The document provides an overview of the investment opportunity in Uzbekistan through the AFC Uzbekistan Fund. Uzbekistan is undergoing rapid economic and political liberalization, with GDP growth averaging over 5% in recent years. The economy is being restructured to attract foreign investment and transform Uzbekistan into a regional manufacturing and logistics hub. The Fund seeks to capture capital appreciation over the next 3-5 years by investing in undervalued companies in Uzbekistan, which are expected to benefit from the country's economic growth and liberalization. Risks include a potential increase in the current account deficit and external economic or political shocks.
Slight optimism outshines numerous challenges
As 2016 rolls to a close, the Ukrainian economy is finding stronger footing. The pace of recovery remains slow, but it looks sustainable and the chances of a meaningful acceleration in 2017 are high. Inflation is still in the high single digits, but a hike in regulated utility tariffs should boost it to near the NBU’s 12% target by year-end. The FX market is nearly balanced and the NBU is taking advantage of slight surpluses to replenish reserves. Ukraine’s external accounts look reasonably strong but they still pose a risk to the economy; any external shock could trigger market jitters. Smooth relations with the IMF and other IFIs remain a key precondition for the recovery of investor and domestic consumer confidence.
Lekcija: Eirozonas ekonomika un monetārā politika (ENG)Latvijas Banka
Prezentācijā apskatītas šādas tēmas:
Eirozonas ekonomikas aktualitātes.
Eiro zonas monetārās politikas galvenais mērķis – cenu stabilitāte.
Cenu stabilitāte un inflācija.
Monetārās politikas transmisijas mehānisms un Eiropas Centrālās bankas ietekme uz makroekonomiskajiem rādītājiem.
Monetārās politikas praktiskā īstenošana eiro zonā: monetārās politikas īstenošanas pamatprincipi, instrumenti.
Slight optimism outshines numerous challenges
As 2016 rolls to a close, the Ukrainian economy is finding stronger footing. The pace of recovery remains slow, but it looks sustainable and the chances of a meaningful acceleration in 2017 are high. Inflation is still in the high single digits, but a hike in regulated utility tariffs should boost it to near the NBU’s 12% target by year-end. The FX market is nearly balanced and the NBU is taking advantage of slight surpluses to replenish reserves. Ukraine’s external accounts look reasonably strong but they still pose a risk to the economy; any external shock could trigger market jitters. Smooth relations with the IMF and other IFIs remain a key precondition for the recovery of investor and domestic consumer confidence.
Lekcija: Eirozonas ekonomika un monetārā politika (ENG)Latvijas Banka
Prezentācijā apskatītas šādas tēmas:
Eirozonas ekonomikas aktualitātes.
Eiro zonas monetārās politikas galvenais mērķis – cenu stabilitāte.
Cenu stabilitāte un inflācija.
Monetārās politikas transmisijas mehānisms un Eiropas Centrālās bankas ietekme uz makroekonomiskajiem rādītājiem.
Monetārās politikas praktiskā īstenošana eiro zonā: monetārās politikas īstenošanas pamatprincipi, instrumenti.
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http://www.worldbank.org/globaloutlook
South Asia’s regional GDP growth slipped to 4.8 percent in 2012, following a robust recovery in the years after the 2008 global financial crisis. A weakening global economy, coupled with domestic difficulties (including policy uncertainties, structural capacity constraints, and a poor harvest) contributed to weaker regional growth in 2012.
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Prezentācija izmantota lekcijā Daugavpils Universitātē 2014. gada 13. novembrī.
http://www.worldbank.org/globaloutlook
South Asia’s regional GDP growth slipped to 4.8 percent in 2012, following a robust recovery in the years after the 2008 global financial crisis. A weakening global economy, coupled with domestic difficulties (including policy uncertainties, structural capacity constraints, and a poor harvest) contributed to weaker regional growth in 2012.
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Pasaules ekonomikas un lielāko pasaules valstu ekonomiku attīstības prognozes, balstoties uz jaunāko Starptautiskā Valūtas fonda veikto analīzi. Aktuālie jautājumi un būtiskākie riski ekonomikas attīstībai. Ieteikumi politikas veidotājiem. Diskusija ar studentu jautājumiem un lektora atbildēm.
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The Impact of Economic Relations between the Republic of Uzbekistan and the A...YogeshIJTSRD
This article describes the cooperation of Uzbekistan with the Asian Development Bank, its main directions, goals and practical implementation of projects accomplished and being accomplished over the years. Otajonova Charoskhon "The Impact of Economic Relations between the Republic of Uzbekistan and the Asian Development Bank on the Economy of Uzbekistan" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Special Issue | Innovative Development of Modern Research , April 2021, URL: https://www.ijtsrd.com/papers/ijtsrd40074.pdf Paper URL : https://www.ijtsrd.com/economics/financial-economics/40074/the-impact-of-economic-relations-between-the-republic-of-uzbekistan-and-the-asian-development-bank-on-the-economy-of-uzbekistan/otajonova-charoskhon
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http://www.worldbank.org/globaloutlook
More than two years after the Arab Spring began, economic activity remains weighed down by elevated political tensions and continued civil strife in the region. Regional growth accelerated to 3.5 percent in 2012 from minus 2.2 percent in 2011 reflecting mainly a rebound in Libya’s crude oil production to pre-war levels that doubled real GDP and a weak growth recovery in Egypt (to 2.2 percent in FY2012 from 1.8 percent in FY2011).
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The AFC Uzbekistan Fund was launched on 29th March 2019 and aims to achieve long-term capital appreciation for investors by capturing the value and growth potential in the recently liberalized economy of Uzbekistan. As the government pursues an ambitious privatization reform of all non-core assets and enterprises, it is anticipated that there will be a marked increase in secondary and primary listings on the Tashkent Stock Exchange, helping it to rebound from a near decade of dormancy which resulted in the significant undervaluation of listed companies today. The AFC Uzbekistan Fund is therefore designed to offer investors high returns from growth in the equities market of Uzbekistan whilst offering a portfolio that has a low correlation with global equity markets, with an investable universe consisting of listed companies that have their principal business activities in Uzbekistan as well as foreign listed companies that have the majority of their business in countries bordering Uzbekistan. The AFC Uzbekistan Fund is managed under the executive leadership team of Thomas Hugger and Scott Osheroff.
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2. EXECUTIVE SUMMARY
AFC Objective
Capture the value of growth companies in Uzbekistan
Opportunity
Uzbekistan is undergoing a rapid economic and political liberalization and this is
expected to see the country grow by >5.0% over the coming years. Growth
averaged 7.86% from 2006 to 2017
Restructuring of the economy is leading to strong FDI, USD 13.3 billion in 2019,
transforming Uzbekistan into a regional logistics and value-added manufacturing
destination for Central Asia
Highly under-leveraged society - consumer and government
Uzbek Som (UZS) - currency expected to remain stable relative to CIS peers
Potential
We believe in the ability to achieve significant capital appreciation for at least the
next 3 - 5 years
2AFC Uzbekistan Fund
3. TABLE OF CONTENTS
Executive Summary 2
Recent History 4
Why Uzbekistan 6
Investment Strategy 22
Fund Performance and Statistics 24
Fund Information 27
Our Team 28
Contact Information 29
Disclaimer 30
Appendix 31
3AFC Uzbekistan Fund
4. UZBEKISTAN RECENT HISTORY
31st August 1991: Republic of Uzbekistan declares independence from the USSR
2009: Global Financial Crisis hits Uzbekistan and foreign investors exit the country:
Foreign investors (Meridian Hotel, Intercontinental etc.) pull out
17th March 2014: Uzbekistan is yet to recover and then suffers collateral damage
from sanctions on Russia. This causes the foreign exchange rate of the Uzbek Som
to blow out; black market currency conversion is the only option
2nd September 2016: Islam Karimov, President of Uzbekistan since 1989, dies
14th December 2016: Prime Minister Shavkat Mirziyoyev becomes Uzbekistan’s
second President and initiates radical reforms to convert Uzbekistan into a free-
market economy
February 2017: Government announces a broad market-oriented five-pillar reform
program: improving public administration and state-building; ensuring the rule of
law and judiciary reform; maintaining economic growth and liberalizing the
economy; enhancing social safety nets; and ensuring security and implementing a
constructive foreign policy
4AFC Uzbekistan Fund
5. UZBEKISTAN RECENT HISTORY
27th May 2017: Uzbekistan adopts privatization program to divest non-strategic
businesses (oil & gas and mining are only strategic sectors)
5th September 2017: Uzbek Som is devalued by 48% against the USD (UZS
4,210.35 to UZS 8,100) and simultaneously unpegged. Converted to a managed
free-float. This move eliminates the black market exchange rate
15th July 2018: E-visa introduced for citizens of 101 countries, also five-day visa
free entry for tourists in transit
14th February 2019: Uzbekistan launches sovereign bond with rating BB-, Outlook
Stable
2nd March 2019: Capital controls for foreign investors eliminated
20th August 2019: Central Bank free floats the Uzbek Som
6th September 2019: Foreigners permitted to freely purchase equity of banks
without prior approval from Central Bank
5AFC Uzbekistan Fund
6. 6
A Country of Deep Value
Valuations
Uzbekistan’s listed companies offer generationally attractive valuations in
comparison to other Asian frontier and Post-Soviet markets
Growth Prospects
Sizable natural resource base (6th in cotton, 7th in production of uranium, 9th in gold
production, 18th in natural gas,)
34 million consumers, 36% urbanization with 2030 target of 60%
Inexpensive labour force accompanied by a domestic industrial manufacturing
complex
WHY UZBEKISTAN
AFC Uzbekistan Fund
7. 7
Liberalization of Uzbek Som
WHY UZBEKISTAN
4th September 2017 central
bank unpegs the Uzbek Som
from the USD (peg at UZS
4,210.35/USD) and devalues
currency to UZS 8,100.
Managed free-float
20th August, 2019 currency
floats free
No capital controls
Foreign exchange reserves of
USD 32 billion (56% of GDP)
should ensure currency stability
USD/UZS rate as of 31st July:
10,217
USD/UZS Exchange Rate
Source: Bloomberg
AFC Uzbekistan Fund
8. 8
Uzbekistan Gross Domestic Product
WHY UZBEKISTAN
Source: World Bank / General Statistics Office of Uzbekistan
AFC Uzbekistan Fund
$546
$654
$830
$1,082
$1,213
$1,377
$1,564
$1,740
$1,907
$2,050
$2,137
$2,110
$961
$1,462
$1,588
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
GDP Per Capita (USD)
39.3
45.9
51.8
57.7
63.1
66.9
67.2
31.1
48.4
53.8
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
GDP
GDP (USD bn) GDP Growth Rate
9. 9
WHY UZBEKISTAN
Strong Fundamentals will Support Growth
Sustainable GDP Growth GDP is projected to grow by 1.5% in 2020, rebounding to 6.6% in
2021
Export-Focused Economy Large, inexpensive labour force, government-focus on
incentivizing increased value added exports in manufacturing and
natural resources
Capital Control/Currency
Conversion Restrictions
Eliminated
2nd March 2019 capital controls for foreign investors eliminated.
20th August 2019 all capital controls for locals eliminated
A new era for Uzbekistan
Inflation Target: Single Digits 2021 inflation target of 10% from 15.2% in 2019. Expected to
decrease further in coming years with refinancing rate raised to
16% from 14%
Improving Trade Balance Trade balance has been in surplus every year since 2008, except
2016 (USD -99 million), improved to USD +880 million (2017).
2018 decrease to due machinery imports for factory upgrades
Foreign Reserves Increasing
Rapidly
USD 32 billion of foreign reserves (56% of GDP) offering 1.5
years of import cover and covering external debt by >1.4x
AFC Uzbekistan Fund
10. 10
Uniquely Competitive Labour Market - Monthly Minimum Wage (USD)
WHY UZBEKISTAN
Source: World Bank, State Statistics Committee, Other
AFC Uzbekistan Fund
315
200
168
110
72 67
China (Guangdong) Cambodia Vietnam Kazakhstan Kyrgyzstan Uzbekistan
11. WHY UZBEKISTAN
Population of 34 million
with a median age of 29.1
years
Urban population of 36%,
urbanization rate of 1.28%
This young, under-
leveraged population will
be a massive driver of
future economic growth
11
A Young and Growing Population
Source: CIA World Fact Book
0-14 years: 23.19% 15-24 years: 16.63%
25-54 years: 45.68% 55-64 years: 8.63%
65 years and over: 5.87% (2020 est.)
AFC Uzbekistan Fund
12. WHY UZBEKISTAN
20 Special Economic Zones
(SEZ’s) throughout Uzbekistan
Improved road, rail and air
connectivity strengthens
Uzbekistan’s position as a
regional logistics and
manufacturing centre
Navoi SEZ is a multi-modal
logistics hub for the Central
Asian region, operating with
English law
12
Regional Logistics Hub
Navoi SEZ
Feznavoi.uz
AFC Uzbekistan Fund
13. WHY UZBEKISTAN
Attained sea access to Gwadar
port in southwest Pakistan and
pursuing access to Turkmenbashi
Sea Port in Turkmenistan
Highway connection: China-
Kazakhstan-Uzbekistan-Westward
Future railroad connection: China-
Kyrgyzstan-Uzbekistan-Westward
13
Interconnected to China-Pakistan Economic Corridor
(One Belt One Road)
Source: Obortunity.org
AFC Uzbekistan Fund
14. WHY UZBEKISTAN
Historic Silk Road cities of
Samarkand, Bukhara, Khiva
(connected by bullet train)
Uzbekistan receiving significant
international coverage for its
tourism potential: CNN,
Economics, Telegraph
14
Tourism Sector Growing from a Low Base
Source: AFC Research, Stat.uz
AFC Uzbekistan Fund
1,969 1,938 2,034 2,157
2,847
6,433
6,750
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2013 2014 2015 2016 2017 2018 2019
Tourist Arrivals (000's)
15. WHY UZBEKISTAN
15
GDP Growth to Remain Robust - Inflation Strictly Managed
Uzbekistan is shifting to an inflation-targeting-regime
Central Bank Uzbekistan policy rate at 15%
One-off adjustments in inflation, the benchmark interest rate and GDP,
accounting for floating of currency
Source: World Bank / General Statistics Office of Uzbekistan
8.5% 8.3% 8.2% 8.0% 8.0% 7.9% 7.8%
5.3%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
0
20
40
60
80
100
120
140
160
2010 2011 2012 2013 2014 2015 2016 2017
UZSbillion
Yearly GDP Growth
Industry Construction Agriculture
Consumer GDP Growth
AFC Uzbekistan Fund
6.8
6.1 5.6 5.7
14.4 14.3
15.2
12%
10%
9%
9%
14%
16%
16%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0
2
4
6
8
10
12
14
16
2013 2014 2015 2016 2017 2018 2019
Uzbekistan Interest Rate & Inflation
Inflation Rate 1-Year Rate
16. 16
Strong Foreign Exchange Reserves will Support Currency & Enable Development
Source: World Bank / General Statistics Office of Uzbekistan
WHY UZBEKISTAN
AFC Uzbekistan Fund
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Foreign Reserves to External Debt (USD billion)
External Debt Foreign Exchange Reserves
(4,000)
(3,000)
(2,000)
(1,000)
-
1,000
2,000
3,000
4,000
5,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Trade Balance (USD million)
17. 17
Improving Business Environment
Government to Support Economic Recovery
Floating of the currency and elimination of capital controls
No foreign ownership restrictions
Foreigners can own property and companies with no Uzbek ownership/representative
Privatization of SOE’s (State Owned Enterprises) in financial services, construction, consumer
goods and manufacturing sectors
Uzbekistan working to enter the WTO and Eurasian Economic Union
Government initiating an aggressive anti-corruption and digitalization campaign to
ensure transparency
Visa exemptions for foreign visitors, 3-year business/work visas
WHY UZBEKISTAN
AFC Uzbekistan Fund
19. 19
Main Risks
Increase in current account deficit
Uzbek businesses currently import significant quantities of machinery, etc. to
modernize aging operations
External economic or political shocks
The security of the President of Uzbekistan and his current importance in driving the
current free-market reforms
WHY UZBEKISTAN
AFC Uzbekistan Fund
20. WHY UZBEKISTAN
Founded in 1994
119 listed companies
Market Capitalization USD 4.9 billion
First ever IPO, Kvarts, on 11th April 2018
Korean Stock Exchange is 25% shareholder of Tashkent Stock Exchange
Developed online trading platform
Overseeing increase in regulatory requirements for JSC’s
Future plans include creation of a specialized underwriter and market maker
20
Tashkent Stock Exchange
AFC Uzbekistan Fund
22. INVESTMENT STRATEGY
Value Based Bottom Up Stock Selection
In-house and third-party research to identify undervalued companies
On-the-ground presence
Company visits
Risk Mitigation
In-depth due diligence of investment opportunities
The fund will be relatively diversified with 30 to 40 stocks across various sectors
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/distressed sellers)
22AFC Uzbekistan Fund
23. INVESTMENT STRATEGY
Examples of Typical Listed Companies (31st July 2020)
23
Company Description
Market Cap USD
(million)
P/E (TTM) P/B Div. Yield
Metallurgy 117 3.61 0.66 6.97%
Cement 92 2.48 0.54 n/a
Financial Services 55 2.06 0.46 n/a
Alcohol and food producer 46 5.75 1.94 14.08%
Financial Services 37 4.56 3.32 16.60%
Source: Tashkent Stock Exchange; Asia Frontier Capital
AFC Uzbekistan Fund
24. FUND PERFORMANCE AND STATISTICS
24AFC Uzbekistan Fund
NAV as of 31st
July 2020
AFC Uzbekistan
Fund
AFC Uzbekistan
Fund (Non-US)
NAV (USD) 1,038.57 1,038.57
Past 1 Month +3.25% +3.25%
YTD -5.01% -5.01%
Since Inception +3.86% +3.86%
Inception Date 29/03/2019 29/03/2019
ISIN KYG0132A1948 KYG0133A2093
Valoren CH047075699 CH047075891
Monthly Performances AFC Uzbekistan Fund Class F
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2019 USD +4.50% -0.10% +1.87% +1.15% -1.85% +0.06% +0.71% +1.13% +1.61% +9.33%
2020 USD -2.99% +0.78% -7.43% -3.06% +3.32% +1.49% +3.25% -5.01%
Monthly Performances AFC Uzbekistan Fund (Non-US) Class F
Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2019 USD +4.50% -0.10% +1.87% +1.15% -1.85% +0.06% +0.71% +1.13% +1.61% +9.33%
2020 USD -2.99% +0.78% -7.43% -3.06% +3.32% +1.49% +3.25% -5.01%
25. FUND PERFORMANCE AND STATISTICS
25AFC Uzbekistan Fund
1,039
900
950
1000
1050
1100
1150
Fund Performance (Net) – AFC Uzbekistan Fund
26. FUND PERFORMANCE AND STATISTICS
26AFC Uzbekistan Fund
59.2%
14.6%
10.8% 10.4%
0.7% 0.2%
4.1%
0%
10%
20%
30%
40%
50%
60%
Sector Allocation
93.6%
2.3% 4.1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Country Allocation
27. FUND INFORMATION
27
Legal Structure Open Ended Umbrella Fund, Cayman Islands, “Master/feeder
fund structure” for US-investors and non-US investors
Initial Investment Minimum USD 10,000 (USD 25,000 for US investors)
Subsequent Investment Minimum USD 1,000
Launch Date 29th March 2019
Subscription Frequency Monthly, 5 business days before month end
Redemption Monthly with 3 month notification
Management Fee 2% p.a. of NAV
Performance Fee 20% (with high watermark)
Auditor EY, Hong Kong
Legal Advisor Ogier, Hong Kong
US: Morgan, Lewis & Bockius LLP, Boston
Bank DBS Bank (Hong Kong) Limited, Hong Kong
Fund Administrator Trident Fund Services, Hong Kong
Investment Manager
ISIN (Non-US Investors)
ISIN (US Investors)
Asia Frontier Investments Limited, Hong Kong
KYG0133A2093
KYG0132A1849
AFC Uzbekistan Fund
28. 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.
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 markets such as
Bangladesh, 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.
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.
Peter de Vries, Marketing Director, has over 25 years
experience in finance of which 20 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.
28
Our Team
AFC Uzbekistan Fund
29. 29
ASIA FRONTIER INVESTMENTS LIMITED
Investment Enquiries:
Thomas Hugger
Phone: +852 3904 1015
Email: th@asiafrontiercapital.com
Skype: thomas.hugger
Scott Osheroff Peter de Vries
Mobile: +852 8192 6323 Phone: +852 3904 1079
Email: so@asiafrontiercapital.com Email: pdv@asiafrontiercapital.com
Skype: Scott.Osheroff Skype: peter-de-vries
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, 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 investors. 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 Uzbekistan Fund
30. 30
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 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.
*The representative of the Cayman Islands domiciled Funds in Switzerland is ACOLIN Fund Services AG, succursale Geneve, 6 Cours de Rive, 1204 Geneva. The distribution of Shares in Switzerland must exclusively be made to qualified
investors. The place of performance and jurisdiction for Shares in the Fund distributed in Switzerland are at the registered office of the Representative.
** The Cayman Islands 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).
*** 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.
AFC Uzbekistan Fund
32. 32
AFC UZBEKISTAN FUND
AFC Uzbekistan Fund
Trident Fund Services,
Hong Kong
Fund Administrator
Ernst & Young Hong Kong
Auditor
Uzbekistan Depository Centre
Custodian
Asia Frontier Investments Limited
(licensed by SFC Hong Kong)
Investment Manager
AFC Umbrella Fund AFC Umbrella Fund (non-US)
AFC Uzbekistan Fund (non-US)
AFC AF Limited
Investment Firm
Ogier Hong Kong
Legal Advisor
AFC Uzbekistan Fund
33. PRESIDENT SHAVKAT MIRZIYOYEV
Born 24th July 1957
Prime Minister of Uzbekistan from
2003 to 2016
In the wake of President Islam
Karimov’s death on 2nd September
2016, Uzbekistan’s Supreme
Assembly (Parliament) appointed PM
Mirziyoyev interim President on 8th
September after Senate leader
Nigmatilla Yuldashev declines the
position
A presidential election was held on
14th December 2016 where President
Mirziyoyev won 88.6% of the votes
33
President Shavkat Mirziyoyev
AFC Uzbekistan Fund
34. 34
Regional GDP per Capita (current USD)
Source: World Bank
WHY UZBEKISTAN
GDP per Capita (USD) Population (million)
Russian Federation 8,748 144.3
China 8,123 1,379
Kazakhstan 7,714 17.7
Turkmenistan 6,389 5.6
Belarus 4,989 9.5
Azerbaijan 3,878 9.7
Georgia 3,865 3.7
Uzbekistan 1,588 33.9
Kyrgyz Republic 1,077 6.0
Tajikistan 795 8.7
AFC Uzbekistan Fund
35. 35
Stable Political Environment
Source: World Bank 2016
WHY UZBEKISTAN
50.5
47.6
35.2 34.8 34.3
27.1
22.9
19.5
17.6 16.7
Belarus Kazakhstan Georgia Turkmenistan Uzbekistan China Kyrgyz
Republic
Tajikistan Azerbaijan Russian
Federation
World Bank 2016 Political Stability Ranking
AFC Uzbekistan Fund