FMG New Frontiers Fund Ltd.

Class A12S USD

Fund Investment Objectives

The principal Strategy of the Fund is to invest in a portfolio of ETFs, domestic and offshore funds, equities, sovereign bonds, corporate bonds and other instruments that are tied economically to Frontier and Emerging Markets. The Fund expects to invest primarily in ETFs, domestic and offshore funds, equity securities, including common or ordinary stocks, American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), preferred stock, convertible securities, investment companies, rights and warrants, commodities and other instruments. The Fund's equity investments may also include but are not limited to equity swaps, equity index swaps, futures, participation notes, options and other derivatives and structured securities, which are used primarily to gain broad access to markets and/or individual securities that may be difficult to access. The Fund will not take net short positions, it may use up to 50% leverage for investment and/or financing purposes, and intends to be predominantly long-only; however, FMG's Investment Committee can recommend that the Fund employs any other investment style that it believes will add to performance. AUM reflects the aggregate of the various share classes and is denominated in USD.