AFC ASIA FRONTIER FUND (NON-US) October 2020

Asian Frontier Countries Investment Objective Fund Category Public Equities Achieve long-term capital appreciation by investing in listed equities of companies that have their , , , , principal business activities in high-growth Asian . The fund focuses primarily on , , investments in consumer related , financials, and infrastructure. Country Focus , , , , Papua Fund Manager Comment New Guinea, , , The AFC Asia Frontier Fund (Non-US) (AAFF) USD A-shares decreased by 1.4% in October 2020 Monthly at NAV (five with a NAV of USD 1,191.39. The fund underperformed the AFC Frontier Asia Adjusted Index Subscriptions business days before month (+3.0%), the MSCI Frontier Markets Asia Net Total Return USD Index (+5.4%), the MSCI Frontier end) Markets Net Total Return USD Index (+1.0%) but outperformed the MSCI World Net Total Return Monthly at NAV Redemptions 90 days notice for Class A USD Index (-3.1%). The performance of the AFC Asia Frontier Fund A-shares since inception on st 180 days notice for Class B 31 March 2012 now stands at +19.1% versus the AFC Frontier Asia Adjusted Index, which is up AFC Adjusted Frontier Asia by +5.8% during the same period. The broad diversification of the fund’s portfolio has resulted in Benchmark Index lower risk with an annualised volatility of 10.52% and a correlation of the fund versus the MSCI Thomas Hugger Fund Managers World Net Total Return USD Index of 0.52, all based on monthly observations since inception. Ruchir Desai Investment Asia Frontier Investments The best performing indexes in the AAFF universe in October were Vietnam (+2.2%) and Manager Limited, Kazakhstan (+1.3%). The poorest performing markets were Sri Lanka (−4.3%) and Bangladesh Fund Base USD, EUR, CHF (−2.4%). The top-performing portfolio stocks this month were a Mongolian concrete producer Currencies (+58.3%), a Sri Lankan latex glove manufacturer (+40.2%), a Mongolian bakery company (+32.0%), USD 25,000 or Minimum a Mongolian junior copper explorer (+28.6%), and a Pakistani automotive battery company EUR 25,000 or Investment CHF 25,000 (+19.2%). Subsequent USD/EUR/CHF 5,000 In October, the fund added to existing positions in Mongolia and partially excited positions in Investments Mongolia as well Class A: 1.8% p.a. of NAV Management Fee Class B: 1.5% p.a. of NAV At the end of October 2020, the portfolio was invested in 74 companies, 2 funds and held 2.7% in 10% NAV appreciation cash. The two biggest positions were a pump manufacturer from Vietnam (9.0%), and an Performance Fee above 3 month USD investment company in Myanmar (4.6%). The countries with the largest asset allocation were Class A Shares LIBOR +2% and high water mark Mongolia (20.2%), Vietnam (17.3%), and Uzbekistan (12.1%). The sectors with the largest 8% NAV appreciation allocation of assets were consumer goods (26.9%) and industrials (16.1%). The fund’s estimated Performance Fee above 3 month USD weighted harmonic average trailing 12 months P/E ratio (only companies with profit) was 7.49x, the Class B Shares LIBOR +2% and high water estimated weighted harmonic average P/B ratio was 0.81x, and the estimated weighted average mark portfolio dividend yield was 4.08%. Fund Size USD 10.8 million Fund Domicile Cayman Islands Launch Date 30 March 2012 Fund Performance - USD Class A - Net 1,800 Deutsche Bank, Singapore / Main Custodian DBS, Hong Kong 1,700 Auditor EY, Hong Kong Trident Fund Services, 1,600 Administrator Hong Kong 1,500 Legal Advisor Ogier, Hong Kong Morgan, Lewis & Bockius US Tax Advisor 1,400 LLP, Boston 1,300 1,191 Contact Information 1,200 Asia Frontier Capital Ltd. www.asiafrontiercapital.com 1,100 Mr. Thomas Hugger Tel: +852 3904 1015, Fax: +852 3904 1017 1,000 [email protected] 900 Registered Office: c/o Intertrust Corporate Services (Cayman) Ltd. 800 190 Elgin Avenue, George Town 700 Grand Cayman KY1-9005, Cayman Islands

Hong Kong Office: Asia Frontier Investments Limited AFC Frontier Asia Adjusted Index* AFC Asia Frontier Fund (after fees) th 905, 9 Floor, Loon Kee Building *) MSCI Frontier Markets Asia Net Total Return USD Index until 31st May 2017 and 37% of this index and 63% of the Karachi 100 267-275 Des Voeux Road Central Hong Kong NAV as of 31st October 2020 USD-A USD-B CHF-A CHF-B EUR-A EUR-B

NAV 1,191.39 1,232.78 1,131.95 987.49 1,041.00 998.85

Since Inception +19.14% +23.28% +13.20% -1.25% +4.10% -0.12% Inception Date 30/03/12 30/03/12 30/03/12 31/01/14 31/01/14 31/07/14

The representative of the fund in Switzerland is ACOLIN Fund Services AG, succursale Geneve, 6 Cours de Rive, 1204 Geneva. NPB Neue Privat Bank AG, Limmatquai 1 / am Bellevue, CH – 8024 Zürich, Switzerland is the Swiss Paying Agent. In Switzerland, shares shall be distributed exclusively to qualified . The fund offering documents, articles of association and audited financial statements can be obtained free of charge from the Representative. The place of performance with respect to shares distributed in or from Switzerland is the registered office of the Representative.

AFC ASIA FRONTIER FUND (NON-US) October 2020

Country Allocation Sector Allocation 25% 23.2% 20.2% 20% 17.3% 20% 16.1% 15% 11.0% 14.4% 12.1% 10.9% 15% 12.5% 9.1% 9.9% 10% 7.0% 10% 8.5% 3.5% 5.1% 5.2% 2.0% 5% 1.6% 1.1% 2.7% 5% 1.3% 2.7% 0.7% 1.3% 0.6% 0% 0%

Monthly Performances AFC Asia 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% 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% -0.03% -3.47% +0.71% -1.60% +2.81% -2.26% +0.16% 2018 USD +2.41% -1.51% -1.49% -3.49% -4.50% -2.70% -2.16% +0.68% -1.40% -5.52% -1.54% -0.75% -20.07% 2019 USD -0.01% -0.04% -0.12% -1.92% -1.55% -0.44% -0.11% -1.52% -2.14% -1.66% +1.83% +0.90% -6.65% 2020 USD -3.92% -2.82% -14.25% +4.20% +4.11% +1.00% +4.86% +4.30% -1.16% -1.35% -6.44%

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% +0.81% -3.75% +1.39% +1.31% +1.01% -2.98% -4.19% 2018 CHF -2.31% +0.09% -0.18% -0.26% -5.11% -1.96% -2.46% -1.31% -0.81% -2.63% -2.19% -2.10% -19.38% 2019 CHF +0.57% +0.44% -0.12% +0.43% -3.19% -3.26% +1.38% -1.59% -1.39% -2.72% +3.14% -2.23% -8.40% 2020 CHF -4.31% -2.51% -15.04% +4.72% +3.53% -0.58% +0.91% +2.99% +0.77% -1.54% -11.90%

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% -2.31% -3.48% +1.67% -0.16% +0.10% -2.65% -9.66% 2018 EUR -1.31% +0.59% -2.19% -1.81% -1.20% -2.74% -2.39% +1.62% -1.64% -3.06% -1.47% -1.70% -16.09% 2019 EUR -0.88% +0.74% +1.28% -1.68% -1.14% -2.40% +2.10% -0.26% -1.42% -3.85% +3.04% -0.89% -5.42% 2020 EUR -2.62% -1.96% -14.36% +4.95% +2.45% -0.16% -0.30% +3.08% +0.76% -0.69% -9.74% Monthly Performances AFC Asia 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% +0.36% 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% 0.00% -3.44% +0.74% -1.57% +2.84% -2.23% +0.51% 2018 USD +2.44% -1.49% -1.46% -3.46% -4.47% -2.68% -2.13% +0.71% -1.38% -5.49% -1.51% -0.72% -19.83% 2019 USD +0.01% -0.01% -0.10% -1.90% -1.52% -0.41% -0.09% -1.49% -2.11% -1.64% +1.86% +0.92% -6.37% 2020 USD -3.90% -2.79% -14.22% +4.22% +4.14% +1.03% +4.89% +4.32% -1.13% -1.33% -6.21%

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% +0.83% -3.73% +1.42% +1.34% +1.04% -2.96% -3.90% 2018 CHF -2.28% +0.12% -0.15% -0.24% -5.09% -1.93% -2.44% -1.28% -0.79% -2.60% -2.17% -2.08% -19.14% 2019 CHF +0.59% +0.47% -0.10% +0.46% -3.16% -3.23% +1.41% -1.56% -1.36% -2.70% +3.17% -2.21% -8.12% 2020 CHF -4.29% -2.48% -15.01% +4.75% +3.55% -0.55% +0.93% +3.02% +0.80% -1.51% -11.68%

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% -2.29% -3.46% +1.69% -0.14% +0.12% -2.62% -9.39% 2018 EUR -1.29% +0.62% -2.17% -1.79% -1.17% -2.71% -2.36% +1.64% -1.62% -3.04% -1.44% -1.68% -15.83% 2019 EUR -0.86% +0.76% +1.31% -1.66% -1.12% -2.37% +2.13% -0.24% -1.39% -3.82% +3.07% -0.86% -5.13% 2020 EUR -2.59% -1.94% -14.34% +4.98% +2.48% -0.13% -0.28% +3.10% +0.78% -0.67% -9.51% Security Numbers for each of the Share Classes (for the “Lead Series”) USD-A USD-B CHF-A CHF-B EUR-A EUR-B ISIN KYG0133A1004 KYG0133A1186 KYG0133A1426 KYG0133A1590 KYG0133A1269 KYG0133A1343 CUSIP G0133A 100 G0133A 118 G0133A 142 G0133A 159 G0133A 126 G0133A 134 Bloomberg LAFNUAU KY LAFNUBU KY LAFNUAS KY LAFNUBS KY LAFNUAE KY LAFNUBE KY Valoren 21182352 22307835 22307834 22307838 22307831 22307836 Reuters LP68162461 LP68162476 LP68162475 LP68162478 LP68162474 LP68162477

*Asia Frontier Capital manages funds for both US investors and non-US investors. This factsheet is for non-US investors only. If you are a US , please refer to the fact sheet for the fund called “AFC Asia Frontier Fund”. 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. The fund is authorized for distribution to professional investors in Hong Kong, Japan, Singapore and the UK. 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 AFC 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. © 2020 Asia Frontier Capital Ltd. All rights reserved.