasing urbanisation will support growth in
the Consumer, Infrastructure and Financial sectors.
AFC Frontier Universe is Urbanizing from a Low Base
Rural
20%
Urban
80%
OECD members
Rural
65%
Urban
35%
AFC Asia Frontier Universe
Source: IMF

0
5
10
15
20
25
30
35
40
45
Personal remittances, received
(US$ Billion)
Bangladesh
Cambodia
Iraq
Lao PDR
Mongolia
Myanmar
Pakistan
Remittance inflows continue to grow and this can support domestic consumption and investment
Remittance Inflows supports GDP Growth
Source: IMF

16 CONFIDENTIAL
Attractive Valuations
Most Asian Frontier markets offer attractive dividend
yields and low Price to Earnings and Price to Book
ratios.
Asian Frontier markets are valued attractively relative
to some of the emerging Asian countries.
The MSCI Frontier Markets Index also reflects the
relative attraction of Frontier Markets.
Source: Bloomberg. P/E is Trailing 12 Month and P/B is latest Financial Year
Emerging Asia Index Valuations
Country Index P/E (x) P/B (x) Dividend Yield (%)
Thailand SET Index 16.5 2.3 3.0
Philippines PCOMP Index 18.9 2.8 2.2
Indonesia JCI Index 17.9 2.8 2.1
Malaysia FBMKLCI Index 17.0 2.3 3.3
Select Asian Frontier Index Valuations
Country Index P/E (x) P/B (x) Dividend Yield (%)
Laos LSXC Index 8.8 1.3 7.4
Pakistan KSE100 Index 9.9 1.8 5.3
Sri Lanka CSEALL Index 12.1 1.7 2.6
Vietnam VNINDEX Index 13.5 1.7 3.6
Peer Index Valuations
Index P/E (x) P/B (x) Dividend Yield (%)
MSCI World Index 16.8 1.9 2.6
MSCI Frontier Markets Index 11.9 1.5 4.1
MSCI Emerging Markets Index 11.1 1.4 2.9

17 CONFIDENTIAL
Governments Are Attempting To Increase FDI
• Increasing productivity through transfer of skills, technology,
and job opportunities
Expected Increase In Foreign Investors’ Participation
• Myanmar has attracted foreign inflows from well reputed
companies such as Coca-Cola, Dell, Carlsberg, Mitsubishi, etc.
• Banks such as Standard Chartered and HSBC are also in the
process of setting up operations in Myanmar
• Labor intensive businesses are moving to Bangladesh from
China due to the cheaper availability of a young skilled labor
• Exxon Mobil has set up a US$ 20 bn LNG project in Papua New
Guinea which is expected to double PNG’s GDP
• Tourism is growing rapidly in countries such as Sri Lanka and
Cambodia

18
INTRODUCING
ASIA FRONTIER CAPITAL

19 CONFIDENTIAL
Proven Expertise In Frontier Markets
• 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 (investment advisory) and Type 9 (asset management)
• Asia Frontier Capital Limited was created in June 2013 through a Management Buy Out with
Leopard Capital
Ongoing Cooperation with Leopard Capital
• Leopard Capital has experience managing funds in frontier markets since 2008
• Conducts research through local offices in Bangladesh, Cambodia, Laos and Thailand
Attractive Equities Identified in Structured Investment Policy
• Asia Frontier Capital has identified equities with great upside potential
• The Fund has access to numerous primary and secondary research sources
• A Structured Investment and Research process is being followed
INTRODUCING ASIA FRONTIER CAPITAL

Our Team
Thomas Hugger, CEO and Fund Manager, has spent 27 years in private banking where he
specialized in managing portfolios of listed and unlisted equities. He 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. He also held senior investment positions at Bank Julius Baer in Zurich and
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.
Ruchir Desai, 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. 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 mid-market private
equity group focused on investments in the Business Services industry. Prior to this role, he spent
three years as a Research Analyst covering the Software Services industry at Pioneer Investcorp
Ltd, an institutional brokerage based in Mumbai. Ruchir is familiar with our investment approach
having joined us from The Leopard Asia Frontier Fund where he was a Summer Associate in 2012.
Stephen Friel, Marketing Director, holds a Master of Development Economics with Distinction
from University of Queensland, Australia’s highest ranked economic research institution and is also
an alumnus of CUHK Business School at The Chinese University of Hong Kong. Prior to joining Asia
Frontier Capital, Stephen supported the launch of a Hong Kong based hedge fund where he
conducted research on Japanese equities. He is also a former International Business/Strategy
Lecturer at The Queensland University of Technology Business School. His background in
Development Economics has seen him spend an extensive amount of time on the ground in
emerging and frontier markets such as Vietnam, Thailand, Laos, Cambodia, Papua New Guinea,
The Philippines and Vanuatu.

21
INVESTMENT
OBJECTIVE & STRATEGY

• Achieve long-term capital appreciation by investing in listed equities of
companies that have their principal business activities in high-growth Asian
frontier markets.
• The fund focuses primarily on investments in consumer related stocks,
financials and infrastructure.
• Countries included in the AFC Asia Frontier Fund Universe include
 Bangladesh
 Cambodia
 Iraq
 Laos
 Mongolia
 Myanmar
 Pakistan
 Papua New Guinea
 Sri Lanka
 Vietnam
22 CONFIDENTIALAFC Asia Frontier Fund
INVESTMENT OBJECTIVE

23
Top-down
Approach
Value /
Growth
Risk
Mitigation
Cash
INVESTMENT STRATEGY

• Invest in target countries large cap and liquid stocks (core portfolio) with
stock positions ranging from 2% to 5%, and mid- to small caps (satellite
portfolio) with positions ranging from 1% to 3%
• Focus on free cash flow, growth potential and undervalued stocks as key
drivers for returns
• Top – Down Approach
 Strategic country and currency allocation
• Combination of Value and Growth
 Gain exposure to domestic and structural growth by investing in
companies with sound business performance and management,
coupled with good expansion strategies
 Company visits and research (primary and secondary) either by
the fund manager or team members
INVESTMENT STRATEGY

Vinasun (Vietnam Sun Corp), Bloomberg Code: VNS VN
• Vinasun is the largest taxi operator in Vietnam with a market share of 42% in Ho Chi Minh City and a fleet size of ~4,000
taxis.
• Recently, the company has entered into new cities such as Dong Nai and Binh Duong where it is the market leader. VNS is
further expanding into new cities such as Nha Trang and Can Tho and could also be looking at smaller acquisitions to gain
market share.
• Vinasun’s competitive advantage is the ease of access to its taxis through a 24 hour call centre as well as online and on
the ground presence at airports, hotels and commercial centres which reduces waiting time relative to competition.
• Increasing urbanisation is a demand driver for taxi services with urban population at 32% of total population in 2012 as
compared to 26% in 2002
• Revenue and net income have grown at a CAGR of 26.8% and 22.1% respectively between 2008 and 2012
• 2012 Return on Equity at 18.4%, operating margin of 10.9% and not heavily levered with net debt of 0.6x and
EBITDA/Interest expense of 5.2x
• Currently valued at a 2013 Forward P/E of 9.4x and a P/B of 1.6x. Similar peer, Indonesia based Express Transindo (TAXI IJ)
trades at 2013 Forward P/E of 23.2x and a P/B of 4.2x
• With further growth in fleet size and profits we expect Vinasun to achieve comparable valuations to its regional peers
which leaves room for further upside
INVESTMENT STRATEGY – GROWTH PICK

United Motors Lanka PLC, Bloomberg Code: UML SL
• The leading auto industry distributor in Sri Lanka with a strategic network across the country
• UML is the sole distributor in Sri Lanka for
• Mitsubishi passenger vehicles from Japan
• Fuso commercial vehicles from Japan
• TVS Motors two and three wheelers from India
• Perodua compact cars from Malaysia
• JMC commercial vehicles from China
• Zotye compact SUV’s from China
• Yokohama Tyres from Japan
• Valvoline Lubricants from USA
• Revenues and net income for the company have grown at a CAGR of 16.2% and 30.7% respectively between FY2008 and
FY2013
• 2013 Return on Equity at 30.5%, operating margin of 14.7% and unlevered balance sheet with minimal debt
• Currently valued very attractively at 4.0x Trailing 12 Months P/E and at a P/B of 1.1x
• The fund entered this stock when valuations were even more compelling with a P/E of 1.97x and P/B of 0.77x
• The stock has appreciated by 68% since purchase but we believe it is still attractively valued given the growth prospects for
the Sri Lankan economy and it also offers a dividend yield of 8.7%.
INVESTMENT STRATEGY – VALUE PICK

27 CONFIDENTIAL
Country/Sector Approach
In addition to AFC Frontier Fund’s core investment themes (Consumption,
Infrastructure, and Financials), the fund is also targeting country-specific
sectors that are poised for rapid growth
 Agriculture in Cambodia, Laos, Myanmar and Vietnam
 Textiles in Bangladesh and Pakistan
 Travel & Tourism in Cambodia and Sri Lanka
 Power generation in Laos
 Energy in Iraq and Papua New Guinea
 Mining in Mongolia and Papua New Guinea
INVESTMENT STRATEGY

ASIAN FRONTIER THEME – CONSUMER STOCKS
AFC Asia Frontier Fund’s key sector allocation – Consumer Stocks
Why we like Consumer Stocks:
• Demographics of Frontier Markets – Young Population
• Increasing disposable income will shift demand for consumer goods
• Attractive valuations, free cash flow generation, consistent earnings growth
and dividend payout
• Is not subject to political interference or heavy government regulation unlike
other industries such as Utilities or Infrastructure
• Professional Management as these firms compete with Multi National
Companies
• Not as significantly impacted by political and social issues
• Asian Consumer companies could be attractive acquisition/investment
targets; Heineken acquired Asia Pacific Breweries at a P/E ratio of 38.0x, KKR
invested US$ 359 million into Vietnam based Masan Group at 44.0x earnings

ASIAN FRONTIER THEME – CONSUMER STOCKS
Frontier Consumer Stocks have the potential to catch up with Emerging Market Valuations
Asian Frontier Consumer Picks
Regional Comparisons
Source: Bloomberg. P/E based on Trailing 12 Month Earnings, P/B based on most recent Financial Year
Country Company P/E (x) P/B (x) Dividend Yield (%)
Bangladesh Shoe Retailer 11.6 4.2 4.8
Mongolia Consumer Food Products 8.9 0.7 0.8
Pakistan Consumer Beverage Products 9.3 1.1 1.5
Sri Lanka Consumer Beverage Products 8.5 1.8 2.3
Vietnam Consumer Food Products 7.0 1.6 11.0
Country Company P/E (x) P/B (x) Dividend Yield (%)
India Bata India 33.2 8.2 0.7
China Tsingtao Brewery 30.7 4.3 0.7
Thailand President Bakery 24.4 5.7 2.0
Indonesia Indofood Sukses Makmur 19.4 2.8 2.5
Philippines Universal Robina Corp 29.4 5.2 2.0

30 CONFIDENTIAL
Risk Mitigation
 Focus on earnings growth, free cash flow and value as the key driver for
high returns
 In-depth due diligence of investment opportunities
 Diversify across sectors and countries to reduce non systematic risk
 Avoid investing in countries / currencies / sectors of which we
strategically disapprove
 No leverage
Cash
 Not fully invested in uncertain times and/or excessive valuations
 Holding cash will allow the fund to take advantage of opportunistic
investments when they arise (momentum / news driven)
INVESTMENT STRATEGY

31
FUND INFORMATION

32 CONFIDENTIAL
NAV as of June 30th 2013
USD-A EUR-A CHF-A USD-B EUR-B CHF-B
NAV USD $1,107.2 n/a CHF $1,125.32 USD $1,112.77 n/a n/a
Monthly Performance AFC Frontier Fund (Class A)
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%
CHF
-0.29% -1.18% -2.62% +1.62% -1.40% +1.92% -1.82% +0.24% +2.26% -1.39%
2013 USD
+5.99% -1.75% -0.70% +1.12% +8.25% -2.33% +10.56%
CHF
+5.65% +0.84% +0.61% -0.96% +11.36% -3.46% +14.12%
Monthly Performance AFC Frontier Fund (Class B)
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% +10.87%
FUND STATISTICS

33 CONFIDENTIAL
NAV as of June 30th 2013
USD-A EUR-A CHF-A USD-B EUR-B CHF-B
NAV USD $1,107.08 n/a CHF 1125.32 USD $1,112.65 n/a n/a
FUND STATISTICS
Monthly Performance AFC Frontier Fund (Non-US Class A)
2012 USD
+0.91% -7.56% -0.27% -0.26% +0.85% +3.64% -0.96% +0.62% +3.62% +0.15%
CHF
-0.29% -1.18% -2.62% +1.62% -1.40% +1.92% -1.82% +0.24% +2.26% -1.39%
2013 USD
+5.99% -1.75% -0.70% +1.12% +8.25% -2.33% +10.56%
CHF
+5.65% +0.84% +0.61% -0.96% +11.36% -3.46% +14.12%
Monthly Performance AFC Frontier Fund (Non-US Class B)
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% +10.87%

FUND STATISTICS
850
900
950
1,000
1,050
1,100
1,150
1,200
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
IndexedReturn
Performance of the Fund and Relevant Indexes
AFC Asia Frontier Fund USD Class A MSCI World
MSCI Frontier Markets MSCI Frontier Markets Asia

35 CONFIDENTIAL
Amongst the top 5% of Funds at the end
of June 2013
AFC Asia Frontier Fund’s 3 month, year to
date and 1 year performances are amongst
the top 1%, 4% and 5% of peer equity
funds globally out of a total of 2,254 funds
(net of all fees/expenses)
Source: Bloomberg
FUND STATISTICS

Growth in Fund Size and Number of Clients
0
2
4
6
8
10
12
14
16
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Private Clients (RHS)
Institutional Clients (RHS)
Fund size (US$'000) (LHS)
FUND STATISTICS

COUNTRY ALLOCATION
18.6%
13.9% 13.5%
12.4%
9.5%
7.4% 7.1% 6.5%
2.3%
1.2%
7.8%
0%
5%
10%
15%
20%
Country Allocation - June 2013

SECTOR ALLOCATION
26.4%
16.6%
12.6%
11.4%
7.3% 6.4%
4.5%
3.2%
1.3% 1.2% 1.1% 0.4%
7.8%
0%
7%
14%
21%
28%
Sector Allocation - June 2013

39
Asia Frontier Capital
Universe
Snapshots
CONFIDENTIALAFC Asia Frontier Fund
COUNTRY SNAPSHOTS

40 CONFIDENTIAL
Population 151.8 m
5 Year Average GDP Growth 6.2%
Population of working age 90m
• Growing middle-class with a young
demographics
• Increasing urbanization
• The SFC has withdrawn 10% capital gain tax
for foreign institutional investors
• Strategically located between India and
China.
• Growing pharmaceutical, software and
garment industries
COUNTRY SNAPSHOTS

41 CONFIDENTIAL
CAMBODIA
• Abundant natural resources
• Strategic location in dynamic region
• Favourable demographics
• Stable government with favourable
investment policies
• Stock market established 2011
• First IPO completed in April 2012
Population 14.7 m
Main industries
Garments,
Tourism,
Agriculture
COUNTRY SNAPSHOTS

42 CONFIDENTIAL
Population 33.7m
Value of Oil Exports (USD bn) 92.69
• Continuous improvement in stability and
security
• Strategic position, availability of labor and
competitive cost base allow Iraq to export to
the Middle Eastern Region and to the world.
• Growing middle class
• Low corporate tax rates of 15%
• Abundant proven oil reserves (in excess of
115 billion barrels)
IRAQ
COUNTRY SNAPSHOTS

43 CONFIDENTIAL
Population 6.4m
Agriculture as % of GDP 33%
• New-found mineral wealth is transforming the
traditionally agricultural economy
• Increased global commodity prices are driving
growth
• Young population – 48% under the age of 14
• Further reforms to the banking system are
expected
• Government is promoting investment in SMEs
LAOS
COUNTRY SNAPSHOTS

44 CONFIDENTIAL
MONGOLIA
Population 2.8m
Least dense country in the
world
1.8
persons/
km2
• The National Development and Innovation
Committee (NDIC) projects GDP growth to
top 20.6% in 2014
• Aggressive expansion due to foreign
investment in large mining projects
• Banks anticipated to double assets to keep
up with loan growth
COUNTRY SNAPSHOTS

45 CONFIDENTIAL
MYANMAR
Population 63.7m
Rich of natural resources
87% of export
earnings
• Strategically located between India and China
• Resource rich
• Far reaching political & economic reforms
• Sanctions to be lifted
• International support
• Local stock exchange with 2 listed stocks only for
domestic investors
• Exposure possible though stocks listed in
Singapore
COUNTRY SNAPSHOTS

46 CONFIDENTIAL
PAKISTAN
• Recent elections could lead to economic
reform.
• Stable relations with India
• Apparel and textiles accounted for nearly 60%
of exports
• Transport infrastructure has been given
significant focus in the last two decades for
improvement and modernization
Population 178.9m
High rates of
inward remittances
Over US$1
bn/month in 2011
Population of
working age
60 million
COUNTRY SNAPSHOTS

47 CONFIDENTIAL
Population 6.8m
Rich of natural resources
73% of
export
earnings
• Port Moresby Stock Exchange with 22 stocks listed
• Companies also listed overseas in Australia, Hong
Kong and London
• Resource rich: natural gas, oil, copper, gold, silver
• Cash crops: coffee, copra, tea, rubber, sugar
• Fishery
• Tourism underdeveloped
PAPUA NEW
GUINEA
COUNTRY SNAPSHOTS

48 CONFIDENTIAL
SRI LANKA
Population 20.7m
Literacy Rate 91%
• South Asia’s most open economy (since
1977); Private sector driven (85% of GDP)
and non-monopolistic
• Stable economy after end of civil conflict in
2009
• Spectacular tourism destination
• Specialty agricultural exporter (tea, rubber,
spices etc.)
• Future growth will be spurred by
reconstruction projects and real-estate
development
COUNTRY SNAPSHOTS

49 CONFIDENTIAL
VIETNAM
Population 90.4m
Literacy Rate 93%
• A major exporter of agricultural products
such as black pepper, rice and coffee
• Bordered by China to the north, Laos to the
northwest, Cambodia to the southwest, and
the South China Sea to the east
• Pivoting towards a manufacturing oriented
economy
• Potential for consumer companies due to
increasing disposable income
COUNTRY SNAPSHOTS

AFC Asia Frontier Fund CONFIDENTIAL50
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 100,000 for USD shares
EUR 80,000 for EUR shares
CHF 100,000 for CHF shares
FUND TERMS & CONDITIONS

CONFIDENTIAL51
Subsequent Minimum Subscription: USD 10,000 for USD shares
Initial Subscription Price: EUR 10,000 for EUR shares
Initial Subscription Price: USD 1,000 for USD shares
EUR 1,000 for EUR shares
Subsequent Subscription Price: NAV
Country/Region Focus: Asia Frontier Markets
Initial Launch Date: 30 March 2012
Valuation Day: Last day of each calendar month
Main Custodian Bank: Deutsche Bank, Singapore
Auditor: KPMG, Cayman Islands
Administrator: Amicorp Fund Services Asia Pte Ltd., Singapore
Legal Advisor: Cayman Islands: Ogier, Hong Kong
US: Bingham McCutchen LLP, Boston
FUND TERMS & CONDITIONS

52 CONFIDENTIAL
ASIA FRONTIER CAPITAL LTD.
Thomas Hugger, CEO and Fund Manager, Hong Kong
Email: th@asiafrontiercapital.com
Tel: +852 3904 1015, Fax+852 3904 1017
Website: www.asiafrontiercapital.com
CONTACT INFORMATION
Asia Frontier Investments Limited is licensed by SFC Hong Kong for Type 4 (investment advisory) and Type 9 (asset management)

53 CONFIDENTIAL
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 opportunity 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 other 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.
DISCLAIMER

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