30 June 2020

The Fund Manager writes Morningstar Ratingҹ In June, the fund was 1.4% higher at the end of the month, while the benchmark index fell 0.5%. In May, the Egyptian stock market was , but in June it was the biggest winner (5.0%). The Nigerian stock market was the biggest winner (3 years, 30-6-2020) last month, but the biggest loser this month (-4.0%). In Morocco, with a 20% weighting in the fund, the stock market rose by 1%. 9.26 ڪ :Net Asset Value 9.31 ڪ :Compared to other parts of the world, the number of corona cases in Africa is relatively low. African countries may be less Share Price million 8.0 ڪ : vulnerable to the rapid spread of the coronavirus than many people fear, partly caused to their experiences with Ebola. They Total Net Assets can quickly roll out many of the procedures and precautions they have taken against Ebola. In addition, the population in many Number of Shares: 867,192 African countries is relatively young and fewer people have overweight, making them less susceptible to the virus. The economic damage probably is past its worst in . Activity indicators deteriorated at a slower pace in June. The Start Date: 31 March 2008 government has now lifted a number of restrictions, as companies adapted by firing staff and cutting salaries. The Egyptian PMI Structure: Open end increased rose from 40.7 in May to 44.6 in June. In addition, capital inflows into the country have resumed for the first time since February, suggesting more confidence among investors. Aim: high dividend income as well as long term capital appreciation In Nigeria there are also signs of economic stabilization. Particularly the strong recovery in the oil price was positive. Despite this recovery, Nigerian banks have asked the central bank for permission to restructure its loan portfolios because of the Dividend: ± 4% per annum, payable at economic impact. To further boost the economy, the Nigerian Senate has approved a $ 5.5 billion stimulus package. least once a year

The fund currently holds positions in 30 stocks in 7 different countries. The countries with the largest weightings are Egypt Dividend payment: gross dps 0.45 ڪ :Morocco (20.7%), and Nigeria (18.1%). These markets currently have the most interesting high dividend shares that 2020-05 ,(23.3%) meet the quality requirements. The weighting of a country is therefore mainly determined by the relative attractiveness of the (for historical dividends check the market compared to other countries. website)

Benchmark: Africa ex South Africa Index TR (this is the benchmark of the Master fund in Luxembourg)

Fund Performance Management Fee: 1,5% per annum 240 Performance fee: 10% (these costs will only be charged at the 220 level of the Master fund in Luxembourg)

200 Ongoing Charges Figure: 2.76% (Budget 2020) 180 ISIN Code: NL0006173007

% 160

140 Bloomberg Ticker: TCMAF NA

120

100 Trading: The fund is listed on Euronext, which 80 means thatthe fund can be traded on 1 2 2 2 2 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 trading days through any bank or 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 broker. On trading days the fund will / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / 2 3 6 9 2 3 6 9 2 3 6 9 2 3 6 9 2 3 6 9 2 3 6 9 2 3 6 9 2 3 6 9 2 3 6

1 0 0 0 1 0 0 0 1 0 0 0 1 0 0 0 1 0 0 0 1 0 0 0 1 0 0 0 1 0 0 0 1 0 0 sell shares against NAV with a positive TCM Africa High Dividend Equity Africa ex. SA TR deviation of 0.5% and buy back against NAV with negative deviation of 0.5%. Since Return in euro* 1 mnth 3 mnths 2020 2019 2018 2017 2016 start** Management Company: TCM Africa High Dividend 1.42% 11.11% -23.93% 8.64% -12.25% 21.23% -1.91% -37.24% TRUSTUS Capital Management Africa ex SA TR -0.47% 7.85% -20.17% 18.96% -8.62% 7.31% -5.12% -30.89% Fund Management: * Based on Total Return (Bloomberg data) Frontier Markets Team ** Data is from inception of the fund: 31-03-2008 Wytze Riemersma Marco Balk

Fund Profile The fund is an equity fund, investing in listed shares in the northern and sub-Sahara regions of Africa. Initially it will focus on Egypt, Morocco and Nigeria. In addition, it will invest in Kenya, Ghana, Botswana and Mauritius. The relationship between global financial markets and African markets is low, because the latter are less sensitive to international developments. The investment policy of the fund will be aimed at achieving capital growth as well as dividend pay outs. The risk profile is very high, due to investments being channelled into frontier/emerging markets in Africa. To achieve its objective, the Fund invests 95% to 100% of its total assets through TCM Investment Funds Luxembourg in units of TCM Africa High Dividend Equity (Lux). The Fund qualifies as feeder-structure. Sector Allocation Top 10 Holdings

Financials 35.14% Position Weighting Communication Services 14.08% Marsa Maroc Industrials 11.96% 5.24% Maroc Telecom 5.00% Cash 10.15% Safaricom Plc 4.69% Consumer Staples 9.07% Airtel Africa Plc 4.39% Materials 6.86% Compagnie Miniere De Touissi 4.28% Health Care 6.38% Commercial International Ban 4.25% Consumer Discretionary 6.36% Zenith Bank Plc 4.13% United Bank For Africa Plc Energy 0.00% 4.03% Total Maroc Sa 3.95% Real Estate 0.00% East African Breweries Ltd 3.92% Information Technology 0.00% Utilities 0.00% Total weightings Top 10 43.89%

Country Allocation Fund Characteristics

AFRICA Egypt 23.34% Characteristics Fund ex SA Morocco 20.70% Nigeria 18.09% Number of positions 30 32 Kenya 16.33% Dividend Yield in %* 7.88 4.93 Cash 10.15% Price/Earnings Ratio* 9.78 9.35 United Kingdom 4.39% Ghana 3.39% Price to Book Ratio * 1.19 1.94

Botswana 2.13% * source: Bloomberg/TCM South Africa 1.47%

The above data refers to the underlying portfolio of the master fund in Luxembourg in which the Dutch feeder fund invests for 95% to 100%.

Sustainability TCM has entered into an agreement with Sustainalytics for the screening of the portfolios of the TCM equity funds on ESG criteria (UN Global Compact and Controversial Weapons).

Morningstar Copyright © Morningstar Benelux. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete of timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Disclaimer No rights may be derived from this publication. You are referred to the prospectus and Key Investor Information Document for the fund's terms and conditions. These documents may be obtained from the website or the address mentioned above. The manager of IIF has obtained a licence for this fund from the Netherlands Authority for the Financial Markets in accordance with the provisions of the Financial Supervision.

Contact Information Sewei 2, 8501 SP Joure, The Netherlands +31 (0)513 48 22 00 [email protected] www.tcminvestmentfunds.nl