AFC Asia Frontier Fund Presentation August 2025

CONFIDENTIAL
AFC Asia Frontier Fund
September 2013
August 2025

2
Introducing Asia Frontier Capital

3
Proven Expertise in Frontier Markets
• Asia Frontier Capital Limited was established in June 2013 through a Management Buy-Out from Leopard
Capital.
• The founder and CEO, Thomas Hugger, has more than 25 years of experience in investing in frontier markets.
• Licensed by SFC Hong Kong for Type 4 (advising on securities) and Type 9 (asset management).
Asia Frontier Capital Offers Four Funds
• AFC Asia Frontier Fund – Launched 30th March 2012.
• AFC Vietnam Fund – Launched 23rd December 2013.
• AFC Iraq Fund – Launched 26th June 2015.
• AFC Uzbekistan Fund – Launched 29th March 2019.
Team of 10 Investment Professionals Entirely Focused on Asian Frontier Equity Markets
• 6 based in Hong Kong Office.
• 1 based in Ho Chi Minh City Representative Office, Vietnam.
• 1 based in Bangkok, Thailand.
• 1 based in Tashkent, Uzbekistan.
• 1 based in Iraq.
Introducing Asia Frontier Capital

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.
Ms. Pansy Wong, Middle Office Manager, has over 25 years of prior
work experience in middle office positions in the fund services industry.
She was the vice president of transfer agency at Maples Fund Services
(Asia). Prior to that she was an assistant vice president of transfer
agency at HSBC Securities Services where she was involved with fund
administration, shareholder registers and investor services. Previously
she worked as the Head of Investment Operations at BEA Union
Investment Management in the middle office. Ms. Wong holds an MBA
Degree from University of Ballarat in Australia and a Financial Risk
Management diploma from Hong Kong University of Science and
Technology in Hong Kong. She is a Certified Financial Planner in Hong
Kong.
Ruchir Desai, CFA, Fund Manager, is the Co-Fund Manager of the
AFC Asia Frontier Fund and has been with Asia Frontier Capital
since July 2013. As part of managing the fund, he covers
Bangladesh, Georgia, Jordan, Kazakhstan, Myanmar, Pakistan, Sri
Lanka and Vietnam. Prior to this role, he was based in Mumbai,
India and spent two years at HandsOn Ventures LLC which is a
private equity firm making investments in business services
companies. He holds an MBA in Finance from CUHK Business
School, The Chinese University of Hong Kong during which time he
spent a semester on exchange at The Fuqua School of Business,
Duke University. He is also a CFA® charterholder since September
2015.
Peter de Vries, Marketing Director, has over 25 years experience in
finance in Hong Kong. He is a former Director and Senior Relationship
Manager at Leopard Capital. Prior to that he was an Executive Vice
President at Upbest Financial Services where he was involved with fund
raising and deal structuring for real estate investment and
development projects in Macau. Previously he worked as Executive Vice
President at ViewTrade Securities in Hong Kong as head of the business
development for the Asia Pacific region. Mr. De Vries has also held the
position of Assistant Vice President at Merrill Lynch Asia Pacific. He
holds an MBA in finance from Calstate Hayward, and a Masters of
Science in Electrical Engineering from Twente University in the
Netherlands. Mr. De Vries is fluent in Dutch, English and German.
Scott Osheroff, CIO (AFC Uzbekistan Fund), holds a Bachelor’s
Degree in Business Administration with a Concentration in Finance
from Northeastern University. Prior to joining Asia Frontier Capital,
Scott worked with a New Zealand based private equity outfit where
he sourced private equity deal flow in Asian frontier markets and
co-founded a publishing company focused on providing financial
news coverage in frontier markets. He has spent the last eight
years living in Asian Frontier markets and currently resides
between Yangon, Myanmar and Tashkent, Uzbekistan.
Roland Jossi, CFA, Deputy CEO, has more than 40 years of experience
in the private banking, fund management and insurance industry. He
has spent most of his professional life outside his native Switzerland.
Roland held senior management positions at leading Swiss banks in
Japan, Hong Kong, and in Singapore. Before joining the Asia Frontier
Capital group, he spent many years at a global insurance company
based in Hong Kong. Roland has been a CFA® charterholder since
September 2001.
4
Our Team
4
Our Team

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.
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.
Ruchir Desai, CFA, Fund Manager, is the Co-Fund
Manager of the AFC Asia Frontier Fund and has
been with Asia Frontier Capital since inception. As
part of managing the fund, he covers Bangladesh,
Georgia, Jordan, Kazakhstan, Myanmar, Pakistan,
Sri Lanka and Vietnam. Prior to this role, he was
based in Mumbai, India and spent two years at
HandsOn Ventures LLC which is a private equity
firm making investments in business services
companies. He holds an MBA in Finance from
CUHK Business School, The Chinese University of
Hong Kong during which time he spent a semester
on exchange at The Fuqua School of Business,
Duke University. He is also a CFA® charterholder
since September 2015.
5
Shareholders of Asia Frontier Capital

6
Why Asian Frontier Markets?

7
AFC Asia Frontier Fund Universe
Bangladesh
Cambodia
Georgia
Iraq
Jordan
Kazakhstan
Kyrgyzstan
Laos
Maldives
Mongolia
Myanmar
Oman
Pakistan
Papua New Guinea
Sri Lanka
Timor-Leste
Uzbekistan
Vietnam
AFC Asia Frontier Fund Country Universe

8
Excellent Upside Potential
Due to High GDP Growth
Low Correlations and
Diversification at
Attractive Valuations
Increasing
Consumption
Favourable
Demographics
Supply Chain Shift

9
Very Low Annualised Volatility Compared to Major Indices – A Sound Diversification Tool
Source: Bloomberg, Asia Frontier Capital. Annualised Volatility based on Monthly Returns and Net Fund Returns since inception.
As of 31st July 2025
10.3%
14.0% 14.0%
16.3%
18.8%
0%
5%
10%
15%
20%
AFC Asia Frontier
Fund
MSCI Frontier
Markets Index
MSCI World Index MSCI Emerging
Market Index
MSCI Frontier
Markets Asia Index
Annualised Volatility Since Inception of the Fund

10
Diversification Led to Low Correlations for the Fund With Global Markets
Source: Bloomberg, Asia Frontier Capital. Correlations based on Monthly Returns and Net Fund Returns since inception.
AAFF – AFC Asia Frontier Fund, as of 31st July 2025
Variable AAFF
MSCI World
Index
MSCI
Emerging
Markets
Index
MSCI Frontier
Markets
Index
MSCI World Index 0.49 1.00
MSCI Emerging Markets Index 0.45 0.75 1.00
MSCI Frontier Markets Index 0.65 0.66 0.68 1.00
MSCI Frontier Markets Asia Index 0.66 0.55 0.55 0.77
Correlation of AAFF with MSCI Indexes since Inception (30th
March 2012)

11
Source: Bloomberg, based on monthly returns since inception. As of 31st July 2025
-0.08
0.03
0.08
0.14 0.15
0.21 0.21
0.32 0.33
0.44
0.49
0.56
-0.20
0.00
0.20
0.40
0.60
Low Correlations of the Fund with Global Markets is Playing out in Practice and Not
in Theory (Correlation with MSCI World Index)

12
Source: AFC Research, latest P/E ratio as of 31st July 2025
AFC Asia Frontier Fund Valuation is Well Below Its Peak
13.0
14.3
14.6
17.5 17.1
13.2
9.8
7.6
9.8
7.7
6.8 7.2
6.7
2
6
10
14
18
22
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
The AFC Asia Frontier Fund trades at its all time low P/E ratio

13
Attractive Valuations - Asian Frontier Markets Now Trade at a Huge Discount to Emerging
Market Peers and Offer Very Attractive Dividend Yields
Source: Bloomberg, P/E is trailing 12 months, as of 31st July 2025
Asian Frontier Index Valuations
Country Index P/E (x) P/B (x)
Dividend
Yield (%)
Pakistan KSE100 8.0 1.4 5.4
Bangladesh MSCI Bangladesh 9.7 1.7 4.7
Kazakhstan KASE Index 10.2 2.5 3.5
Sri Lanka CSEALL Share 12.1 1.5 2.4
Vietnam VNINDEX 15.3 2.0 1.5
Emerging Asia Index Valuations
Country Index P/E (x) P/B (x)
Dividend
Yield (%)
Philippines PCOMP 11.0 1.4 3.3
Thailand SET 11.6 1.2 3.8
Malaysia FBMKLCI 14.6 1.5 4.3
Indonesia JCI 17.5 2.0 4.0
India BSE SENSEX 23.1 3.5 1.3

14
Low Market Cap/GDP Relative to Emerging Markets Offers Value
Source: Bloomberg, Asia Frontier Capital, as of the end of June 2025
2%
6% 7% 7%
13% 14% 17% 19%
37%
53% 54%
64%
76%
88%
116%
130%
143%
0%
40%
80%
120%
160%
Market Cap as % of GDP

15
Diversification at
Increasing
Consumption
Favourable
Demographics
Supply Chain Shift

16
Asian Frontier Markets Offer Attractive Investment Opportunities As
Their Combined GDP and Population Are Comparable in Size to Large Emerging Markets
Source: International Monetary Fund
Source: International Monetary Fund
3,572
2,174 2,097
1,789
1,371
1,108
515
200
1,200
2,200
3,200
4,200
India Brazil Asian
Frontier
Markets
Mexico Indonesia Turkiye Thailand
GDP – in USD billion (as of 2023)
1,429 1,411
741
277
204
131
100
500
900
1,300
1,700
India China Asian
Frontier
Markets
Indonesia Brazil Mexico
Population - in million (as of 2023)

17
Asian Frontier Markets Still Growing Faster Than Other Regions
Source: International Monetary Fund, April 2024 World Economic Outlook Update
4.5% 4.5%
3.7%
3.3% 3.3%
1.9%
1.3%
0%
1%
2%
3%
4%
5%
Asian Frontier
Markets
Sub-Saharan
Africa
MENA Latin America Emerging Europe EU G7
(Average GDP growth between 2024-2028)

18
Diversification at
Increasing
Consumption
Favourable
Demographics
Supply Chain Shift

19
Compared to Developed Markets, the Asian Frontier Universe Has a Much Younger Population
Growing at a Faster Rate: This Supports Future Economic Growth and Consumption
Source: United Nations Population Division
Source: United Nations Population Division. Population Growth in 2021
46%
31% 29%
26%
21%
0%
15%
30%
45%
60%
Asian
Frontier
Markets
North
America
Northern
Europe
Western
Europe
Japan
% of Population Below the Age of 24
27
38 40
43
48
-1.2%
-0.6%
0.0%
0.6%
1.2%
1.8%
0
15
30
45
60
Asian
Frontier
Markets
North
America
Northern
Europe
Western
Europe
Japan
Median Age and Population Growth
Median Age Population Growth

20
Increasing urbanisation will support growth in the Consumer, Infrastructure and Financial sectors
The AFC Universe is Urbanising from a Low Base
Source: World Bank
Why Asian Frontier Markets
40%
60%
AFC Universe
Urban Rural
81%
19%
OECD Members
Urban Rural

21
Due to High GDP growth
Diversification at
Increasing
Consumption
Favourable
Demographics
Supply Chain Shift

22
• Vietnam has become a very important trade partner for the U.S.
• Bangladesh is now the second largest garment exporter globally.
Asian Frontier Countries Are Benefitting Significantly From the Supply Chain Shift
Source: SSI Securities
Source: U.S. Office of Textiles and Apparel Trade Data
33.7%
14.4%
6.3% 5.7% 4.6%
2.7%
21.0%
18.2%
9.4%
5.4% 5.8%
4.3%
0%
10%
20%
30%
40%
China Vietnam Bangladesh Indonesia India Cambodia
Post the trade war, Asian frontier countries have increased
market share in U.S. apparel imports
2017 2023
42
48
61
77
96
109
97
0
20
40
60
80
100
120
2017 2018 2019 2020 2021 2022 2023
Vietnam's exports to U.S. have seen significant gains due
to shifting supply chains (in USD billion)

23
• Wages in Asian frontier countries are amongst the lowest in the region and these markets can benefit from the
trade tensions between China and the U.S.
• Bangladesh and Vietnam are good examples of the shift of manufacturing activity from China to nearby
countries.
Asian Frontier Countries Are Benefitting Significantly From the Supply Chain Shift
Source: Wage Indicator Foundation
71
95 111
133
200 200
250 265
288 308
329 336
0
100
200
300
400
Asian Frontier Countries Offer Lower Wages (Monthly
Minimum Wage in USD)
Source: Bangladesh Garment Manufacturers & Exporters Association, General
Statistics Office of Vietnam, RMG: Ready Made Garments
0
100
200
300
400
500
600
700
800
900
1,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Bangladesh and Vietnam are Benefitting from Supply Chain
Diversification
Bangladesh Vietnam

24
• The Trans-Caspian International Transport Route is seeing an increase in volumes.
• A lot of highly skilled professionals are moving to Georgia, Kazakhstan, and Uzbekistan.
Supply Chain Diversification – Central Asia Is Gaining a Lot
Trans-Caspian International Transport Route (TITR)
Source: Galt & Taggart Source: www.middlecorridor.com
300
400
500
600
700
800
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sept-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sept-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sept-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Georgia Exports Have Gained Momentum
From Shifting Supply Chains
(Monthly Exports in USD Million)

25
Excellent upside potential
Diversification at
Increasing
Consumption
Favourable
Demographics
Supply Chain Shift

26
Percentage of Durables in Private Consumption – Asian Frontier
Markets at an Inflection Point

27
Source: World Bank
Remittance inflows supports consumption growth and macro stability in Asian frontier countries
0
20
40
60
80
100
120
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Personal Remittances Received
(in USD billion)
Pakistan
Bangladesh
Uzbekistan
Vietnam
Sri Lanka
Jordan
Georgia
Cambodia
Kyrgyzstan
Myanmar
Iraq
Mongolia
Kazakhstan
Lao P.D.R.
Maldives
Papua New Guinea

28
Asian Frontier Consumer Companies Have Strong Fundamentals but Are Undervalued Relative
to Emerging Market Names
Asian Frontier Consumer Picks
Regional Comparisons
Country Company P/E (x) P/B (x) Dividend Yield (%)
Kazakhstan Halyk Bank 3.7 1.1 11.4
Mongolia APU 5.8 1.2 13.0
Pakistan Indus Motor 7.5 2.2 8.0
Bangladesh Square Pharmaceuticals 8.7 1.5 4.8
Sri Lanka Sunshine Holdings 12.6 2.8 3.5
Country Company P/E (x) P/B (x) Dividend Yield (%)
Philippines Universal Robina Corp. 17.0 1.6 4.4
Indonesia Bank Central Asia 17.9 3.9 3.6
China Tsingtao Brewery 20.7 3.0 3.2
India Maruti Suzuki India 27.3 4.1 1.1
India Sun Pharmaceutical 34.8 5.3 1.0

29
Investment Strategy

30
Top-down
Approach
Value /
Growth
Risk
Mitigation
Cash
Investment Strategy

Investment Strategy – Idea Generation Process – Combination of Bottom Up – Top Down
31
Bottom-up stock
shortlisting using tools
based on Valuation
and Fundamental
parameters
Top-down stock
shortlisting based on
economy and industry
analysis
Access to Third Party
Research (daily
updates, company
specific research,
industry research)
On the ground visits to
countries. Conducted
269 management
meeting over the past
15 months
Relationship with sell
side analysts for views
on company/industry

32
•Historical trend of growth, margins and cash from operations
•Focus on trend in RoEs and dividend payout ratios
Historical Financial Statement
Analysis
•Well established brand
•Large distribution network
•High Market Share
•Economies of Scale
•Cost Structure
•Stable Management
Competitive Advantages
•Is company operating in an industry with favorable outlook
•Example 1: Shoes per capita in Bangladesh is significantly lower than
emerging market peers
•Example 2: Foreign direct investments into Vietnam is positive for
industrial park operators/real estate companies
Industry Outlook & Opportunity
• Conduct both local and regional peer analysis by comparing valuation,
fundamental and industry metrics
Peer Comparison Analysis
Investment Strategy – Research Process

33
Possible Triggers: Introduction of new products, expansion
plans, interest rate cycle on the downswing, decreasing debt
levels, improvement in macro environment
Room for expansion in multiples due to undervaluation relative
to peers
Is future outlook consistent with past historical trend in growth,
margins, cash flows, RoEs and dividend payout ratios
Take a longer-term view on the business and not get distracted
by near term disappointments
Investment Strategy – What We Look for When We Buy

34
Deteriorating company fundamentals, poor industry outlook and/or deteriorating
economic outlook
Are negatives already in the price?
Valuations move above our comfort zone on absolute and relative basis
Lack of confidence in company management
Investment Strategy – What We Look for When We Sell

35
Corporate Governance & Concentration
Risk
• Accounting standards and
disclosures not yet
comparable to developed
markets.
• We look to mitigate this risk
through our research process
and meeting with company
management teams and on
the ground research.
• To further mitigate the risk of
governance issues impacting
the overall portfolio the fund
has a maximum position limit
of 5% in a holding with top
slicing at 10% should the
valuation rise.
Political Risk
• Certain markets could face
unstable political and security
environments.
by using a top down approach
to increase/decrease country
allocation based on political
events that may impact our
holdings.
• Keeping track of the
fundamentals of companies
and the economy.
• Diversification amongst
markets that have political
risks and cycles that are
independent of each other.
Currency Risk
• The fund does not hedge
currency exposure as it is
prohibitively expensive and at
many times not logistically
possible.
by using a top down approach
to diversify across countries.
• Keeping track of the
fundamentals of the economy
and macroeconomic
developments. i.e. fiscal
deficit, current account
deficit, balance of payments,
foreign exchange reserves.
Investment Strategy – Risk Management

36
Environmental
• Focus on a company’s policy
towards the environment
based on the industry it is
operating in. For example;
cement, thermal power
generation, oil & gas
production.
• Check on whether there have
been any historical
environmental or product
related incidents. For
example; oil spill, water
contamination.
Social
• Company should be paying
fair wages and have fair
working conditions and
employment policies. For
example; paid overtime
shifts, stable and safe working
conditions.
• No use of child labour.
• Policies towards community
at large, i.e. upliftment of
society, job creation,
promoting education,
community social work.
Governance
• Transparent, adequate and
regular disclosures related to
company operations.
• Protecting interests of
minority shareholders.
• Independent Board of
Directors.
• Stable relations with
government regulators.
Investment Strategy – ESG Management

37
Current Top 10 Holdings
Position Country Sector % of NAV
AFC Iraq Fund* Iraq Fund 10.5%
AFC Uzbekistan Fund* Uzbekistan Fund 10.0%
Lucky Cement Ltd Pakistan Materials 4.0%
Halyk Savings Bank of
Kazakhstan JSC
Kazakhstan Financials 3.9%
TBC Bank Group PLC Georgia Financials 3.8%
Commercial Bank of
Ceylon PLC
Sri Lanka Financials 3.3%
FPT Corp Vietnam Technology 3.2%
Sunshine Holdings Sri Lanka Consumer/Healthcare 2.9%
Beximco
Pharmaceuticals Ltd
Bangladesh Healthcare 2.5%
Pakistan Tobacco Co Ltd Pakistan Consumer Staples 2.3%
Investment Strategy – Top 10 Holdings as of 31st July 2025
*) Share class without management and performance fees

38
Fund Information

39
Awards

40
Share Class USD-A CHF-A EUR-A
NAV 2,040.32 1,674.16 1,729.41
Performance Since Inception +104.03% +67.42% +72.94%
Inception Date 30/03/2012 30/03/2012 31/01/2014
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%
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% -0.33% -4.16% +3.28% -0.32% +3.24% +1.09% -1.43% -1.42% +2.14% -3.42% +2.97% +0.80%
2016 USD -3.51% -0.77% +1.89% +2.30% +3.79% +1.85% +3.19% +2.54% +2.33% +0.84% +2.57% +3.69% +22.50%
2017 USD +3.14% -1.11% +0.11% +2.33% +0.91% -1.16% -0.03% -3.47% +0.72% -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% -14.24% +4.20% +4.11% +1.00% +4.86% +4.30% -1.16% -1.35% +6.35% +5.64% +5.11%
2021 USD +1.02% +3.92% +1.25% +1.39% +3.02% +1.59% -0.12% +2.53% +3.10% +0.95% -4.37% +2.75% +18.13%
2022 USD -3.08% -2.27% N/A -3.40% -6.13% -4.47% -1.83% +2.44% -5.45% -1.02% -0.26% +0.31% -22.73%
2023 USD +0.61% +2.33% +0.67% +3.88% -2.05% +1.80% +4.01% +3.21% +3.50% -3.67% +6.77% +3.62% +27.10%
2024 USD +0.43% +3.11% +1.10% +3.80% +0.88% +0.22% -0.43% +1.26% +0.57% +2.61% +1.27% +6.30% +23.08%
2025 USD +0.27% -0.08% -0.85% -0.55% +3.59% +1.87% +2.38% +6.73%
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% +4.86% +2.99% -4.85%
2021 CHF +1.64% +4.94% +4.64% -1.59% +1.20% +3.86% -1.89% +3.06% +4.26% -0.89% -3.07% +1.02% +18.11%
2022 CHF -0.85% -3.29% N/A +2.06% -6.68% -4.38% -2.09% +4.62% -4.27% +0.55% -4.72% -2.43% -19.95%
2023 CHF -0.13% +4.20% -1.78% +1.23% +0.33% -0.23% +0.88% +4.68% +6.58% -4.01% +1.91% +0.10% +14.13%
2024 CHF +2.22% +5.58% +3.29% +5.41% -0.58% -0.23% -2.59% -2.23% +0.03% +5.19% +3.32% +9.69% +32.37%
2025 CHF +0.49% -0.69% -2.89% -7.64% +3.70% -1.66% +5.05% -4.11%
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% +3.47% +3.24% -3.58%
2021 EUR +1.73% +3.89% +4.57% -1.06% +0.72% +4.74% -0.23% +3.01% +4.94% +1.14% -1.83% +1.80% +25.75%
2022 EUR -1.71% -2.56% N/A +3.11% -8.11% -2.14% +0.80% +4.04% -8.03% +2.80% -5.02% -3.69% -19.47%
2023 EUR -1.37% +5.85% -2.08% +2.50% +1.64% -0.65% +3.19% +5.14% +6.22% -3.78% +3.45% +2.37% +24.25%
2024 EUR +2.24% +3.27% +1.23% +5.28% -0.52% +1.58% -1.50% -0.91% -0.15% +4.92% +3.78% +7.35% +29.55%
2025 EUR -0.12% -0.14% -4.20% -5.41% +2.69% -1.32% +4.17% -4.60%
Fund Statistics – AFC Asia Frontier Fund Class A Performance – as of 31st July 2025
*) The NAV was suspended in March 2022

41
Share Class USD-B CHF-B EUR-B
NAV 2,139.04 1,481.49 1,682.24
Inception Date 30/03/2012 31/01/2014 31/07/2014
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% -2.36% -0.52% -0.87% +0.09% -1.43% +0.89% +3.19% +12.30%
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% +1.10%
2016 USD -3.49% -0.75% +1.91% +2.32% +3.82% +1.91% +3.28% +2.61% +2.40% +0.87% +2.65% +3.78% +23.25%
2017 USD +3.23% -1.12% +0.13% +2.40% +0.95% -1.17% -0.00% -3.45% +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% +6.38% +5.67% +5.43%
2021 USD +1.05% +3.94% +1.28% +1.42% +3.05% +1.62% -0.09% +2.55% +3.12% +0.97% -4.34% +2.78% +18.49%
2022 USD -3.05% -2.25% N/A -3.35% -6.11% -4.45% -1.80% +2.46% -5.42% -0.99% -0.24% +0.33% -22.50%
2023 USD +0.63% +2.35% +0.70% +3.91% -2.03% +1.82% +4.03% +3.24% +3.53% -3.65% +6.80% +3.64% +27.49%
2024 USD +0.46% +3.13% +1.13% +3.83% +0.91% +0.25% -0.40% +1.29% +0.59% +2.64% +1.30% +6.14% +23.24%
2025 USD +0.30% -0.05% -0.83% -0.53% +3.61% +1.91% +2.45% +6.97%
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% +4.41% -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% +4.89% +3.02% -4.57%
2021 CHF +1.67% +4.97% +4.67% -1.56% +1.22% +3.88% -1.86% +3.08% +4.29% -0.86% -3.05% +1.05% +18.46%
2022 CHF -0.83% -3.27% N/A +2.12% -6.65% -4.36% -2.07% +4.64% -4.25% +0.57% -4.69% -2.41% -19.71%
2023 CHF -0.10% +4.23% -1.75% +1.25% +0.36% -0.21% +0.91% +4.70% +6.60% -3.99% +1.93% +0.12% +14.47%
2024 CHF +2.25% +5.60% +3.31% +5.44% -0.56% -0.20% -2.57% -2.21% +0.06% +5.22% +3.34% +9.72% +32.76%
2025 CHF +0.51% -0.66% -2.87% -7.62% +3.72% -1.63% +5.08% -3.94%
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% +3.50% +3.27% -3.29%
2021 EUR +1.75% +3.91% +4.59% -1.04% +0.75% +4.77% -0.21% +3.04% +4.97% +1.16% -1.81% +1.83% +26.13%
2022 EUR -1.69% -2.54% N/A +3.16% -8.09% -2.11% +0.83% +4.06% -8.00% +2.83% -5.00% -3.67% -19.22%
2023 EUR -1.35% +5.87% -2.05% +2.53% +1.67% -0.63% +3.21% +5.17% +6.25% -3.76% +3.48% +2.40% +24.62%
2024 EUR +2.26% +3.59% +1.33% +4.96% -0.50% +1.61% -1.47% -0.88% -0.13% +4.95% +3.81% +7.30% +29.86%
2025 EUR -0.10% -0.12% -4.17% -5.39% +2.71% -1.29% +4.19% -4.43%
Fund Statistics – AFC Asia Frontier Fund Class B Performance – as of 31st July 2025

42
Share Class USD-A CHF-A EUR-A
NAV 2,040.17 1,674.16 1,729.42
Inception Date 30/03/2012 30/03/2012 31/01/2014
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% +6.35% +5.64% +5.11%
2021 USD +1.02% +3.92% +1.25% +1.39% +3.02% +1.59% -0.12% +2.53% +3.10% +0.95% -4.37% +2.75% +18.13%
2022 USD -3.08% -2.27% N/A -3.40% -6.13% -4.47% -1.83% +2.44% -5.45% -1.02% -0.26% +0.31% -22.73%
2023 USD +0.61% +2.33% +0.67% +3.88% -2.05% +1.80% +4.01% +3.21% +3.50% -3.67% +6.77% +3.62% +27.10%
2024 USD +0.43% +3.11% +1.10% +3.80% +0.88% +0.22% -0.43% +1.26% +0.57% +2.61% +1.27% +6.30% +23.08%
2025 USD +0.27% -0.08% -0.85% -0.55% +3.59% +1.87% +2.38% +6.73%
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% +4.86% +2.99% -4.85%
2021 CHF +1.64% +4.94% +4.64% -1.59% +1.20% +3.86% -1.89% +3.06% +4.26% -0.89% -3.07% +1.02% +18.11%
2022 CHF -0.85% -3.29% N/A +2.06% -6.68% -4.38% -2.09% +4.62% -4.27% +0.55% -4.72% -2.43% -19.95%
2023 CHF -0.13% +4.20% -1.78% +1.23% +0.33% -0.23% +0.88% +4.68% +6.58% -4.01% +1.91% +0.10% +14.13%
2024 CHF +2.22% +5.58% +3.29% +5.41% -0.58% -0.23% -2.59% -2.23% +0.03% +5.19% +3.32% +9.69% +32.37%
2025 CHF +0.49% -0.69% -2.89% -7.64% +3.70% -1.66% +5.05% -4.11%
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% +3.47% +3.24% -3.58%
2021 EUR +1.73% +3.89% +4.57% -1.06% +0.72% +4.74% -0.23% +3.01% +4.94% +1.14% -1.83% +1.80% +25.75%
2022 EUR -1.71% -2.56% N/A +3.11% -8.11% -2.14% +0.80% +4.04% -8.03% +2.80% -5.02% -3.69% -19.47%
2023 EUR -1.37% +5.85% -2.08% +2.50% +1.64% -0.65% +3.19% +5.14% +6.22% -3.78% +3.45% +2.37% +24.25%
2024 EUR +2.24% +3.27% +1.23% +5.28% -0.52% +1.58% -1.50% -0.91% -0.15% +4.92% +3.78% +7.35% +29.55%
2025 EUR -0.12% -0.14% -4.20% -5.41% +2.69% -1.32% +4.17% -4.60%
Fund Statistics – AFC Asia Frontier Fund (non-US) Class A Performance – as of 31st July 2025

43
Share Class USD-B CHF-B EUR-B
NAV 2,138.78 1,481.49 1,682.24
Inception Date 30/03/2012 31/01/2014 31/07/2014
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% -2.36% -0.52% -0.87% +0.09% -1.43% +0.89% +3.19% +12.30%
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% +1.10%
2016 USD -3.49% -0.75% +1.91% +2.32% +3.82% +1.91% +3.28% +2.61% +2.40% +0.87% +2.65% +3.78% +23.25%
2017 USD +3.23% -1.12% +0.13% +2.40% +0.95% -1.17% -0.00% -3.45% +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% +6.38% +5.67% +5.43%
2021 USD +1.05% +3.94% +1.28% +1.42% +3.05% +1.62% -0.09% +2.55% +3.12% +0.97% -4.34% +2.78% +18.49%
2022 USD -3.05% -2.25% N/A -3.35% -6.11% -4.45% -1.80% +2.46% -5.43% -0.99% -0.24% +0.33% -22.50%
2023 USD +0.63% +2.35% +0.70% +3.91% -2.03% +1.82% +4.03% +3.24% +3.53% -3.65% +6.80% +3.64% +27.49%
2024 USD +0.46% +3.13% +1.13% +3.83% +0.91% +0.25% -0.40% +1.29% +0.59% +2.64% +1.30% +6.14% +23.24%
2025 USD +0.30% -0.05% -0.83% -0.53% +3.61% +1.91% +2.45% +6.97%
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% +4.41% -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% +4.89% +3.02% -4.57%
2021 CHF +1.67% +4.97% +4.67% -1.56% +1.22% +3.88% -1.86% +3.08% +4.29% -0.86% -3.05% +1.05% +18.46%
2022 CHF -0.83% -3.27% N/A +2.12% -6.65% -4.36% -2.07% +4.64% -4.25% +0.57% -4.69% -2.41% -19.71%
2023 CHF -0.10% +4.23% -1.75% +1.25% +0.36% -0.21% +0.91% +4.70% +6.60% -3.99% +1.93% +0.12% +14.47%
2024 CHF +2.25% +5.60% +3.31% +5.44% -0.56% -0.20% -2.57% -2.21% +0.06% +5.22% +3.34% +9.72% +32.76%
2025 CHF +0.51% -0.66% -2.87% -7.62% +3.72% -1.63% +5.08% -3.94%
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% +3.50% +3.27% -3.29%
2021 EUR +1.75% +3.91% +4.59% -1.04% +0.75% +4.77% -0.21% +3.04% +4.97% +1.16% -1.81% +1.83% +26.13%
2022 EUR -1.69% -2.54% N/A +3.16% -8.09% -2.11% +0.83% +4.06% -8.00% +2.83% -5.00% -3.67% -19.22%
2023 EUR -1.35% +5.87% -2.05% +2.53% +1.67% -0.63% +3.21% +5.17% +6.25% -3.76% +3.48% +2.40% +24.62%
2024 EUR +2.26% +3.59% +1.33% +4.96% -0.50% +1.61% -1.47% -0.88% -0.13% +4.95% +3.81% +7.30% +29.86%
2025 EUR -0.10% -0.12% -4.17% -5.39% +2.71% -1.29% +4.19% -4.43%
Fund Statistics – AFC Asia Frontier Fund (non-US) Class B Performance – as of 31st July 2025

44
Fund Statistics – AFC Asia Frontier Fund
2,040
1,004
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
Fund Performance - USD Class A - Net
AFC Asia Frontier Fund - USD Class A (after fees) MSCI Frontier Markets Asia Net Total Return USD Index*
*) Between 31st May 2017 and 30th November 2021 the benchmark was adjusted to be 37% of the MSCI Frontier Markets Asia Net Total Return USD
Index “MSCI Index” and 63% of the Karachi Stock Exchange 100 Index in USD due to the removal of Pakistan from the MSCI Index during this period

45
Share
Class
Inception NAV July 2025 YTD 2025 1 Year
3 Years
(annualised)
5 Years
(annualised)
10 Years
(annualised)
Since Inception
(annualised)
Sharpe
Ratio1 Sortino Ratio1 Annualized
Volatility2
USD-A 30/3/2012 2,040.32 +2.38% +6.73% +20.07% +17.00% +11.73% +3.77% +5.49% 0.87 1.31 10.33%
USD-B 30/3/2012 2,139.04 +2.45% +6.97% +20.28% +17.30% +12.04% +4.10% +5.87% 0.90 1.36 10.36%
CHF-A 30/3/2012 1,674.16 +5.05% -4.11% +11.79% +10.69% +8.61% +1.42% +3.94% 0.70 1.23 11.72%
CHF-B 31/1/2014 1,481.49 +5.08% -3.94% +12.13% +11.02% +8.94% +1.76% +3.48% 0.73 1.27 11.64%
EUR-A 31/1/2014 1,729.41 +4.17% -4.60% +10.34% +11.38% +11.37% +2.51% +4.88% 0.84 1.21 10.98%
EUR-B 31/7/2014 1,682.24 +4.19% -4.43% +10.58% +11.69% +11.69% +2.84% +4.84% 0.87 1.25 11.07%
Performance Statistics – AFC Asia Frontier Fund
Performance Statistics – 31st July 2025
1) Based on monthly observations over 60 months of the respective class’ lead series.
2) Based on monthly observations since inception of the respective class’ lead series.

46
Share
Class
Inception NAV July 2025 YTD 2025 1 Year
3 Years
(annualised)
5 Years
(annualised)
10 Years
(annualised)
Since Inception
(annualised)
Sharpe
Ratio1 Sortino Ratio1 Annualized
Volatility2
USD-A 30/3/2012 2,040.17 +2.38% +6.73% +20.07% +17.00% +11.73% +3.77% +5.49% 0.87 1.31 10.33%
USD-B 30/3/2012 2,138.78 +2.45% +6.97% +20.28% +17.30% +12.04% +4.10% +5.87% 0.90 1.36 10.36%
CHF-A 30/3/2012 1,674.16 +5.05% -4.11% +11.79% +10.69% +8.61% +1.42% +3.94% 0.70 1.23 11.72%
CHF-B 31/1/2014 1,481.49 +5.08% -3.94% +12.13% +11.02% +8.94% +1.76% +3.48% 0.73 1.27 11.64%
EUR-A 31/1/2014 1,729.42 +4.17% -4.60% +10.34% +11.38% +11.37% +2.51% +4.88% 0.84 1.21 10.98%
EUR-B 31/7/2014 1,682.24 +4.19% -4.43% +10.58% +11.69% +11.69% +2.84% +4.84% 0.87 1.25 11.07%
Performance Statistics – AFC Asia Frontier Fund (non-US)
Performance Statistics – 31st July 2025
1) Based on monthly observations over 60 months of the respective class’ lead series.
2) Based on monthly observations since inception of the respective class’ lead series.

47
Country Allocation – AFC Asia Frontier Fund
4.2%
0.3%
0.5%
0.6%
0.7%
0.8%
1.2%
5.5%
7.6%
8.3%
9.6%
9.8%
10.0%
10.5%
13.8%
16.6%
0% 5% 10% 15% 20%
Cash
Laos
Oman
Timor-Leste
Papua New Guinea
Cambodia
Myanmar
Georgia
Kazakhstan
Vietnam
Bangladesh
Mongolia
Uzbekistan
Iraq
Sri Lanka
Pakistan
Country Allocation – 31st July 2025

48
Sector Allocation – AFC Asia Frontier Fund
4.2%
0.2%
0.3%
4.5%
4.6%
5.2%
7.8%
8.0%
13.4%
16.2%
35.6%
0% 5% 10% 15% 20% 25% 30% 35% 40%
Cash
Energy
Utilities
Consumer Discretionary
Industrials
Communications
Healthcare
Technology
Materials
Consumer Staples
Financials
Sector Allocation – 31st July 2025

Investment Manager: Asia Frontier Investments Limited, Hong Kong
Fund Base Currencies: USD, EUR, CHF
Subscription Frequency: Monthly, 5 business days before end of month
Class A Shares Class B Shares
Redemption notice period: 90 days prior notice 180 days prior notice
Management Fee: 1.8% p.a. of NAV 1.5% p.a. of NAV
Performance Fee: 10% above hurdle using High Water Mark 8% above hurdle using High Water Mark
Hurdle Rate:
ICE Term SOFR Reference Rates 3 months –
USD + 2%
ICE Term SOFR Reference Rates 3 months –
USD + 2%
Initial Minimum Investment: USD/EUR/CHF 25,000 for non-US Investors; USD/EUR/CHF 50,000 for US Investors
Subsequent Minimum Subscription: USD 5,000 / EUR 5,000 / CHF 5,000
Subsequent Subscription Price: NAV
Country/Region Focus: Asian Frontier Markets
Initial Launch Date: 30th March 2012
Valuation Day: Last day of each calendar month
Risk Classification for Hong Kong Investors: High Risk
Main Custodian: DBS Bank Ltd., Hong Kong Branch
Bank: DBS Bank (Hong Kong) Limited, Hong Kong
Auditor: EY, Hong Kong
Fund Administrator: Trident Fund Services (Hong Kong) Limited, Hong Kong
Legal Advisors:
Cayman Islands: Ogier, Hong Kong
US: Wilmer Cutler Pickering Hale and Dorr LLP, Boston
49
Fund Structure Terms and Conditions
Fund Terms and Conditions – AFC Asia Frontier Fund

50
ASIA FRONTIER INVESTMENTS LIMITED
Thomas Hugger, CEO and Fund Manager, Hong Kong
Email: th@asiafrontiercapital.com
Tel: +852 3904 1015, Fax: +852 3904 1017
Ruchir Desai, Fund Manager, Hong Kong
Email: rd@asiafrontiercapital.com
Tel: +852 3904 1016, Fax: +852 3904 1017
Peter de Vries, Marketing Director, Hong Kong
Email: pdv@asiafrontiercapital.com
Tel: +852 3904 1079, Fax: +852 3904 1017
Website: www.asiafrontiercapital.com
Hong Kong Office:
1805, 18th Floor, Hing Yip Commercial Centre, 272-284 Des Voeux Road Central, Hong Kong
Contact Information
Asia Frontier Investments Limited is licensed by SFC Hong Kong for Type 4 (advising on securities) and Type 9 (asset management)
* The representative of the Fund in Switzerland is Acolin Fund Services AG, Maintower, Thurgauerstrasse 36/38, 8050 Zurich, Switzerland, whilst NPB Neue Privat
Bank AG, Limmatquai 1 / am Bellevue, 8024 Zurich, Switzerland is the Swiss Paying Agent. In Switzerland, shares shall be distributed exclusively to qualified
investors. The basic documents of the fund report may 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.

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.
* 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 Funds are registered for sale to investors in Japan, Switzerland (qualified investors), Hong Kong & UK (professional investors), Singapore (accredited investors) and USA (accredited investors and qualified
purchasers).
*** For Switzerland only: This is an advertising document. The state of the origin of the fund is the Cayman Islands. This document may only be provided to qualified investors within the meaning of art. 10 para. 3
and 3ter CISA. In Switzerland, the representative is Acolin Fund Services AG, Maintower, Thurgauerstrasse 36/38, 8050 Zurich, Switzerland, whilst the paying agent is NPB Neue Privat Bank AG, Limmatquai 1 / am
Bellevue, 8024 Zurich, Switzerland. The basic documents of the fund report may be obtained free of charge from the representative. Past performance is no indication of current or future performance. The
performance data do not take account of the commissions, if any, and fund transfer costs incurred on the issue and redemption of units.
51
Disclaimer

AFC Asia Frontier Fund Presentation August 2025

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