Frontier Markets

For educational purposes only. Not to be reproduced or disseminated.

“SPAIN IS NOT UGANDA.”

SPAIN UGANDAPOPULATION 46.4 MILLION 33.8 MILLION

GDP GROWTH -1.7% 5.5%

UNEMPLOYMENT RATE 24% 4%

DEBT/GDP 96% 29%

GDP PER CAPITA $31,800 $1,250

Source: International Monetary Fund, CIA World Factbook as of June 2012For illustrative purposes only.

EMERGINGDEVELOPED

EMERGINGDEVELOPED

FRONTIER

17 %

POPULATION

EMERGINGDEVELOPED

FRONTIER

7%

GDP

EMERGINGDEVELOPED

FRONTIER

MARKET CAP

1%

EMERGINGDEVELOPED

FRONTIER

MARKET CAP

1%7%

GDP

17 %

POPULATION

EMERGINGDEVELOPED

FRONTIER

OPPORTUNITY

FRONTIEREMERGINGDEVELOPED

32%1990-2000

UN HDI

2000-2011

83%

UN HDIFRONTIEREMERGING

1980-1989 1990-1999 2000-2009

GDP GROWTH

2%

5%

FRONTIEREMERGING

2000 20110%

100%

DEBTFRONTIEREMERGING

CASE STUDIES

CELL2000

2011CELL

CONSTRUCTION

AGRICULTURECONSTRUCTION

MININGAGRICULTURECONSTRUCTION

MININGWOOD

AGRICULTURECONSTRUCTION

MININGWOODPETROLEUM

AGRICULTURECONSTRUCTION

EQUITIES BONDS

DEVELOPED* EMERGING* FRONTIER*

PRICE/BOOK 2.2 1.6 1.4

PRICE/EARNINGS 17.8 12.2 11.2

PRICE/SALES 1.3 1.0 1.1

PRICE/CASH 10.5 7.3 6.7

YIELD 2.4% 2.6% 4.3%

As of December 2013. * Developed is MSCI World Index, Emerging is MSCI EM Index and Frontier is S&P Frontier BMI ex-GCC Index. It is not possible to invest directly in any index.Reference to the benchmark is for comparative and illustrative purposes only. Every investment program has an opportunity for loss as well as profit. Past performance is no guarantee of future results.

Index Sources: MSCI Copyright MSCI 2014. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI. Copyright © 2014, Standard & Poor’s Financial Services LLC. All rights reserved.

EQUITIES BONDS

YIELD INFLATION REAL YIELD

KENYA 13.4 4.1 9.3

UGANDA 12.4 4.0 8.4

GHANA 18.0 9.9 8.0

ZAMBIA 13.3 6.6 6.7

DOMINICAN REP 10.0 4.6 5.4

MONGOLIA 7.9 2.8 5.1

SRI LANKA 11.7 7.6 4.1

ECUADOR 7.5 3.5 4.1

BRAZIL 9.6 6.6 3.1

NIGERIA 12.6 9.5 3.1

As of April 2013. Source: Acadian, Bloomberg and JPM GBI EM Unhedged indices. For illustrative purposes only.

Frontier Markets

For educational purposes only. Not to be reproduced or disseminated.

LEGAL DISCLAIMERThe presentation material was prepared by Acadian Asset Management LLC with information it believes

to be reliable and contains Acadian’s confidential and proprietary information. The views expressed in the presentation and presentation material are those of Acadian and are subject to change with market

conditions. This presentation is for informational purposes only and should not be construed as investment advice, or an offer to sell or a solicitation of an offer to buy any security.

The presentation material has not been updated since it was published and may not reflect the current views of the author(s) or recent market activity. Market conditions are subject to change. Historical

economic and performance information is not indicative of future results.

This document may not be reproduced or disseminated in whole or part without the prior written consent of Acadian Asset Management LLC © Acadian Asset Management LLC 2014. All rights reserved.

Index Source: Copyright © 2014, Standard & Poor’s Financial Services LLC. All rights reserved. MSCI  Copyright MSCI 2014. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI.

2000 20120

3000

6000PRICEVALUATIONFINANCIALSEARNINGS

DATA COVERAGE

1 YEAR 5 YEAR 10 YEAR0.4

0.6

0.8

1MSCI EMMSCI US

FM CORRELATIONS

Source: MSCI Index Sources: MSCI Copyright MSCI 2014. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI.

For illustrative purposes only. It is not possible to invest directly in any index.