CONFIDENTIAL AFC Asia Frontier Fund

September 2013

AFC Vietnam Fund

December 2014

2

Most new funds are launched when markets are “hot” and close to their highs

We see opportunities as the market & economy are at the bottom

Viet Capital - Hanoi Index 2006 – Nov. 2014

AFC Vietnam Fund

TABLE OF CONTENTS

Executive Summary 4

Why Vietnam 5

AFC Vietnam Fund 18

Fund Performance 19

Directors & Shareholders 21

Investment Strategy 25

Contact Information 27

Disclaimer 28

Appendix 29

3 AFC Vietnam Fund

EXECUTIVE SUMMARY

Fund Objective

• Capture the value of growth companies in Vietnam; especially in the small to medium size company segment

Opportunity

• Vietnams GDP growth is accelerating again since H2 2013

• Declining interest rates and improvement in credit growth helps business expansion

• Banking reform is under way, such as e.g. the resolution for NPL’s

Potential

• We believe to achieve a significant capital appreciation of its newly launched fund for at least the next 5 - 7 years.

4 AFC Vietnam Fund

5

Vietnam’s Low Correlation to Global Markets

offers significant Diversification Benefits

WHY VIETNAM

0.350.40

0.63

0.820.88

VH Index(Hanoi)

VN Index (HoChi Minh)

MSCI FrontierMarkets

MSCI BRIC MSCIEmergingMarkets

Correlation with the MSCI World Index

Bloomberg . *Based on 10 years monthly data

AFC Vietnam Fund

6

A Land of Opportunities

Valuations

• Vietnam’s overall valuation looks extremely compelling versus its regional peers, but listed “Small/Medium Caps” offer outstanding value

• Reaching the old highs in the next economic and stock market cycle would mean a potential of several hundred per cent, supported by fundamentals

Growth Prospects

• Very competitive labour costs, but rising individual wealth at CAGR 13.50% over the past 10 years

• High foreign remittances, capital account surplus, trade account neutral

• FDI reached USD 11.5bn in 2013 and the market expects USD 13bn in 2014

AFC Vietnam Fund

WHY VIETNAM

7

Strong Fundamentals will Support Growth

Sustainable GDP Growth

• GDP is accelerating again at 5.8% (f) 2014, after declining from 8.5% (2007) to 5% (2012)

Competitive Labour Costs

• Low wages with increasing productivity and improvements in human capital

Inflation under Control

• The government managed to successfully lower inflation to 5.4% in 2013 (recent high in 2008 at 19.9%)

Interest Rates Came Down

• Average lending rate came down from over 20% (2011) to 10.5% (2013)

Improving Trade Balance

• Trade balance improved from USD -18bn (2008) to USD +0.8bn 2013

Foreign Reserves Increasing

• Foreign reserves increased from USD 12.5bn (2010) to USD 38bn 2013

Stable Currency for the past 2 Years

AFC Vietnam Fund

WHY VIETNAM

8

AFC Vietnam Fund

Competitive Labour Costs

Worldbank

WHY VIETNAM

8.48

4.63

3.87

1.25 1.21 1.19

0.73 0.56

0.30 0.30

Japan South Korea Hong Kong Malaysia Thailand China Philippines Indonesia Vietnam Laos

Minimum Hourly Wage (USD)

9

AFC Vietnam Fund

Increasingly Educated Population

PISA 2012 – assessed the competencies of 15 year olds in 65 countries

WHY VIETNAM

573 561 536 531

514 511 506 504 495 494 485 484 481

427 421 391 388 375

PISA 2012 - mean score of Mathematics, Reading & Science

10

Compelling Valuations (November 2014)

AFC Vietnam Fund

Bloomberg

WHY VIETNAM

P/E P/B

Dividend Yield (%)

AFC Vietnam Fund 7.4 1.1 5.8

Philippines 20.8 2.8 2.0

Indonesia 19.9 2.7 1.9

Thailand 17.9 2.3 2.9

Malaysia 15.7 2.1 3.3

Singapore 13.5 1.4 3.3

Vietnam – Ho Chi Minh 13.9 1.9 3.7

Vietnam - Hanoi 14.3 1.2 4.0

11

AFC Vietnam Fund

Increasing Foreign Reserves will Support Currency & Balance of Payments

Worldbank

WHY VIETNAM

90%

50%

25% 23%

44%

72%

2008 2009 2010 2011 2012 2013

Foreign Reserves in % of External Debt

6.2 7 9.1

13.4

23.5 23.9

16.5

12.5 13.5

23.6

38

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Foreign Reserves (USD bn)

12

Improving Business Environment

Restructuring of the Banking Sector

• State Asset Management Company to take over NPL’s from Banks

• Consolidation of Banks / M&A Activities

• Potential increase of Foreign Ownership Limit

• Improving Banking Regulatory Framework

• Better Supervision and Severe Punishment of Banking Misconduct

Government to Support Economic Recovery

• Lower Lending Rates

• Tax Cuts for Individuals and Corporates

• Stimulus Packages for various Industry Sectors

• Restructuring of SOE’s

AFC Vietnam Fund

WHY VIETNAM

13

Improving Business Environment

Strong Foreign Investments into Manufacturing (Samsung alone ~USD 5bn)

Key Sectors: Electronics, Textile and Energy

TPP Free Trade Agreement and ASEAN 2015 will Kick-Start Economy

Political Stability

Main Risks

• Resurgence of inflation and depreciation cycle, external economic or political shocks

• Vietnam is still at the very beginning of its various regulatory and government reforms and still a lot needs to be done.

AFC Vietnam Fund

WHY VIETNAM

14

AFC Vietnam Fund

Stable Political Environment

WHY VIETNAM

96

88

56

49 48

40 37

29 27

17 13 12

9

Singapore Brunei Vietnam Laos Malaysia Cambodia Brazil Indonesia China Philippines Myamar India Thailand

World Bank 2013 Political Stability Ranking

15

AFC Vietnam Fund

Low Market Cap/GDP relative to Asian Markets

Worldbank 2012

23%

44% 45%55%

62%69%

85%

105% 106%

151%157%

Market Cap in % of GDP

WHY VIETNAM

16

AFC Vietnam Fund

Stock Market Information

Bloomberg

WHY VIETNAM

27 42

195

245

342

455

642

696 702 679

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Number of listed companies

37%

16% 16%

16%

7%

3%

2% 1%

Sector Breakdown June 2014

Financials

Materials

Industrials

Energy

ConsumerDiscretionaryConsumer Staples

Utilities

Other

InformationTechnologyHealth Care

0

200

400

600

800

1000

1200

1400

1600

19

73

19

74

19

75

19

76

19

77

19

78

19

79

19

80

19

81

19

82

19

83

19

84

19

85

19

86

19

87

19

88

19

89

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

MSCI Emerging Market Index, 1973 - 2014

17

AFC Vietnam Fund

Ho Chi Minh Index, 2002 - 2014

Vietnam is at the very beginning of a long term

capital growth trend

Bloomberg / Viet Capital

WHY VIETNAM

18

AFC Vietnam Fund

AFC VIETNAM FUND

Domicile: Cayman Islands

Initial Minimum Investment: USD 10,000 / USD 1,000 subsequent purchases

Launch Date: 23 December 2013

Subscription Frequency: Monthly, 5 business days before end of month

Redemption: Monthly, 60 days prior notice

Fees: Management: 1.8% p.a. of NAV

Performance: 12.5% p.a. of NAV appreciation

High Water Mark: Yes (performance fee only applies to net profits)

Auditor: Ernst & Young, Hong Kong

Legal Advisor: Ogier, Hong Kong

Custodian: Viet Capital Securities, Ho Chi Minh

Fund Administrator: Amicorp Fund Services Asia Pte Ltd., Singapore

Investment Manager: Asia Frontier Capital (Vietnam) Ltd., Cayman Islands

19 AFC Vietnam Fund

FUND PERFORMANCE

NAV as of 30th November 2014

NAV USD 1,348.26

Since Inception +34.83%

Inception Date 23/12/2013

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2013 USD +2.37% +2.37%

2014 USD +8.75% +4.50% +2.18% -4.65% -0.32% +1.45% +1.86% +5.49% +3.87% +2.83% +2.50% +31.71%

Monthly Performance (Net) - AFC Vietnam Fund

20 AFC Vietnam Fund

FUND PERFORMANCE

Monthly Performance (Net) - AFC Vietnam Fund

930

980

1030

1080

1130

1180

1230

1280

1330

1380

AFC Vietnam Fund USD (Net) VN Index (USD)

21

AFC Vietnam Fund

Andreas Karall, CIO of AFC Vietnam Fund, brings with him 25 years of experience in fund and portfolio management. He managed several public and private funds for various banks and fund managers in Europe. In the early part of his career he was the CEO of a small fund and portfolio management company in Vienna. That was around the time when he developed an affinity for Asian markets and he started to closely follow and invest in them. He is constantly looking for attractive investment opportunities, especially when they arise shortly after an economic crisis or political turmoil. He successfully invested in the Hong Kong stock market after the Tiananmen Square protests of 1989, in Finland after the 1991 collapse of the Soviet Union and in Asian markets after the 1997 Asian crisis. He sold most positions for his clients in 2007 and therefore escaped the financial crisis almost unscathed and was able to reinvest at bargain prices in 2008/2009. After Vietnamese stock market correction of over 70%, Andy is now ready and excited to get involved!

DIRECTOR & SHAREHOLDER OF ASIA FRONTIER CAPITAL (VIETNAM) LTD.

22

AFC Vietnam Fund

Andreas Vogelsanger, CEO / Head Marketing of AFC Vietnam Fund, has over 25 years of wide-ranging experience with leading institutions in the finance industry. Prior to joining AFC Vietnam Fund Andreas was a Founding Partner and Chairman of a small corporate finance boutique in Bangkok and he worked for top-level investment banks, hedge funds and private banks in Zurich, Geneva, London, Hong Kong and Singapore. He is passionate in finding the best value solutions for clients in tailoring an optimal investment proposition. Andreas was awarded an AMP diploma from Wharton Business School, University of Pennsylvania and he also holds CEFA (Certified European Financial Analyst and Portfolio Manager) and FRM (Financial Risk Manager) diplomas.

DIRECTOR & SHAREHOLDER OF ASIA FRONTIER CAPITAL (VIETNAM) LTD.

23

AFC Vietnam Fund

Thomas Hugger, COO of AFC Vietnam Fund and Founder of

Asia Frontier Capital, 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.

DIRECTOR OF ASIA FRONTIER CAPITAL (VIETNAM) LTD.

Our Team

Thomas Hugger, CEO and Fund Manager, has spent 27 years in private banking and 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. 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.

Hon. Andrew Fraser, Director, is a graduate of St John's College, Oxford after which he held numerous posts in the financial sector both in the City of London and elsewhere. He has previously held positions as; CEO of Baring Securities in the UK, Chairman of Equity Partners Ltd., a Bangladesh investment bank, as well as Chairman of Bridge Securities, a quoted Korean company, amongst other posts. At present he is a global investor based in London.

Dr. Marc Faber, is CEO, investment advisor

and fund manager of Marc Faber Limited. He

is the publisher of a widely read monthly

investment newsletter The Gloom, Boom

and Doom report which highlights global

investment opportunities. Dr. Faber is

respected around the world for his market

forecasts over the past three decades.

24

SHAREHOLDERS OF ASIA FRONTIER CAPITAL LIMITED

AFC Vietnam Fund

INVESTMENT STRATEGY

Value Based Bottom Up Stock Selection

• In-house and third party research to identify undervalued companies

• Self-developed Valuation & Earnings model

• Company visits

Risk Mitigation

• In-depth due diligence of investment opportunities

• The fund is well diversified and typically invests in 40 to 60 stocks across various sectors

• Investment limit per position max 9% with top-slicing at 19%

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)

25 AFC Vietnam Fund

INVESTMENT STRATEGY

Example of Typical Equity Investments

Portfolio Sector Weightings

26 AFC Vietnam Fund

Consumer Staples 21.3% Communications 4.3%

Industrials 20.6% Utilities 3.0%

Consumer Discretionary 16.4% Technology 3.0%

Materials 11.5% Energy 2.3%

Financials 9.9% Cash 1.6%

Healthcare 6.2%

Market Cap USD (m)

P/E P/B Div. Yield Pay Out Ratio Sector

Hanoi Education Develop. & Invest. 8 5.46 0.89 12.5% 64% Consumer Services

Son La Sugar 9 3.97 1.02 16.0% 16% Consumer Goods

Vinacomin Coal 8 5.08 0.67 10.4% 10% Basic Materials

Bao Viet Securities 44 10.90 0.75 0.0% 0.0% Financials

Petro Vietnam Technical Services 630 9.10 1.57 5.2% 32% Oil and Gas

27

ASIA FRONTIER CAPITAL (Vietnam) LTD. c/o Ogier Fiduciary Services (Cayman) Ltd. 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands Tel: +852 3904 1015 Fax: +852 3904 1017 Email: vietnam@asiafrontiercapital.com Investment Enquiries:

Andreas Vogelsanger Mobile: +66 84435 7472 Email: av@asiafrontiercapital.com Skype: andreasvogelsanger

AFC Vietnam Fund

CONTACT INFORMATION

28

DISCLAIMER

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 Vietnam Fund, 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. Representatives will from time to time have long or short positions in, act as principal in, and buy or sell, the securities, referred to in this document. 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.

AFC Vietnam Fund

29

Appendix

AFC Vietnam Fund

30

AFC Vietnam Fund

AFC Umbrella Fund (non US), Cayman Islands *

AFC Vietnam Fund

AFC VF Ltd. ****

Investment Firm

Viet Capital Securities

Custodian

Ernst & Young Hong Kong

Auditor

Amicorp

Fund Administrator

Ogier Hong Kong

Legal Advisor

Asia Frontier Capital (Vietnam)Ltd. **

Investment Manager

Asia Frontier Investments Ltd. (licensed by SFC Hong Kong)***

Investment Advisor

* Directors: Thomas Hugger, Andrew Fraser,

** Directors: Thomas Hugger, Andreas Vogelsanger, Andy Karall

*** Directors: Thomas Hugger, Andreas Vogelsanger, Peter de Vries

**** Directors: Thomas Hugger, Andreas Vogelsanger, Andy Karall

AFC VIETNAM FUND

31 LEOPARD ASIA FRONTIER FUND

TERMS AND CONDITIONS

AFC Umbrella Fund (non US) – AFC Vietnam Fund

AFC Vietnam Fund - USD Class C

ISIN No. KYG0133A1673

CUSIP No. G0133A167

Bloomberg AFCVIET KY

Valoren No. 23095153

FUND DETAILS

31 AFC Vietnam Fund

32

AFC Vietnam Fund

Viet Capital

Ho Chi Minh Index – 4 Years of Consolidation

WHY VIETNAM

33

AFC Vietnam Fund

Worldbank

GDP per Capita Accelerating

WHY VIETNAM

230 288

337 361 361 374 402 416 441 492

607 699

797

919

1,165 1,232

1,334

1,543

1,755

1,911

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

GDP per capita (current USD)

34

AFC Vietnam Fund

Regional GDP per Capita PPP

World Bank 2013 - based on Purchasing Power Parity

WHY VIETNAM

GDP per Capita

PPP (USD)

Population

(m)

Singapore 76,850 5

Malaysia 22,460 30

Thailand 13,510 67

China 11,850 1,357

Indonesia 9,260 249

Vietnam 5,030 90

Cambodia 2,890 15

Burma 1,400 62