The AFC Vietnam Fund invests in listed equities in Vietnam.

1. CONFIDENTIAL
AFC Asia Frontier Fund
September 2013
AFC Vietnam Fund
July 2018

2. 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 beginning of a new cycle
Viet Capital - Hanoi Index May 2006 – December 2017
AFC Vietnam Fund
AFC Vietnam Fund Launch

3. TABLE OF CONTENTS
Executive Summary 4
Why Vietnam 5
Investment Strategy 17
AFC Vietnam Fund 21
Fund Performance 22
Directors & Shareholders 24
Awards 28
Contact Information 29
Disclaimer 30
Appendix 31
3AFC Vietnam Fund

4. 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 and is expected to grow at over
6% in 2018.
• Strong FDI inflows are helping to transform Vietnam to a higher value added
manufacturing destination
• VND - Currency expected to remain stable.
Potential
• We believe to achieve a significant capital appreciation for at least the next 3 - 5 years.
4AFC Vietnam Fund

5. 5
A Land of Opportunities
Valuations
• Vietnam’s listed “Small/Medium Caps” offer very attractive valuations in comparison to
“Large Caps”
Growth Prospects
• Very competitive labour costs, but rising individual wealth at CAGR 13.50% over the past 10
years
• FDI disbursement grew by 10.8% and reached USD 17.5bn in 2017
• Foreign remittances of around USD 8bn in 2017
AFC Vietnam Fund
WHY VIETNAM

6. 6
Strong Fundamentals will Support Growth
➢ Sustainable GDP Growth
• GDP is accelerating again at 6.8% 2017, 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 keep inflation at 2.6% in 2017 (recent highs in 2011 at
18.7% and in 2008 at 23.1%)
➢ Interest Rates Came Down
• Average lending rate came down from over 20% (2011) to 7.50% (2017)
➢ Improving Trade Balance
• Trade balance improved from USD -18bn (2008) to USD +2.7bn (2017)
➢ Foreign Reserves Increasing
• Foreign reserves increased from USD 12.5bn (2010) to approx. USD 51bn 2017
➢ Currency expected to remain stable versus USD
AFC Vietnam Fund
WHY VIETNAM

7. 7AFC 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)

8. SingaporeHong Kong
Korea Germany
Switzerland
Vietnam
United States
Thailand
Indonesia
300
350
400
450
500
550
600
1,000 10,000 100,000
AveragePISAScore
GDP per Capita (current USD)
PISA Score Log. (PISA Score )
8AFC Vietnam Fund
Increasingly Educated Population
OECD - PISA 2015 – assessed the competencies of 15 year olds in 72 countries / GDP per Capita 2015 (current USD); source: Worldbank
WHY VIETNAM
552 533 529 524 519 508 506 502 502 500 496 496 492 488 485 483
415 395
Singapore
HongKong
Japan
Canada
Korea
Germany
Switzerland
Vietnam
Australia
UnitedKingdom
France
Sweden
Austria
UnitedStates
Italy
Luxembourg
Thailand
Indonesia
PISA 2015 - mean score of Mathematics,
Reading & Science
Pisa Score / GDP per Capita (current USD)

9. 9
Vietnam is implementing several Free Trade Agreements, and is negotiating
others, such as the Regional Comprehensive Economic Partnership
WHY VIETNAM
WTO Center
AFC Vietnam Fund

10. 17.5
27.5
0.0
5.0
10.0
15.0
20.0
25.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
FDI & Remittances 2005 - 2017
FDI Disbursements Overseas Remittances Total
Strong FDI Disbursements and Overseas Remittances
10AFC Vietnam Fund
WHY VIETNAM
General Statistics Office of Vietnam
• The disbursement of foreign direct
investment (FDI) last year reached a record
level with USD 17.5 billion. This achievement
is expected to reiterate in 2018
• Vietnam received about USD 10bn worth of
inward remittances in 2017 from 5 million
Vietnamese residing in 103 countries around
the world, most of which has been invested
in production and business activities

11. 11
Compelling Valuations (July 2018)
AFC Vietnam Fund
Bloomberg
WHY VIETNAM
P/E P/B
Dividend Yield
(%)
AFC Vietnam Fund 9.6 1.6 7.3
Indonesia 21.5 2.4 2.2
Philippines 19.4 2.1 1.6
Thailand 17.4 2.1 3.0
Malaysia 17.1 1.7 3.5
Singapore 11.1 1.2 3.8
Vietnam - Ho Chi Minh 19.2 2.8 1.8
Vietnam - Hanoi 13.0 1.2 2.7

12. 12AFC Vietnam Fund
Vietnam is following the path of China
WHY VIETNAM

13. 13AFC Vietnam Fund
GDP Growth - Inflation under control
Worldbank / General Statistics Office of Vietnam
WHY VIETNAM
6.4% 6.2%
5.2% 5.4%
6.0%
6.7%
6.2%
6.8%
2010 2011 2012 2013 2014 2015 2016 2017
Yearly GDP Growth
Agriculture, forestry, and fishery Industry & Construction Services Yearly GDP Growth
2.62%
8.25%
6.75%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
Vietnam Interest Rates and Inflation
CPI (y-o-y)
Lending rate
Deposit rate

14. -6.6
-4.3
-0.6
7.0
8.8
6.0
1.0
9.6
4.0
2009 2010 2011 2012 2013 2014 2015 2016 2017
Current Account Balance (USD bn)
-10.9
-12.6
-9.8
0.8 0.9
2.0
-3.2
2.5 2.7
2009 2010 2011 2012 2013 2014 2015 2016 2017
Trade Balance (USD bn)
14AFC Vietnam Fund
Increasing Foreign Reserves will Support Currency & Balance of Payments
Worldbank
WHY VIETNAM
90% 50% 38% 36% 56% 71% 75% 61% 66% 78%
24
17 13 14
24
32
36 34
41
51
0
10
20
30
40
50
60
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Foreign Reserves in % of Foreign
Debts
Foreign Reserves in % of Foreign Debt Foreign Reserves (USD bn)
50.9% 49.0% 50.0%
53.2%
56.8%
62.2% 63.8% 61.3%
28.3% 27.8%
27.1% 26.4% 25.8%
28.9% 30.2%
36.8%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
0
20
40
60
80
100
120
140
160
2010 2011 2012 2013 2014 2015e 2016e 2017e
Public Debts (Foreign & Domestic) in % of GDP
Foreign Debt Domestic Debt Public Debt / GDP Foreign Debt / GDP

15. 15
Improving Business Environment
Government to Support Economic Recovery
• Relaxation of Foreign Ownership Limits, allowing foreign investors to buy up to 100 percent
of stocks from companies in non-strategic sectors
• Relaxation of the rules on foreign ownership of property
• Tax Cuts for Individuals and Corporates
• Stimulus Packages for various Industry Sectors
• Restructuring of SOE’s (State Owned Enterprises)
• Improving Banking Regulatory Framework
• Better Supervision and Severe Punishment of Banking Misconduct
• Lower Lending Rates
• To keep NPL ratio below 3% and credit growth target at 18% - 20% range
• Visa exemption for foreign visitors
AFC Vietnam Fund
WHY VIETNAM

16. 16
Improving Business Environment
➢ Strong Foreign Investments into Manufacturing (Samsung alone ~USD 15bn)
➢ Key Sectors: Electronics, Textile and Energy
➢ ASEAN and other Free Trade Agreements will support Economy
➢ Political Stability
➢ Main Risks
• External economic or political shocks
• Vietnam will need to continue to drive economic reforms and also improvements in
labour productivity will need to keep the same pace
AFC Vietnam Fund
WHY VIETNAM

17. INVESTMENT STRATEGY
Value Based Bottom Up Stock Selection
• In-house and third party research to identify undervalued companies
• Self-developed Fundamental-Quantitative model
• Company visits
Risk Mitigation
• In-depth due diligence of investment opportunities
• The fund is well diversified and typically invests in 60 to 90 stocks across various sectors
• Investment limit per position max 9% with top-slicing at 19%
• Top 5 holdings have a weighting of around 11%
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)
17AFC Vietnam Fund

18. INVESTMENT STRATEGY
18AFC Vietnam Fund
Fundamental
with
quantitative
overlay
Stock
Analysis
Dynamic
Optimisation
Process
Portfolio
Construction
Managing
Risks; aligning
them with
Investment
Conviction
Portfolio
Monitoring
Investment Process
• Our stock selection process is driven by a fundamental approach, to which the team
applies a quantitative overlay in a controlled manner. Our core investment process does
not target any particular style bias and aims to outperform in most market environments.

19. INVESTMENT STRATEGY
19AFC Vietnam Fund
PER P/B PER P/B
31.1 12.0 6.8 1.3
24.5 4.1 9.5 1.7
46.9 4.1 8.9 1.3
21.5 4.6 6.9 1.0
32.6 10.1 4.7 0.7
14.5 2.0 11.7 1.8
45.0 3.5 7.1 1.8
12.2 1.4 14.2 4.9
29.0 4.5 6.1 0.9
25.2 4.1 7.7 2.1
Average 28.3 5.0 8.4 1.8
Top 10 HCMC-Index
Top 10 AFC Vietnam
Fund
P/E and P/B Ratios of HCMC Index vs. AFC Vietnam Fund
The valuation gap between the 10 biggest companies on the HCMC index (by market
capitalization) and our top ten holdings has reached a new record level as of beginning of
February 2018, with large caps now 3x more expensive than our top ten stocks on a P/E basis!
Vietstock, AFC Research; based on prices from February 6, 2018
0.0
10.0
20.0
30.0
40.0
50.0
60.0
Top 10 Index Top 10 AFC
P/E
P/B
0
15

20. INVESTMENT STRATEGY
Example of Typical Equity Investments
Portfolio Sector Weightings as of 30th June 2018
20AFC Vietnam Fund
Industrials 32.1% Utilities 4.3%
Consumer Discretionary 20.3% Communications 2.9%
Materials 12.7% Healthcare 2.1%
Consumer Staples 10.7% Energy 1.2%
Financials 7.6% Cash 6.1%
Market Cap
USD (m)
P/E P/B Div. Yield Pay Out
Ratio
Sector
Agriculture Bank Insurance 38 6.8 1.3 5.5% 34% Financials
Lien Viet Post Bank 418 6.9 1.0 10.5% 71% Financials
Duc Thanh Wooden 32 7.3 8.8 12.1% 88% Utilities
National Seed 73 7.9 1.8 2.8% 22% Consumer
Dong Phu Rubber 69 7.0 0.6 7.7% 53% Materials

21. 21AFC Vietnam Fund
AFC VIETNAM FUND
Legal Structure: Open End
Style: Value / Growth
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, 30 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 and Young, Hong Kong
Legal Advisor: Ogier, Hong Kong
Custodian: Viet Capital Securities, Ho Chi Minh
Fund Administrator: Custom House, Singapore
Investment Manager: Asia Frontier Capital (Vietnam) Ltd., Cayman Islands
Security Number / Ticker: ISIN: KYG0133A1673 / Valor: 23095153 / AFCVIET KY

22. 22AFC Vietnam Fund
FUND PERFORMANCE
NAV as of 30th June 2018
NAV 1,800.40
Since Inception +80.04%
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% +0.60% +32.50%
2015 USD +0.44% +1.76% −0.96% +1.93% −0.48% +0.06% +0.22% −4.57% +1.18% +6.90% −1.82% +0.25% +4.62%
2016 USD −0.10% +3.30% +1.28% +3.17% +1.40% +4.97% +3.00% +0.13% +0.11% −1.83% +0.88% −1.76% +15.29%
2017 USD +1.90% +1.10% +1.94% +1.03% +2.96% +4.52% +1.94% −4.38% +1.09% −0.75% +1.47% +0.01% +13.33%
2018 USD +0.41% +0.42% +0.58% -0.93% −3.24% −0.12% −2.89%
Monthly Performance (Net) - AFC Vietnam Fund

23. 23AFC Vietnam Fund
FUND PERFORMANCE
Monthly Performance (Net) - AFC Vietnam Fund
1,800
900
1,000
1,100
1,200
1,300
1,400
1,500
1,600
1,700
1,800
1,900
2,000
2,100
2,200
AFC Vietnam Fund USD (Net) VN Index (USD)

24. 24AFC Vietnam Fund
Vicente Nguyen, Fund Manager of AFC Vietnam Fund, has over
10 years of experience in finance. Prior to joining Asia Frontier Capital
(Vietnam) Ltd., Vicente was the CEO of HVS Securities, a brokerage
company in HCMC. He also spent several years at the HCMC office of
Mirae Asset Group, a global investment management firm, as an
Investment Manager.
Vicente holds an MBA from Ecole de Management Strasbourg in France
and a Bachelor diploma in audit and accounting from Ho Chi Minh City
University of Economy, Vietnam.
SHAREHOLDER OF ASIA FRONTIER CAPITAL (VIETNAM) LTD.

25. 25AFC 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.

26. 26AFC 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.

27. 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.
Lord Fraser of Corriegarth, 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.
27
SHAREHOLDERS OF ASIA FRONTIER CAPITAL LIMITED
AFC Vietnam Fund

28. AWARDS
28AFC Vietnam Fund

29. 29
ASIA FRONTIER CAPITAL (Vietnam) LTD.
c/o Intertrust Cayman Corporate Services (Cayman) Limited
190 Elgin Avenue
George Town
Grand Cayman KY1-9007
Cayman Islands
Tel: +852 3904 1015
Fax: +852 3904 1017
Email: info@asiafrontiercapital.com
Investment Enquiries:
Andreas Vogelsanger
Mobile: +66 84435 7472 / +852 5989 8324
Email: av@asiafrontiercapital.com
Skype: andreasvogelsanger
AFC Vietnam Fund
CONTACT INFORMATION
*The representative of the Fund in Switzerland is Hugo Fund Services SA, 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.

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 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.
*The representative of the Fund in Switzerland is Hugo Fund Services SA, 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 AFV Vietnam Fund is 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 Vietnam Fund

31. 31
Appendix
AFC Vietnam Fund

32. 32AFC 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
Custom House, Singapore
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, Heinrich Looser
** Directors: Thomas Hugger, Andreas Vogelsanger
*** Directors: Thomas Hugger, Peter de Vries
**** Directors: Thomas Hugger, Andreas Vogelsanger
AFC VIETNAM FUND

33. 33
Vietnam’s Low Correlation to Global Markets offers significant
Diversification Benefits
WHY VIETNAM
Bloomberg . Based on 10 years monthly data
AFC Vietnam Fund
0.35
0.42
0.72
0.82
0.87
VH Index
(Hanoi)
VN Index (Ho
Chi Minh)
MSCI Frontier
Markets
MSCI BRIC MSCI
Emerging
Markets
Correlation with the MSCI World Index

34. 34AFC Vietnam Fund
Stable Political Environment
WHY VIETNAM
99.5
86.2
62.4
52.4 51.4
50
33.3
27.1
23.3
15.7 14.3
10
Singapore Japan Laos Cambodia Vietnam Malaysia Indonesia China Myanmar Thailand India Philippines
World Bank 2016 Political Stability Ranking

35. 195 245
342
455
642
696 702
821 832
914
1,093
1,382
14
32
13
34
38
26
37
47
55
71
97
156
0
200
400
600
800
1000
1200
1400
1600
0
80
160
240
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
# of listed companies HCMC, Hanoi & UpCOM market cap (USD bn)
35AFC Vietnam Fund
Stock Market Information
Bloomberg
WHY VIETNAM
F&B 19.7%
Bank-Insurance 17.6%
Real estate 14.9%
Aviation 9.4%
Oil & Gas 7.2%
Construction 5.1%
Brokers (Securities companies) 2.6%
Steel 2.4%
Material construction 2.4%
Energy 2.1%
Transportation/Logistic 1.9%
Manufacturing 1.9%
Trading 1.9%
Pharmaceuticals/healthcare 1.7%
Mining 1.5%
Investment & Development 1.4%
Telecommunication 1.1%
Investment & construction 1.0%
Aquatic products 0.9%
Travel services 0.9%
Rubber 0.8%
Fertilizer 0.6%
Plastic and package 0.6%
Public utilities 0.3%
Education 0.1%
Sector Breakdown Dec 2017

36. 36AFC Vietnam Fund
Viet Capital - HCMC Index July 2000 – Dec 2017
Ho Chi Minh Index
WHY VIETNAM

37. 37AFC Vietnam Fund
Worldbank
GDP per Capita Accelerating
WHY VIETNAM
Worldbank - GDP per capita (current USD)
230
288
337 361 361 374 402 416 441
492
607
699
797
919
1,165
1,232
1,334
1,543
1,755
1,909
2,052
2,111
2,214
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

38. 38AFC Vietnam Fund
Regional GDP per Capita (current USD)
World Bank 2016
WHY VIETNAM
GDP per
Capita (USD)
Population (m)
Singapore 52,963 6
Malaysia 9,508 30
China 8,123 1,371
Thailand 5,911 68
Indonesia 3,570 258
Philippines 2,951 101
Vietnam 2,214 92
Cambodia 1,270 16
Myanmar 1,196 54

39. Shift of Production Base from China to Vietnam
39AFC Vietnam Fund
VIETNAM

40. 40AFC Vietnam Fund
VIETNAM
www.transparency.org/cpi
21
26
28
28
30
32
33
35
35
36
37
40
40
49
53
61
72
77
79
84
0 10 20 30 40 50 60 70 80 90
Cambodia (156)
Bangladesh (145)
Myanmar (136)
Papua New Guinea (136)
Laos (123)
Pakistan (116)
Vietnam (113)
Philippines (101)
Thailand (101)
Sri Lanka (95)
Indonesia (90)
China (79)
India (79)
Malaysia (55)
South Korea (52)
Taiwan (31)
Japan (20)
Hong Kong (15)
Australia (13)
Singapore (7)
Corruption Perceptions Index 2016