The AFC Vietnam Fund invests exclusively in listed Vietnamese equities to capture value in growth companies with a focus on the small to medium size companies. This market segment offers a unique investment opportunity as the valuation gap between large- and small-cap stocks in Vietnam is presently much wider than in comparable neighboring markets and the valuations are significantly depressed versus their regional peers. The fund adopts a fundamental-quantitative approach and employs an in-house earnings model to identify attractive companies where we see high growth opportunities. In conjunction with targeting the maximum upside potential the portfolio has been structured to mitigate corporate government and liquidity risks. The fund invest in a diversified portfolio of 60-70 attractively valued companies to carefully control concentration risk. This approach allows the fund to sell, or buy, positions without having a significant market impact. The fund is directed under the executive leadership of Thomas Hugger, Andreas Karall and Andreas Vogelsanger who have more than 75 years combined experience managing investments in frontier markets, Asia and around the world.

1. CONFIDENTIAL
AFC Asia Frontier Fund
September 2013
AFC Vietnam Fund
July 2015

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 – Dec. 2014
AFC Vietnam Fund

3. TABLE OF CONTENTS
Executive Summary 4
Why Vietnam 5
AFC Vietnam Fund 25
Fund Performance 26
Investment Strategy 28
Directors & Shareholders 30
Awards 34
Contact Information 35
Disclaimer 36
Appendix 37
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 2015.
• Banking reform is under way, such as e.g. the resolution for NPL’s
• Strong FDI inflows are helping to transform Vietnam to a higher value added
manufacturing destination
• Low oil prices are beneficial for Vietnam and are helping to increase consumer spending
• VND - Currency expected to remain stable.
Potential
• We believe to achieve a significant capital appreciation for at least the next 5 - 7 years.
4AFC Vietnam Fund

5. 5
Vietnam’s Low Correlation to Global Markets
offers significant Diversification Benefits
WHY VIETNAM
0.35
0.40
0.63
0.82
0.88
VH Index
(Hanoi)
VN Index (Ho
Chi Minh)
MSCI Frontier
Markets
MSCI BRIC MSCI
Emerging
Markets
Correlation with the MSCI World Index
Bloomberg . *Based on 10 years monthly data
AFC Vietnam Fund

6. 6
A Land of Opportunities
Valuations
• Vietnam’s overall valuation looks extremely compelling versus its regional peers, but listed
“Small/Medium Caps” offer outstanding value
• Reaching the old highs in the next economic and stock market cycle would mean a potential
of several hundred per cent, supported by fundamentals
Growth Prospects
• Very competitive labour costs, but rising individual wealth at CAGR 13.50% over the past 10
years
• High foreign remittances (USD 12-13bn), capital account surplus, trade account neutral
• FDI grew by 7.4% and reached USD 12.4bn in 2014
AFC Vietnam Fund
WHY VIETNAM

7. 7
Strong Fundamentals will Support Growth
 Sustainable GDP Growth
• GDP is accelerating again at 6.2% (f) 2015, after declining from 8.5% (2007) to 5% (2012)
 Competitive Labour Costs
• Low wages with increasing productivity and improvements in human capital
 Inflation under Control
• The government managed to successfully lower inflation to 1.86% in Dec. 2014 (recent high
in 2008 at 19.9%)
 Interest Rates Came Down
• Average lending rate came down from over 20% (2011) to 9% (2014)
 Improving Trade Balance
• Trade balance improved from USD -18bn (2008) to USD +2bn 2014
 Foreign Reserves Increasing
• Foreign reserves increased from USD 12.5bn (2010) to USD 36bn 2014
 Stable Currency for the past 3 Years
AFC Vietnam Fund
WHY VIETNAM

8. 8AFC Vietnam Fund
Competitive Labour Costs
Worldbank
WHY VIETNAM
8.48
4.63
3.87
1.25 1.21 1.19
0.73
0.56
0.30 0.30
Japan South Korea Hong Kong Malaysia Thailand China Philippines Indonesia Vietnam Laos
Minimum Hourly Wage (USD)

9. 9AFC Vietnam Fund
Increasingly Educated Population
PISA 2012 – assessed the competencies of 15 year olds in 65 countries
WHY VIETNAM
573 561
536 531
514 511 506 504 495 494 485 484 481
427 421
391 388 375
PISA 2012 - mean score of Mathematics, Reading & Science

10. Vietnam FDI & Consumer Confidence
10AFC Vietnam Fund
WHY VIETNAM
World Bank / Bloomberg / AFC
8.7%
0.3%
1.5%
2.1%
0.9%
2.5%
1.0%
0.6%
3.8%
FDI 2013-2014 in % of GDP
Dec-03
Jul-04
Feb-05
Sep-05
Apr-06
Nov-06
Jun-07
Jan-08
Aug-08
Mar-09
Oct-09
May-10
Dec-10
Jul-11
Feb-12
Sep-12
Apr-13
Nov-13
Jun-14
Jan-15
Vietnam Consumer Confidence Index

11. Strong FDI Disbursements and Overseas Remittances
11AFC Vietnam Fund
WHY VIETNAM
General Statistics Office of Vietnam
0.0
5.0
10.0
15.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Vietnam FDI 2005 - 2014
FDI Disbursements Overseas Remittances
USD bn

12. Overseas Remittances
• Vietnam attracted nearly USD 80.4bn of remittances, an average increase of about 39% per
year, during the 1991-2013 period
• Vietnam received about USD 12bn worth of inward remittances in 2014, most of which has
been invested in production and business activities
• Overseas remittances, 2nd largest capital source for Vietnam, played an important role in a
sustainable economic development
12AFC Vietnam Fund
WHY VIETNAM

13. 13
Compelling Valuations (June 2015)
AFC Vietnam Fund
Bloomberg
WHY VIETNAM
P/E P/B
Dividend Yield
(%)
AFC Vietnam Fund 7.3 1.1 6.1
Indonesia 21.8 2.4 2.0
Philippines 20.4 2.7 1.9
Thailand 19.5 2.0 3.0
Malaysia 16.7 1.9 3.3
Singapore 14.8 1.3 3.4
Vietnam - Ho Chi Minh 13.3 1.9 3.7
Vietnam - Hanoi 11.7 1.1 4.1

14. 14AFC Vietnam Fund
GDP Growth - Inflation under control - Trade Surplus
Worldbank / General Statistics Office of Vietnam
WHY VIETNAM
5.5%
4.7%
4.4% 4.4%
4.7%
5.0% 4.9%
4.3%
3.6%
3.2%
2.6%
1.8%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2014 Consumer Price Index (YoY)
280,000,000
860,000,000
2,000,000,000
2012 2013 2014
Trade Surplus
5.25%
5.42%
5.98%
2012 2013 2014
Yearly GDP Growth
5.06% 5.34%
6.07%
6.96%
Q1 Q2 Q3 Q4
Quarterly GDP Growth 2014

15. 15AFC Vietnam Fund
Increasing Foreign Reserves will Support Currency & Balance of Payments
Worldbank
WHY VIETNAM
90%
50%
25% 23%
44%
61%
65%
2008 2009 2010 2011 2012 2013 2014
Foreign Reserves in % of External
Debt
6.2 7
9.1
13.4
23.5 23.9
16.5
12.5 13.5
23.6
32
36
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Foreign Reserves (USD bn)

16. 16
Improving Business Environment
Government to Support Economic Recovery
• Relaxation of Foreign Ownership Limits
• Lower Lending Rates
• Tax Cuts for Individuals and Corporates
• Stimulus Packages for various Industry Sectors
• Restructuring of 479 SOE’s (State Owned Enterprises) until end of 2015
• Improving Banking Regulatory Framework
• Better Supervision and Severe Punishment of Banking Misconduct
AFC Vietnam Fund
VIETNAM

17. Restructuring of the Banking Sector
• VAMC (Vietnam Asset Management Company) was created by the government mid 2013
and bought until today around USD 6.4bn of NPL’s (Non Performing Loans).
• The Government plans to bring the NPL ratio below 3% in 2015. VAMC is expected to buy
another USD 4.8bn his year.
• There is a good chance that the Vietnamese government will pass a decree which allows
unlimited foreign ownership in weak banks
• Vietnam banking M&A activities will certainly see more actions in 2015. There are 6 M&A
transactions expected in 2015.
17AFC Vietnam Fund
VIETNAM

18. 18
Improving Business Environment
 Strong Foreign Investments into Manufacturing (Samsung alone ~USD 5bn)
 Key Sectors: Electronics, Textile and Energy
 TPP Free Trade Agreement and ASEAN 2015 will Kick-Start Economy
 Political Stability
 Main Risks
• External economic or political shocks
• Vietnam is still at the very beginning of its various regulatory and government reforms
and still a lot needs to be done.
AFC Vietnam Fund
WHY VIETNAM

19. 19
Vietnam is implementing 8 free trade agreements and is negotiating
another 6 FTA’s, including TPP and the Vietnam-EU FTA
WHY VIETNAM
AseanBriefing Oct. 2014
AFC Vietnam Fund

20. ASEAN – Key Facts
• Viewed as a single entity, ASEAN would be the 7th largest economy in the world with a
GDP (2013) of USD 2.4 trillion
• 5.1% average real GDP growth (2000 – 2013)
• 600 million consumers
• An expanding consumer class: 90 million people are expected to move to urban areas by
2030, which would double current households from 81 million to 163 million
• 46.7% of Debt to GDP (2013)
• 2.8% Inflation (2013)
20AFC Vietnam Fund
WHY VIETNAM

21. 21AFC Vietnam Fund
Stable Political Environment
WHY VIETNAM
96
88
56
49 48
40
37
29 27
17
13 12
9
Singapore Brunei Vietnam Laos Malaysia Cambodia Brazil Indonesia China Philippines Myamar India Thailand
World Bank 2013 Political Stability Ranking

22. 22AFC Vietnam Fund
Low Market Cap/GDP relative to Asian Markets
Worldbank 2013
WHY VIETNAM
36% 40% 43% 45%
61%
67%
80%
92% 92%
160%
250%
Vietnam Indonesia China Brazil India Australia Philippines Thailand Japan Malaysia Singapore
Market Cap in % of GDP

23. 23AFC Vietnam Fund
Stock Market Information
Bloomberg
WHY VIETNAM
Financials
36%
Consumer Staples
18%
Industrials
15%
Utilities
11%
Materials
11%
Energy
7%
IT
2%
Sector Breakdown Dec 2014
27 42
195
245
342
455
642
696 702
679
733
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Number of listed companies

24. 24AFC Vietnam Fund
Is Vietnam on the same path as Thailand?
WHY VIETNAM
Bloomberg (29. June 2015) / Gregory Barton
Country Market P/E
USA NASDAQ 30.58
Japan Nikkei 225 22.98
India Sensex 22.26
Indonesia Jakarta Comp 21.66
Philippines PSEi 20.91
China Shanghai Comp 20.83
Thailand SET 20.19
Australia ASX200 19.87
USA S&P 500 18.55
Korea KOSPI 17.64
Malaysia Malasia KLCI 16.72
USA Dow Jones 15.48
Singapore STI Straits Times 14.77
Taiwan Taiwan Weighted 13.94
Vietnam HCMC VNI 12.63
Vietnam Hanoi VHI 11.28
Hong Kong Hang Seng 10.88
Vietnam AFC Vietnam Fund 7.3
average 17.69

25. 25AFC 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, 60 days prior notice
Fees: Management: 1.8% p.a. of NAV
Performance: 12.5% p.a. of NAV appreciation
High Water Mark: Yes (performance fee only applies to net profits)
Auditor: EY, Hong Kong
Legal Advisor: Ogier, Hong Kong
Custodian: Viet Capital Securities, Ho Chi Minh
Fund Administrator: TMF Custom House, Singapore
Investment Manager: Asia Frontier Capital (Vietnam) Ltd., Cayman Islands
Security Number / Ticker: ISIN: KYG0133A1673 / Valor: 23095153 / AFCVIET KY

26. 26AFC Vietnam Fund
FUND PERFORMANCE
NAV as of 30th June 2015
NAV USD 1,393.67
Since Inception +39.37%
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% +2.75%
Monthly Performance (Net) - AFC Vietnam Fund

27. 27AFC Vietnam Fund
FUND PERFORMANCE
Monthly Performance (Net) - AFC Vietnam Fund
930
980
1030
1080
1130
1180
1230
1280
1330
1380
1430
AFC Vietnam Fund USD (Net) VN Index (USD)

28. INVESTMENT STRATEGY
Value Based Bottom Up Stock Selection
• In-house and third party research to identify undervalued companies
• Self-developed Valuation & Earnings model
• Company visits
Risk Mitigation
• In-depth due diligence of investment opportunities
• The fund is well diversified and typically invests in 50 to 80 stocks across various sectors
• Investment limit per position max 9% with top-slicing at 19%
Cash
• Not fully invested in uncertain times and/or excessive valuations
• Holding cash will allow the fund to take advantage of opportunistic investments when they
arise (momentum / news driven)
28AFC Vietnam Fund

29. INVESTMENT STRATEGY
Example of Typical Equity Investments
Portfolio Sector Weightings
29AFC Vietnam Fund
Industrials 21.8% Energy 5.9%
Consumer Discretionary 18.0% Healthcare 5.5%
Consumer Staples 16.3% Communications 3.4%
Materials 11.7% Utilities 2.3%
Financials 7.9% Cash 7.2%
Market Cap
USD (m)
P/E P/B Div. Yield Pay Out Ratio Sector
Hanoi Education Develop. & Invest. 9 6.9 1.0 9.0% 61% Consumer Services
Dinh Vu Port Inv. & Development 97 8.6 2.6 5.7% 48% Industrials
Vinacomin Coal 10 6.0 0.8 8.6% 52% Basic Materials
Bao Viet Securities 48 7.9 0.8 0.0% 0.0% Financials
Petro Vietnam Technical Services 564 6.7 1.3 4.4% 29% Oil and Gas

30. 30AFC Vietnam Fund
Andreas Karall, CIO of AFC Vietnam Fund, brings with him 25
years of experience in fund and portfolio management. He managed
several public and private funds for various banks and fund managers in
Europe. In the early part of his career he was the CEO of a small fund
and portfolio management company in Vienna. That was around the
time when he developed an affinity for Asian markets and he started to
closely follow and invest in them. He is constantly looking for attractive
investment opportunities, especially when they arise shortly after an
economic crisis or political turmoil. He successfully invested in the Hong
Kong stock market after the Tiananmen Square protests of 1989, in
Finland after the 1991 collapse of the Soviet Union and in Asian markets
after the 1997 Asian crisis. He sold most positions for his clients in 2007
and therefore escaped the financial crisis almost unscathed and was able
to reinvest at bargain prices in 2008/2009. After Vietnamese stock
market correction of over 70%, Andy is now ready and excited to get
involved!
DIRECTOR & SHAREHOLDER OF ASIA FRONTIER CAPITAL (VIETNAM) LTD.

31. 31AFC 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.

32. 32AFC 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.

33. Our Team
Thomas Hugger, CEO and Fund Manager,
has spent 27 years in private banking and has
been investing in Asian and African Frontier
Markets since 1993. He is the former
Managing Partner, CFO & COO of Leopard
Capital; and was previously a Managing
Director and Head of Portfolio Management
at LGT Bank in Hong Kong. Mr. Hugger was
the founding shareholder of one of the
largest brokerage companies in Bangladesh.
He is also a Certified Financial Investment
Analyst (CFIA) and Investment Adviser
(Switzerland) and a Certified European
Federation of Financial Analysts Societies
(EFFAS) Financial Analyst.
Hon. Andrew Fraser, Director, is a graduate of
St John's College, Oxford after which he held
numerous posts in the financial sector both in
the City of London and elsewhere. He has
previously held positions as; CEO of Baring
Securities in the UK, Chairman of Equity
Partners Ltd., a Bangladesh investment bank,
as well as Chairman of Bridge Securities, a
quoted Korean company, amongst other posts.
At present he is a global investor based in
London.
Dr. Marc Faber, is CEO, investment advisor
and fund manager of Marc Faber Limited. He
is the publisher of a widely read monthly
investment newsletter The Gloom, Boom
and Doom report which highlights global
investment opportunities. Dr. Faber is
respected around the world for his market
forecasts over the past three decades.
33
SHAREHOLDERS OF ASIA FRONTIER CAPITAL LIMITED
AFC Vietnam Fund

34. AWARDS
34AFC Vietnam Fund

35. 35
ASIA FRONTIER CAPITAL (Vietnam) LTD.
c/o Elian Fiduciary Services (Cayman) Limited
89 Nexus Way
Camana Bay
Grand Cayman KY1-9007
Cayman Islands
Tel: +852 3904 1015
Fax: +852 3904 1017
Email: vietnam@asiafrontiercapital.com
Investment Enquiries:
Andreas Vogelsanger
Mobile: +66 84435 7472
Email: av@asiafrontiercapital.com
Skype: andreasvogelsanger
AFC Vietnam Fund
CONTACT INFORMATION
*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.

36. 36
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.
** 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

37. 37
Appendix
AFC Vietnam Fund

38. 38AFC 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
TMF 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, Andreas Karall
*** Directors: Thomas Hugger, Peter de Vries
**** Directors: Thomas Hugger, Andreas Vogelsanger, Andreas Karall
AFC VIETNAM FUND

39. 39AFC Vietnam Fund
stockbiz.com
WHY VIETNAM
Ho Chi Minh CityHanoi
Advance / Decline Ration
(market breath = winners - losers)

40. 0
200
400
600
800
1000
1200
1400
1600
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
MSCI Emerging Market Index, 1973 - 2014
40AFC Vietnam Fund
Ho Chi Minh Index, 2002 - 2014
Vietnam is at the very
beginning of a long term
capital growth trend
Bloomberg / Viet Capital
WHY VIETNAM

41. 41AFC Vietnam Fund
Viet Capital
Ho Chi Minh Index – 4 Years of Consolidation
WHY VIETNAM

42. 42AFC Vietnam Fund
Worldbank
GDP per Capita Accelerating
WHY VIETNAM
230
288
337 361 361 374 402 416 441
492
607
699
797
919
1,165
1,232
1,334
1,543
1,755
1,911
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
GDP per capita (current USD)

43. 43AFC Vietnam Fund
Regional GDP per Capita (current USD)
World Bank 2013
WHY VIETNAM
GDP per
Capita (USD)
Population
(m)
Singapore 55,182 5
Malaysia 10,538 30
China 6,807 1,357
Thailand 5,779 67
Indonesia 3,475 249
Vietnam 1,911 90
Cambodia 1,007 15
Myanmar 824 62

44. Shift of Production Base from China to Vietnam
44AFC Vietnam Fund
VIETNAM

45. 45AFC Vietnam Fund
WHY VIETNAM
www.transparency.org/cpi
20
21
26
27
28
32
32
35
36
36
37
40
50
55
61
74
75
81
86
0 10 20 30 40 50 60 70 80 90 100
Cambodia (160)
Myanmar (157)
Laos (140)
Bangladesh (136)
Pakistan (127)
Indonesia (114)
Vietnam (116)
Thailand (35)
India (94)
Philippines (94)
Sri Lanka (91)
China (80)
Malaysia (53)
South Korea (46)
Taiwan (36)
Japan (18)
Hong Kong (15)
Australia (9)
Singapore (5)
Corruption Perceptions Index 2013