DISCLAIMER

It is important that you read the contents of this notice carefully before accessing the www.asiafrontiercapital.com website. This notice governs your access to and use of the website. By accessing the website you agree to accept the terms of this notice and the following terms of use. If you do not agree to abide by these, you must stop using this website immediately.

The information contained in this section is provided for reference only and does not constitute a distribution, an offer to sell or a solicitation of an offer to buy any securities.

This web site is for information purposes only and does not constitute an offer to sell or a solicitation to buy. Past performance is not indicative of future results. No assurance can be given that the investment objective will be achieved or that an investor will receive a return of all or part of his/her initial capital and investment results can fluctuate substantially over any given time period. Any questions should be directed to an approved Asia Frontier Capital Limited and/or Asia Frontier Investments Limited and or AFC Umbrella Fund and/or AFC Umbrella Fund (non-US) representative.

Each country has different securities laws and it is up to the individual to determine if they will be in compliance with their country's laws in dealing with Asia Frontier Capital Limited add/or Asia Frontier Investments Limited and or AFC Umbrella Fund and/or AFC Umbrella Fund (non-US). By going further into this site, you signify that you will be in compliance with your country's regulations and that Asia Frontier Capital Limited and/or Asia Frontier Investments Limited are not liable for any misrepresentation.

This website and all information provided on it:

• is solely intended for your private use;
• is not for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to any law or regulation or which would subject Asia Frontier Investments Limited and/or Asia Frontier Capital Limited and or AFC Umbrella Fund and/or AFC Umbrella Fund (non-US) to any regulatory requirements in such jurisdiction;
• is not directed at persons, and is not to be regarded as an offer to buy or sell or an invitation to buy or sell investments, securities or to accept deposits or to provide any other products or services in any jurisdiction, to any person to whom it is unlawful to make such an offer or solicitation;
• does not constitute investment advice on the merits or suitability of any investment product and no information contained within the website should be construed as such.
• is published as a service for reference purposes only and not to solicit any action based upon it.
• may be changed or amended without prior notice.

The information on the website must not be relied on for purposes of any investment decisions. Investors should rely only on the fund's offering documents when making any decision to invest. Before making any decision to invest, we recommend that all relevant documents, such as reports, key investor information document and accounts and prospectus should be read, which specify the particular risks associated with investment in the Company, together with any specific restrictions applying and the basis of dealing. The contents of this website should not be construed as legal, taxation or financial advice. If in doubt you should speak to your professional adviser

Investors should note investment involves risk. The price of units may go down as well as up and you may not receive back the amount originally invested. Past performance is not indicative of future results. Changes in exchange rates may have an adverse effect on the value, price, or income of any investment. There are additional risks associated with investing in frontier, emerging and developing markets. There is no assurance or guarantee that the investment objective can be achieved and investment results may vary substantially over time.

Asia Frontier Capital Limited and/or Asia Frontier Investments Limited and or AFC Umbrella Fund and/or AFC Umbrella Fund (non-US) do not make representation that information and materials on this site are appropriate for use in all jurisdictions available on the web, or that transactions, securities, products, instruments or services offered on this site are available or indeed appropriate for sale or use in all jurisdictions, or by all investors or other potential clients. Those who access this site do so on their own initiative, and are therefore responsible for compliance with applicable local laws and regulations. By accessing each site, the entrant has agreed that he/she has reviewed the site in its entirety including any legal or regulatory rubric.

To the best of its knowledge and belief, Asia Frontier Capital Limited and/or Asia Frontier Investments Limited and or AFC Umbrella Fund and/or AFC Umbrella Fund (non-US) consider the information contained herein is accurate as at the date of publication. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

By proceeding to access information contained herein, users are deemed to be representing and warranting that they are either Hong Kong Professional Investor or are observing the applicable laws and regulations of their relevant jurisdictions.

Under Cap 571 of the Hong Kong "Securities & Futures Ordinance" Schedule 1:

"Professional investor" means:
• any recognized exchange company, recognized clearing house, recognized exchange controller or recognized investor compensation company, or any person authorized to provide automated trading services under section 95(2) of this Ordinance;
• any intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong;
• any authorized financial institution, or any bank which is not an authorized financial institution but is regulated under the law of any place outside Hong Kong;
• any insurer authorized under the Insurance Companies Ordinance (Cap 41), or any other person carrying on insurance business and regulated under the law of any place outside Hong Kong;
• any scheme which-
  1. is a collective investment scheme authorized under section 104 of this Ordinance; or
  2. is similarly constituted under the law of any place outside Hong Kong and, if it is regulated under the law of such place, is permitted to be operated under the law of such place, or any person by whom any such scheme is operated;
• any registered scheme as defined in section 2(1) of the Mandatory Provident Fund Schemes Ordinance (Cap 485), or its constituent fund as defined in section 2 of the Mandatory Provident Fund Schemes (General) Regulation (Cap 485 sub. leg. A), or any person who, in relation to any such registered scheme, is an approved trustee or service provider as defined in section 2(1) of that Ordinance or who is an investment manager of any such registered scheme or constituent fund;
• any scheme which-
  1. is a registered scheme as defined in section 2(1) of the Occupational Retirement Schemes Ordinance (Cap 426); or
  2. is an offshore scheme as defined in section 2(1) of that Ordinance and, if it is regulated under the law of the place in which it is domiciled, is permitted to be operated under the law of such place, or any person who, in relation to any such scheme, is an administrator as defined in section 2(1) of that Ordinance;
• any government (other than a municipal government authority), any institution which performs the functions of a central bank, or any multilateral agency;
• except for the purposes of Schedule 5 to this Ordinance, any corporation which is-
  1. a wholly owned subsidiary of –
     1. an intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong; or
     2. an authorized financial institution, or any bank which is not an authorized financial institution but is regulated under the law of any place outside Hong Kong;
  2. a holding company which holds all the issued share capital of-
     1. 1. an intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong; or
     2. 2. an authorized financial institution, or any bank which is not an authorized financial institution but is regulated under the law of any place outside Hong Kong; or
  3. any other wholly owned subsidiary of a holding company referred to in subparagraph (ii); or

any person of a class which is prescribed by rules made under section 397 of this Ordinance for the purposes of this paragraph as within the meaning of this definition for the purposes of the provisions of this Ordinance, or to the extent that it is prescribed by rules so made as within the meaning of this definition for the purposes of any provision of this Ordinance.

This website has not been reviewed by the Securities and Futures Commission "SFC" in Hong Kong.

* The representative of the AFC Asia Frontier Fund (non-US) and AFC Vietnam 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.