AFC Asia Frontier Fund invests in stock exchange listed equities of the following fast growing Asian economies: Bangladesh, Bhutan, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar, Nepal, Pakistan, Papua New Guinea, Sri Lanka and Vietnam. Asia Frontier Capital Ltd. is the manager of the fund.

1. AFC Asia Frontier Fund

2. 2
1. Executive Summary 3
2. Why Frontier Markets 4
3. Asia Frontier Capital 14
4. Investment Objective 17
5. Investment Strategy 18
6. Fund Information 23
7. Top 4 Stock Holdings 34
8. Country Snapshots 36
9. Terms and Conditions 51
10. Contact Information 53
11. Disclaimer 54

3. 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
• Sector focus: consumer related stocks (consumer staples and consumer discretionary),
financials and infrastructure related stocks. Additionally country specific sectors/stocks like
tourism in Sri Lanka or mining in Mongolia and Papua New Guinea.
• Invest in target countries large cap and liquid stocks (core portfolio) with stock position
size from 2% to 5%, and mid- to small caps (satellite portfolio) with position size from 1% to
3%.
• Focus on earnings growth and undervalued stocks as key drivers for returns
Firm Overview
• Asia Frontier Capital , headquartered in Hong Kong is an investment management firm that
specializes in frontier markets with experience managing funds since 2008.
3

4. 4

5. 5

6. 6
Excellent upside
potential due to
high GDP growth
Low correlation
to developed
markets
Diversification
Young Population

7. 7
Attractive Valuations
• Attractive P/E valuations (9.9x) compared to Global and Emerging Markets
Index P/E – Forecast 12-month (x)
MSCI World Index 13.2
MSCI Emerging Markets Index 11.0
MSCI Frontier Markets Index 9.9
Source: Bloomberg
Value Drivers
 Under-researched
 Illiquid
 Misunderstood
 Bad PR
 Ignored
Growth Drivers
 Economic & Social Reform
 Infrastructure
 Connectivity
 Low Base
 Consumerism

8. 8
Low Correlation to Developed Markets Ensures Asset Diversification
• Frontier markets have low correlation to the MSCI World Index and yield higher
returns indicating ample opportunities to find “alpha”
Correlation based on 5 Years of Monthly
Return 5-Year Return
MSCI World Index MSCI Frontier Index
MSCI World Index 100% -21%
MSCI Frontier Index 86% 100% -27%
Bangladesh -18% -37% 227%
Sri Lanka 4% -26% 108%
Mongolia 16% -1% 870%
Vietnam 78% 61% -63%
Laos* 79% 78% N/A
Pakistan 88% 79% 2%
* 2 years only Source: Factset, MSCI

9. 9
Future Emerging Markets
• High GDP CAGR of 7% at a pre-emerging stage
• Forecasted to increase at a faster rate than BRIC and
eventually replace BRIC as the new mainstream
emerging markets
6%
7%7% 6%
1%
2%
0%
1%
2%
3%
4%
5%
6%
7%
8%
2000-2010 2010-2016
CAGR of Historical and Projected GDP
Leopard Frontier
Universe
BRIC
Major Advanced
Economies (G7)
Source: IHS Global Insight, IMF

10. 10
Myanmar
7%
Sri Lanka
9%
Others
9%
Vietnam
18%
Bangladesh
15%
Pakistan
23%
Iraq
19%
Bhutan
2%
Maldives
3%
Mongolia
15%
Laos
12%
Papua
New
Guinea
22%
Cambodia
20%
Nepal
25%
Others (9%)
Size of Combined Economies: US$ 752 billion

11. 11
Others
3%
Cambodia
3%
Sri Lanka
3% Nepal
5%
Iraq
5%
Myanmar
10%
Vietnam
15%Bangladesh
27%
Pakistan
29%
Maldives
2%
Bhutan
4%
Mongolia
18%
Papua
New
Guinea
38%
Laos
38%
Others (3%)
Combined Population: 616.1 million

12. 12
High Growth + Diversification
• High GDP growth of 6.9% in 2012 and 7.7% expected in 2013
• A single investment vehicle that allows investors to diversify their
portfolio and access high growth markets that are not easily
accessible
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Asian Frontier Markets will grow by 7.7%
on average in 2013

13. 13
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

14. 14
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 Ltd. was created in June 2013 through MBO with
Leopard Capital
Ongoing Cooperation with Leopard Capital
• Experience managing funds in frontier markets since 2008
• Conducts equity research in local offices in Bangladesh, Cambodia,
Laos and Thailand
Attractive Equities Identified
• Identified equities with great upside potential
• Access to numerous primary and secondary research sources

15. 15
AFC Frontier Capital Limited - Portfolio Manager
• Thomas Hugger
•27 years in private banking, managing portfolios of listed
and unlisted equity investments
•Lived in Asia >9 years
•Former Managing Director and Head of Portfolio
Management at LGT Bank, Hong Kong
•Held investment positions at LGT Bank in Zurich and Bank
Julius Baer in Zurich and Hong Kong
•Founding shareholder of one of the largest brokerage
company in Bangladesh
•Certified Financial Analyst (CFIA) and Investment Adviser
(Switzerland), and Certified European Federation of
Financial Analysts Societies (EFFAS) Financial Analyst

16. 16
AFC Frontier Capital Limited – Investment Analyst
• Ruchir Desai
• MBA Graduate in Finance from CUHK Business School,
The Chinese University of Hong Kong
• Also alumnus of The Fuqua School of Business, Duke
University
• 5 years of Equity Research experience
• Previous experience in frontier markets as Summer
Associate at Leopard Asia Frontier Fund
• Prior to business school was based in Mumbai, India and
spent two years as a Senior Analyst at a mid market
private equity group
• In addition, gained three years of experience as a Sell
Side Research Analyst covering the Indian Software
Services industry

17. • 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
17

18. 18
Top-down
Approach
Value /
Growth
Risk
Mitigation
Cash

19. • 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
 Company visits and research (primary and secondary) either by
the fund manager or team members based in various countries
in the AFC Asia Frontier universe
• 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
19

20. 20
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

21. 21
Target Countries
(AFC Asia Frontier Universe)
• Bangladesh
• Bhutan
• Cambodia
• Iraq
• Laos
• Maldives
• Mongolia
• Myanmar
• Nepal
• Pakistan
• Papua New Guinea
• Sri Lanka
• Vietnam
MSCI Frontier Index
• 29.6% Kuwait 1.9% Slovenia
• 14.2% Qatar 1.6% Vietnam
• 9.1% Nigeria 1.1% Mauritius
• 8.4% UAE 1.0% Romania
• 6.9% Argentina 0.9% Tunisia
• 3.9% Pakistan 0.9% Jordan
• 3.7% Bangladesh 0.6% Bahrain
• 3.1% Oman 0.4% Ukraine
• 3.0% Kazakhstan 0.4% Estonia
• 2.5% Croatia 0.3% Serbia
• 2.1% Kenya 0.3% Lithuania
• 2.0% Sri Lanka 0.1% Bulgaria
• 2.0% Lebanon
The investment universe of Leopard Asia Frontier Fund consists of all countries
included in the MSCI Frontier Index plus other “frontier” countries not yet included.

22. 22
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 (role of the Investment Committee)
 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)

23. 23

24. 24
NAV as of 31st May 2013
USD-A EUR-A CHF-A USD-B EUR-B CHF-B
NAV $1,133.62 n/a CHF 1,165.67 $1,139.67 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% +13.20%
CHF
+5.65% +0.84% +0.61% -0.96%
+11.36
%
+18.21%
Monthly Performance AFC Frontier Fund (Class B)
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% +13.55%

25. 25
Monthly Performance AFC Frontier Fund (Non-US) Class A
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%
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% +13.20%
CHF
+5.65% +0.84% +0.62% -0.96%
+11.36
%
+18.21%
Monthly Performance AFC Frontier Fund (Non-US) Class B
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% +13.54%
NAV as of 31st May 2013
USD-A EUR-A CHF-A USD-B EUR-B CHF-B
NAV $1,133.51 n/a CHF 1,165.67 $1,139.55 n/a n/a

26. 26
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
IndexedReturn
AFC Asia Frontier Fund USD Class A MSCI World
MSCI Frontier Markets MSCI Frontier Markets Asia

27. 27
Amongst the top 6% of funds as at the end of
May 2013
• AFC Asia Frontier Fund’s 3 month , year to
date and 1 year performances are amongst the
top 6% of emerging market equity funds
globally (1,225 funds) (net of all fees /
expenses)
Source: Bloomberg

28. 28
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)

29. 29
0.0%
4.0%
8.0%
12.0%
16.0%
20.0% 18.7%
14.1% 13.8%
12.7%
9.9%
7.4% 7.0%
6.4%
2.2%
1.2%
6.6%
Country Allocation - May 2013

30. 30
0.0%
6.0%
12.0%
18.0%
24.0%
30.0%
26.4%
17.4%
13.4%
11.2%
6.5% 6.3%
4.5%
3.2%
1.4% 1.3% 1.0%
6.6%
0.8%
Sector Allocation - May 2013

31. 31
Focus on Consumer Stocks (44% allocation)
• Due to the extremely low GDP per capita in these countries, every
additional dollar earned is spent on better quality food, water and basic
necessities
• Attractive valuations of consumer stocks in Asia make these companies
strong takeover targets
• Heineken bought out Asia Pacific Breweries at a P/E ratio of 38x and a
P/B ratio of 11x. This shows the confidence that multinationals have in
the future growth of South-East Asia.
• KKR has invested USD 359 million into Masan Group (Vietnam) at a 44x
P/E Ratio

32. 32
Focus on Consumer Stocks (44%)
Country P/E(Trailing) P/B Ratio Dividend Yield
Bangladesh – Footwear Company 9.2x 1.2x 2.4%
Cambodia – Gaming Company 13.1x 3.7x 4.3%
Iraq – Soft Drink Manufacturer 12.6x 1.5x 4.6%
Mongolia – Bakery Products 8.8x 0.7x 0.8%
Pakistan – Brewery 9.4x 1.0x 1.8%
Papua New Guinea – Consumer Retail 10.6x 2.0x 4.1%
Sri Lanka – Car Importer 3.0x 1.0x 9.3%
Vietnam – Brewery 4.0x 1.1x 10.9%

33. 33
Regional Peer Comparison
Company P/E Ratio
(Trailing)
P/B Ratio
Dutch Lady Milk (Malaysia) 24.3x 3.5x
Fraser & Neave (Singapore) 23.8x 11.8x
Nestle Malaysia 29.2x 7.4x
Indofod Sukses (Indonesia) 19.8x 11.6x
Mayora Indah (Indonesia) 33.9x 24.6x
Want Want China China 37.2x 19.6x

34. 34
A Frontier Country’s Largest Bank
• 40% market share, country’s largest branch network
• Expected loan growth: 30% CAGR over the next 3 years
• Earnings growth 2012: 24%, 2013: 44%
• P/E 2012: 5.7x, P/E 2013: 4.0x
• Dividend yield: 11.4%, PBV: 0.97x
A Leading Generic Pharmaceutical Company
• Started exports to increase sales revenue
• The fund invested through a GDR with a 63% discount to the home
market
• Earnings growth 2012: 35%, 2013: 28%
• P/E 2012: 11.0x, P/E 2013: 8.6x

35. 35
A Gaming, Hotel and Leisure Operator
• 23 years gaming monopoly, increasing number of gaming tables
and expanding leisure infrastructure
• Revenue growth 2012: 18%, 2013: 23%
• P/E 2012: 10.2x, P/E 2013: 8.3x
• Dividend yield: 5.1%
A Frontier Country’s Leading Power Plant Operator
• A power generation company that builds transmission lines,
electro-stations and invests in electricity generating projects in
Laos
• Earnings growth 2013: 29%
• P/E 2012: 10.2x, P/E 2013: 8.4x
• Dividend yield: 4.6%, PBV: 1.4x

36. 36

37. 37
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

38. 38
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
5 Year Average GDP Growth 5.4%
Main industries
Garments,
Tourism,
Agriculture

39. 39
Population 33.7m
5 Year Average GDP Growth 7.1%
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

40. 40
Population 6.4m
5 Year Average GDP Growth 8.0%
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

41. 41
MONGOLIA
Population 2.8m
5 Year Average GDP Growth 8.8%
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

42. 42
MYANMAR
Population 63.7m
5 Year Average GDP Growth 5.2%
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

43. 43
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

44. 44
Population 6.8m
5 Year Average GDP Growth 8.1%
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

45. 45
SRI LANKA
Population 20.7m
5 Year Average GDP Growth 6.4%
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

46. 46
VIETNAM
Population 90.4m
5 Year Average GDP Growth 5.9%
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

47. 47

48. 48
Bangladesh Bhutan Cambodia Iraq Laos
Nominal GDP (USD billion, 2012) 118 1.6 14.2 144 8.9
Population (million, 2012) 169 0.7 15 33 6.6
GDP per capita (USD, 2012) 700 2284 931 4287 1338
Key economic characteristics Growing middle
class and large
youth segment
Based on agriculture,
forestry, tourism and the
sale of hydroelectric
power to India
Abundant natural
resources
Abundant oil
resources and
growing middle
class
Abundant natural
resources
Government style Unitary
parliamentary
democracy
Constitutional
monarchy
Constitutional monarchy.
The head of
Government is the
longest serving leader in
SE Asia
Democratic
parliamentary
federal republic
Single party socialist
republic
Primary stock exchange Dhaka Stock
Exchange
Royal Securities
Exchange of Bhutan
Cambodia Securities
Exchange
Iraq Stock
Exchange
Lao Securities
Exchange
Index DSE General
Index
n/a CSX Composite Index ISX General Index LSX Composite Index
Foreigners allowed? Yes No Yes Yes Yes
How many stocks are listed? 286 20 1 84 2
Year established 1954 1993 2011 2004 2011
Market cap (USD billion) 30.2 0.2 0.13 5 1.049
Average daily turnover (USD million)
20 0.05 0.1 5 0.1

49. 49
Maldives Mongolia Myanmar Nepal Pakistan
Nominal GDP (USD billion, 2012) 2 6 54 18 233
Population (million, 2012) 0.3 3 65 28 179
GDP per capita (USD, 2012) 6230 2267 908 623 1372
Key Economic Characteristics
Principal activities
involve tourism, fishing
and shipping
New-found mineral
wealth is
transforming the
traditionally
agricultural economy
Lack of infrastructure
and and updated
financial and banking
system
Industry mainly
involves the
processing of
agricultural
products
Workforce is 60
million people strong;
endowed with natural
gas and oil
Government style
Presidential republic,
with the President as
head of government and
head of state
Considerable power
remains in the
parliament
A presidential republic
with a bicameral
legislature
A framework of a
republic with a
multi-party system
Democratic
parliamentary federal
republic
Primary stock exchange
Maldives Stock
Exchange
Mongolian Stock
Exchange
Myanmar Securities
Exchange Centre
Nepal Stock
Exchange
Karachi Stock
Exchange
Index
Maldives Stock
Exchange Index
MSE Top-20 n/a NEPSE Index KSE 100 Index
Foreigners allowed? No Yes No No Yes
How many stocks are listed? 6 336 2 322 639
Year established 2008 1991 1996 1992 1947
Market cap (USD billion) 0.5 1.3 n/a 4.8 42.5
Average daily turnover (USD million) 0.001 0.2 0.001 0.5 50

50. 50
Papua New Guinea Sri Lanka Thailand Vietnam
Nominal GDP (USD billion, 2012) 15.3 65 377 135
Population (million, 2012) 6.8 20 64 90
GDP per capita (USD, 2012) 2255 3138 5850 1498
Key economic characteristics Mineral deposits, including oil,
copper, and gold, account for
72% of export earnings
Tourism and
ICT/services have
emerged as important
economic activities
Heavily export-dependent
economy, with exports
accounting for more than two-
thirds of GDP
Agriculture's share of
GDP declined from 32%
in 1990 to 17% in 2009;
manufacturing is
increasing
Government style Constitutional monarchy with
parliamentary democracy,
relatively unstable
The two main political
parties are both
committed to free
market principles
Constitutional monarchy under
a parliamentary democratic
system
A one-party communist
state
Primary stock exchange Port Moresby Stock Exchange Colombo Stock
Exchange
Stock Exchange of Thailand Ho Chi Minh Stock
Exchange / Hanoi Stock
Exchange
Index KSI ASPI SET Index VN Index
Foreigners allowed? Yes Yes Yes Yes
How many stocks are listed?
19 281 541 704
Year established 1999 1985 1975 2000
Market cap (USD billion) 51 17.7 280 41
Average daily turnover (USD million)
0.1 21 700 48

51. 51
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

52. 52
Subsequent Minimum Subscription: USD 10,000 for USD shares
Initial Subscription Price: EUR 10,000 for EUR shares
CHF 10,000 for CHF shares
Initial Subscription Price: USD 1,000 for USD shares
EUR 1,000 for EUR shares
CHF 1,000 for CHF 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

53. 53
Thomas Hugger, Fund Manager, Hong Kong
Email: th@asiafrontiercapital.com
Tel: +852 3904 1015, Fax+852 3904 1017
Website: www.asiafrontiercapital.com

54. 54
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.