Executive Summary

Advance Frontier Markets Fund Limited is a newly incorporated Guernsey closed ended investment company which has been established to invest in a portfolio of funds and other investment products so as to provide exposure to a wide range of markets and opportunities that derive their value from "Frontier Markets". The Company has appointed Progressive Developing Markets Limited ("PDML") as its investment manager. PDML has managed specialist emerging market fund of funds portfolios since 1998 and has the benefit of a global network of contacts in the fund industry. The assets under its management are predominantly managed on behalf of an institutional client base, both UK and overseas, including pension funds, insurance companies, family offices, charities and private client investment managers. The Company's definition of Frontier Markets includes: * countries which are in Standard & Poor's \Frontier Market Index\, an index based on the monthly returns of stock markets that are considered to be less developed than those in the Emerging Markets Index. The Frontier Markets Index currently includes countries such as Bangladesh, Botswana, Bulgaria, Croatia, Ecuador, Jamaica, Lebanon, Mauritius, Romania, Slovenia, Tunisia, Ukraine and Vietnam. * countries which do not qualify for inclusion in the Emerging Markets Index or the Frontier Markets Index on grounds of investability and liquidity. These include, amongst others, Algeria, Bahrain, Belize, Cuba, Iran, Jordan, Kazakhstan, Kuwait, Mauritius, the Maldives, Mozambique, Pakistan, Paraguay, Tanzania, Trinidad and Tobago, United Arab Emirates and Uruguay. * countries which qualify for inclusion in the Emerging Markets Index, but which individually represent less than 2.5 per cent. of that index at the time of investment. Examples include Argentina, Egypt, Hungary, Indonesia, Morocco, Peru and the Philippines.

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