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Investment Objective Investor Profile Manager Fund Category Asian Frontier Countries Investment Objective Public Equities Achieve long-term capital appreciation by investing in listed equities of companies that have their Country Focus Bangladesh, Cambodia, Laos, principal business activities in high-growth Asian frontier markets. Maldives, Mongolia, Myanmar, Pakistan, Papua New Guinea, Sri Lanka, Vietnam Investor Profile Subscriptions Monthly at NAV (five days before month end) Seeking medium and long-term capital appreciation by investing primarily in equity securities of companies with principal activities in Asian frontier markets. Redemptions Monthly at NAV 90 days notice for Class A 180 days notice for Class B Manager Comment on November 2012 Benchmark No applicable benchmark Leopard Asia Frontier Fund (LAFF) USD A-shares gained 0.6% in November 2012, again outperforming the Fund Manager Thomas Hugger MSCI Frontier Markets Asia Index (-1.9%) and grew in line with the MSCI World Index USD (+0.2%). Investment Leopard Capital Management Ltd. In November, indexes performances within the LAFF universe varied greatly: Laos performed best, gaining Manager 12%, followed by Pakistan (+4.7%). The top performing portfolio stocks were a Pakistani food producer Investment Leopard Capital (Hong Kong) Ltd. Advisor (+25.1%), a Myanmar conglomerate (+24.5%), a Vietnamese confectionary producer (+23.8%) and a Fund Base USD, EUR, CHF Vietnamese brewery (+22.5%). Currencies In contrast, Bangladesh (-6.3%) was the worst performing index within the Fund for in November, Minimum USD 100,000 or followed by Mongolia (-5.8%), which experienced its fourth consecutive month of negative growth. MSE Investment EUR 80,000 or CHF 100,000 Top 20 Index is down 30.2% year to date, and according to Bloomberg is the third worst performing index Subsequent USD/EUR/CHF 10,000 globally. LAFF is now prepared to trade again in Mongolia and will start buying selective stocks. Investments Most of LAFF’s stock positions in Vietnam held strong in spite of the index decreasing 2.7% for the month; Management Fee 1.8% p.a. of NAV for class A shares; 14 of the fund’s 20 portfolio companies achieved positive gains. These companies benefitted from 1.5% p.a. of NAV for class B shares investors pivoting toward consumer related stocks as Vietnam’s banking and real estate sectors continue Performance Fee 10% NAV appreciation above 3 to stagnate. Class A Shares month USD LIBOR +2% and high water mark As of November 30, the portfolio was invested in 77 shares, 1 closed-ended fund (with 46.4% discount to Performance Fee 8% NAV appreciation above 3 NAV), 1 GDR (with 54.1% discount) and held 6.2% in cash. During the reporting month, we added two new Class B Shares month USD LIBOR +2% and high stocks in both Myanmar and Vietnam and one stock in Mongolia. We increased existing positions in water mark Bangladesh, Laos, Pakistan, Papua New Guinea, and Vietnam, and reduced the holding in one stock in Fund Domicile Cayman Islands Cambodia, which is up 54% since the purchase in April 2012. The stocks LAFF holds are listed on the stock Launch Date 30 March 2012 exchanges in Bangladesh, Canada, Hong Kong, Laos, London, Mongolia, New York, Pakistan, Papua New Main Custodian Deutsche Bank, Singapore Bank Guinea, Singapore, Sri Lanka and Vietnam. The two biggest stock positions are a power producer from Auditor KPMG, Cayman Islands Laos (6.0%) and a pharmaceutical company from Bangladesh (5.0%). The countries with the largest asset Administrator Amicorp Fund Services Asia Pte allocation include Sri Lanka (17.5%), Vietnam (16.7%), and Bangladesh (14.9%). The sectors with the Ltd., Singapore largest allocation of assets include consumer goods (26.4%) and financials (16.1%). Legal Advisor Ogier, Hong Kong In December, the fund manager will travel to Karachi, Pakistan to visit existing and potential portfolio US Tax Advisors Bingham McCutchen LLP, Boston companies, brokers and service providers. Contact Information Leopard Capital Management Ltd. www.leopardcapital.com United Kingdom: Mr Mohamed Ahamed Tel: +44 75 12315863 [email protected] Hong Kong: Mr Thomas Hugger Tel +852 3904 1015, Fax: +852 3904 1017 [email protected] 1208, 12th Floor, Loon Kee Building 267-275 Des Voeux Road Central Hong Kong Registered Office: c/o Ogier Fiduciary Services (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1- 9007, Cayman Islands *) Leopard Capital manages funds for both US investors and non-US investors. This fund is for US investors only. If you area non-US investor, please refer to the fact sheet for the fund called “Leopard Asia Frontier Fund (non-US)”. Fund Statistics th NAV as of 30 November 2012 USD-A EUR-A CHF-A USD-B EUR-B CHF-B NAV $966.44 n/a CHF 964.33 $968.38 n/a n/a Monthly Net Performances: Leopard Asia Frontier Fund Class A Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD USD +0.91% -7.56% -0.27% -0.26% +0.85% +3.64% -0.96% +0.62% -3.36% EUR n/a n/a n/a n/a n/a n/a n/a n/a n/a ContactCHF -0.29% -1.18% -2.62% +1.62% -1.40% +1.92% -1.82% +0.24 -3.57% Monthly Net Performances: Leopard Asia Frontier Fund Class B Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD USD +0.94% -7.55% -0.24% -0.23% +0.88% +3.67% -0.94% +0.64% -3.16% EUR n/a n/a n/a n/a n/a n/a n/a n/a n/a CHF n/a n/a n/a n/a n/a n/a n/a n/a n/a Security Numbers for each of the Share Classes USD-A EUR-A CHF-A USD-B EUR-B CHF-B ISIN KYG547831084 KYG547831407 KYG547831811 KYG547831241 KYG547831654 KYG547832074 CUSIP G54783 108 G54783 140 G54783 181 G54783 124 G54783 165 G54783 207 Bloomberg LEASFAA KY LEASFAE KY LEASFAC KY LEASFAB KY LEASFBE KY LEASFBC KY Country Allocation Sector Allocation Cash, 6.2% ETF / Fund, 1.1% Cambodia, 1.8% Cash, 6.2% Telecom, 1.1% Sri Lanka, 17.5% Textiles, 1.7% Consumer Mongolia, 5.2% Staples, 26.4% DIversified 3.2% Papua New Guinea, 8.3% Energy, 6.5% Vietnam, 16.7% Myanmar, 8.4% Utilities, 7.1% Healthcare, 7.9 Financials, 16.1% Laos, 10.4% % Consumer Pakistan, 10.7% Bangladesh, 14.9% Discretionary, 8.0% Materials, 13.4% Disclaimer Investments in equities in frontier markets are subject to market risk, idiosyncratic risk, liquidity risk, and currency exchange rate risk. The fund may use financial derivative instruments as a part of the investment process. This document does not constitute an offer to sell, or a solicitation of an offer to buy shares in Leopard Asia Frontier Fund. We will not make such offer or solicitation prior to the delivery of an offering memorandum, the operating agreement or articles of association, a subscription booklet, and other materials relating to the matters herein. Before making an investment decision, we advise potential investors to read these materials carefully and to consult with their tax, legal, and financial advisors. The materials have not been reviewed by the regulatory authority of any jurisdiction. Investment is open only to accredited investors as defined by the relevant legal jurisdiction of residence and/or nationality. We have compiled this information from sources we believe to be reliable, but we cannot guarantee its accuracy. We present our opinions without warranty. Past performance is no guarantee of future results. © 2012 Leopard Capital LP. All rights reserved. .
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