!

FACT SHEET! April 2013! Investment Strategy !

Our Africa por olios consist of a very select group of companies that, in our view, are both wellposi oned for growth and are capitalizing on their demonstrated compe ve advantages. We may invest in any sector and we are unconstrained in terms of company size. We focus primarily on sub"Saharan Africa, where we believe the best opportuni es are located. ! S E L E C T P O R TF O L I O D A T A !

Investment Objective !
The investment objec ve of the Africa Growth Por olio is long"term total return. We pursue this objec ve through both capital apprecia on and investment income. Our strategy is suitable for long"term oriented equity investors with tolerance for por olio vola lity.!

Investment Manager !
The investment advisor and manager of the strategy is Africa Capital Group, the Africa" focused investment division of Orion Capital Management LLC, an independent Registered Investment Advisor (RIA) located in Coronado, California, USA.!

!
Account Type! Custodian! Liquidity! Domicile! Minimum!

Terms & Fees"

Separate Acct! Pershing, LLC! Daily! USA! $100,000! 1.50%!

Africa GDP Growth Forecast! Major Economies (2013 est.)"

Annual Mgmt Fee!

Africa Growth Por olio ! Sector Breakdown (% of Equity)" (%

()% $% ('% #$%

!
Company!

Signicant Holdings"
African Markets! Weight! 7.9%! Woolworths Hldgs. Ltd! S. Africa, Botswana, Kenya, Other (8)! Shoprite Hldgs. Ltd! Nedbank Group Ltd!

S. Africa, Namibia, Zambia, Other (14)! 7.6%! S. Africa, Kenya, Angola! 6.4%! 6.3%!

Standard Bank Grp. Ltd! S. Africa, Ghana, Malawi, Other (14)! Vodacom Group Ltd!

South Africa, DRC, Tanzania, Other (2)! 5.9%! Nigeria, Cote dIvoire, Ghana, Other (3)! 5.8%! Nigeria, Ghana, Sierra Leone, Other (2)! 5.6%! Zambia, Nigeria, Ghana! 5.0%!

&'%
*+,-./01 <,=.->1346 INVESTMENT TEAM!

Guaranty Trust Bank!

23,4,5346?,019:;@4>01346-

7058,+6+9:;7065+ A046>85410 Zambeef Products Plc!

Zenith Bank Plc!

!! CONTACT US!
Jan Schalkwijk, CFA! Ryan Hoover!
Africa Capital Group"" " 1330 Orange Ave. Suite 302! Coronado, CA 92118! Phone: 619.435.1701! Fax: 619.435.1706! Email: info@africacapitalgroup.com ! www.africacapitalgroup.com!
!

Peter Thoms, CFA!

Disclosure: PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. The informa on contained herein reects the views of Africa Capital Group and sources it believes to be reliable. No representa on or warranty is made concerning the accuracy of any data compiled herein. Past performance is neither indica ve of, nor a guarantee of, future results. These materials are provided for informa onal purposes only, and under no circumstances may any informa on contained herein be construed as investment advice. Africa Capital Group does not provide tax, legal or accoun ng advice. The informa on contained herein does not consider your par cular investment objec ves, nancial situa on, or needs, and you should, in considering this material, discuss your individual circumstances with professionals in those areas before making any decisions. !