Frontier Markets Fund Strategy

The Frontier Markets Fund Strategy seeks to provide long-term capital growth via stock selection and active country allocation. We believe that funds offer an efficient way to invest in Frontier markets. We specialize in identifying and capitalizing on discount movements and pricing anomalies to provide above average, long-term outperformance versus the appropriate benchmark while maintaining a lower level of volatility than the benchmark.

Frontier Markets Composite Performance Ending 31 Mar 2012  
S&P Extended Frontier 150 Index   8.33% -8.01% 15.44% -4.76%
Past performance is no guarantee of future results. Periods over one year are annualized.
Results Shown in US $ (Net of fees) Period to Date
(3 Months)		 1 Year 3 Years 5 Years
Frontier Markets Composite 9.07% -5.11% 14.06% -3.95%

Definition of the Firm: City of London Investment Management Company Limited is authorised and regulated for the conduct of investment business within the UK by the Financial Services Authority (FSA), registered as an Investment Advisor with the United States Securities and Exchange Commission (SEC) and regulated by the Dubai Financial Services Authority (DFSA).

City of London Investment Management Company Limited (CLIM) is the institutional investment management subsidiary of City of London Investment Group PLC and is a registered investment advisor specialising in Emerging Market and Natural Resource investment management. The Frontier Markets Composite strategy seeks to provide long-term capital growth via stock selection and active country allocation. In recent years the group has added developed markets strategies to its product range.

CLIM claims compliance with the Global Investment Performance Standards (GIPS®)

To receive a complete list and description of CLIM composites and/or a presentation that adheres to the GIPS standards, contact client servicing at client.servicing@citlon.com.

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© City of London Investment Group PLC, 2012.
Composite Description: The Frontier Markets Composite was created in July 2005, and is an international equity composite focused on frontier countries, managed by City of London Investment Management. The strategy strives to outperform the S&P IFCG Extended Frontier 150 TR Index with controlled risk. It utilizes fundamental investment principles and quantitative approaches to provide broad frontier market equity exposure. It uses both top-down and bottom-up valuation methodologies to value asset classes, countries, sectors, securities and both closed-end and open-end funds to determine investment opportunities. The strategy has a value and growth approach to investment. The composite is managed to the S&P IFCG Extended Frontier 150 TR Index.
Index Description: The S&P/IFCG Extended Frontier 150 index is comprised of the largest and most liquid companies from over 20 emerging and frontier markets that are not included in the S&P/IFCI (Investable) index. The current aggregate market capitalization of S&P/IFCG Frontier 150 index ensures that no country has a weight greater than 15% and no security represents over 10% of the index. All companies must have at least US$50 million in float adjusted market capitalization, defined at the share class level, and must have a minimum value traded of US$ 25 million for the preceding 6 months, as of the data reference date prior to the annual index reconstitution. With respect to index maintenance, The S&P/IFCG Extended Frontier 150 is rebalanced once a year in January and index weights are reviewed in July. The S&P/IFCG Extended Frontier
150 Composite Index currently includes 24 markets.