The document summarizes the Sarona Frontier Markets Fund 1 LP, a fund of funds that invests in small and medium enterprises in developing frontier markets to achieve financial returns as well as social and environmental impacts. The fund offers investors diversification across sectors and countries, targeting a 15% annual return over the long run while benefiting people and the planet. It is managed by Sarona Asset Management, which has over 50 years of experience investing in frontier markets and achieving returns that exceed targets.

1. Sarona Frontier Markets Fund 1 LP

2. Bringing meaning to your investments Take Advantage of Frontier Market Upside Invest in impact investing through a fund of SME funds focusing on SME equity in developing countries in clean tech, microfinance, agro-processing, health, tourism and telecom value chains Entrust a manager with a 56-year track record in SMEs in Frontier Markets and a history of exceeding performance

3. Introducing Sarona Frontier Markets Fund 1 LP The Frontier Market Upside Our solution Our track record

4. Frontier Market Upside GDP Growth Trend

5. Frontier Market Upside Stock Capitalization

6. Frontier Market Upside Small & Medium Enterprises – Sector Trend

7. Frontier Market Upside The Environmental Premium Innovest’s Carbon Beta Model (Global stocks): Returns for 57 months Top 50% vs. Bottom 50% All Sectors Annualized Alpha: 378 bps Source : With permission of Matthew Kiernan (2009) of Risk Metrics

8. Impact Investing: A new industry has developed Achieving profit plus impact on social and environmental level The Economist predicts: this will be a new asset class of $500bn in 5-10 years We’re at the forefront of this industry Frontier Market Upside Impact Investing

9. The Sarona Frontier Markets Fund is a Fund-of-Funds that will achieve Profit: For investors People: Benefit for the poor Planet: Earth-care for our grandchildren Introducing Sarona Frontier Markets Fund 1 LP

10. Our value proposition to investors We select the best private investment managers in Frontier Markets around the world to achieve Profit, People, Planet And you can travel with us to visit the companies where your capital is invested

11. SMEs in Southern Africa Renewable energy project in India & Philippines SMEs in Mexico Microfinance Banks in developing countries Fund Structure

12. Fund benefits Strategy Fund of Funds: We select the best small private investment managers with a strong country or industry focus Diversification: We don’t invest in just one or two countries; we invest broadly, knowing that some countries will flourish more than others Micro, Small and Medium Enterprises: Our managers stay away from large cap companies. They look for growth in small and medium sized companies, including Microfinance Banks Profit, People, Planet: We invest in fund managers that aggressively target a triple bottom line

13. Fund benefits Investor Experience Evergreen Offering: Sarona will allow investors in at the end of each calendar year Liquidity: Unlike most private investment funds, Sarona offers each investor an annual redemption opportunity after a three year hold period Experience: We invite you to join us on due diligence or management trips to various countries. Don’t leave your money to others – see where your money goes!

14. Fund benefits Results Frontier Market Upside: You may have missed the extra growth spurt of the past 46 years, but you don’t want to miss the future! Returns: We target a net financial return to investors of 15% over the long run. Annual ROI for investors will start at 5% and grow from there. You’ll also know that your capital is benefiting people and improving the environment

15. Berkeley Energy Partners: Renewable energy in India, Philippines, based in UK and India Ariya Capital: Microfinance, Renewable Energy, Telecom in Southern Africa, based in UK and Botswana MicroVest Capital Management: Microfinance Banking, Global, based in Washington Ignia Fund: Housing, health, agro-processing SMEs based in Mexico Colombia Opportunities Fund: Tourism, agro-processing, ICT, clean tech SMEs based in Colombia Sorenson Housing Fund: Affordable Housing Projects in India, based in the US and in India Pipeline 2009 and early 2010

16. Investing in Frontier Markets since 1953: First investment = Sarona Dairy in South America Continued direct investment for 56 years Last 12 years, (co-)founded: Latin America Challenge Investment Fund MEDA Investments Inc, Sarona Funds MicroVest Funds Why us? A track record in innovation and leadership

17. Why us? A track record in growth

18. Why us? A track record in social impact

19. Why us? A track record in performance Every Fund has achieved or exceeded targets Latin America Challenge Investment Fund, debt for Microfinance Banks, 1999-2008: >8% Sarona Group: Sarona Risk Capital Fund (MEDA), high risk, early stage capital for experimental companies: >8% Sarona Risk Capital Fund I LP: 5% MicroVest Group: MicroVest I LP: 80/20 debt/equity for Microfinance Banks, 2004-2008: 9% Micro Access Trust CDO, 2006: 8%

20. Why us? A global network Our relationship with MEDA provides us with a network of over 3,000 business professionals in over 40 countries Domestic: The MEDA business association provides access to 2,900 businesspeople in Canada, USA, Europe Self-selected group of entrepreneurs who know and care Global: The MEDA economic development institute provides access to over 250 business development professionals in over 40 countries

21. Assets under Management in funds and directly in companies: almost $200 million 56 year track record of success: In 2008, stock markets crashed Our funds posted profits of 4% - 9% Why us? Integrity to our investors

22. We need Leaders like you MEDA has invested $2.5 million as a founding investor We seek Named Founding Investors: 8-10 investors at $1+ million We seek investors: min invest = $100,000

23. Invitation to Join us as a Named Founding Investor Commit $1+ million as Founding Investor Named as Founder in presentation material and PPM, in perpetuity Invitation to Founder’s Council Opportunity for partial ownership of GP Invitation to travel with management team

24. Investor Term Sheet Terms and Conditions Terms and Conditions Description Investment offering Evergreen, annual closings on Dec 31 st Structure Limited Partnership Minimum investments $100,000 Availability Accredited investors Cash Call 100% at closing General Partner Manager Sarona Frontier General Partner Inc. Sarona Asset Management Inc. Annual ROE, net of fees Growing, from 5% in first 2-3 years, to 15% in years 5-8 Management Fee 1.45% pa on assets under management One-time up-front fee 1% on committed capital (except 2009) Income allocation First 6% to investor; thereafter 80% to investor, 20% to GP. Only paid to GP on investor exits Exits Full or partial redemption, after 3 year hold, subject to liquidity, on Dec 31 st of each year

25. 1.519.725.1633 1.204.295.9688 Saronafund.com [email_address]