Voltan Frontier Markets Fund

(Onshore), LP

Fund Investment Objectives

Voltan Frontier Markets Fund, LP invests in a universe of 60 developing countries exclusive of those forming the MSCI Emerging Markets index. Our universe includes early-stage markets such as Georgia, Bangladesh, Vietnam, Nigeria, Botswana and Lebanon. The portfolio typically holds 50-100 positions across 15-20 countries: sufficient to minimize volatility through diversification while including only high-conviction investments. The Fund may invest in any listed security within its geography but typically comprises long-only equity listed on local exchanges. Securities selection is fundamental, with the portfolio manager visiting target companies on location. The Master Fund and both feeders' actual inception date is April 30, 2009. The LP and Ltd run pari passu. AUM is not disclosed.