Asia Frontier Capital Limited: Press Release: 5th January 2024

Asia Frontier Capital Limited Announces its AFC Iraq Fund is the BestPerforming Long-only Unleveraged Actively Managed Generalist
Equity Fund in the World in 2023.
5th January 2024 (Hong Kong) – Asia Frontier Capital Limited is pleased to announce that its AFCIraq Fund - according to our research – is the best-performing, long-only, unleveraged, activelymanaged, generalist equity fund in the world, with a superb net performance in 2023 of+110.37%, outperforming all other long-only, unleveraged, actively managed, generalist equityfunds in the world.
The AFC Iraq Fund was launched on 26th June 2015 with the goal of achieving long-term capital
appreciation by investing in a diversified portfolio of listed Iraqi equities as well as foreign-listedcompanies that derive the majority of their business from Iraq.
Ahmed Tabaqchali, the chief strategist of the fund attributes the stellar returns of the year to thefund’s investment strategy that focused on long-term drivers of the transformation of the Iraqi
economy following decades of conflict. Two of these drivers began to bear fruit in 2023. The firstof which was the significant fundamental development brought about by the Central Bank of
Iraq’s new procedural requirements for its provisioning of U.S. dollars for cross-border transfersin mid-November 2022. A development that is accelerating the adoption of banking and bringing
about a transformation of the sector and its role in the economy, and, in the process, boosting
the fund’s long-term strategy for the sector. The thrust of which, is that increased adoption ofbanking would come with growth in bank lending, resulting in an expansion in the moneycirculating in the economy and, consequently, an increase in non-oil GDP. The second driver was
the cumulative positive effects of the relative stability that the country has enjoyed over the past
few years, creating a more stable and predictable macroeconomic framework for businesses andindividuals to operate in and plan for capital investments on a scale not seen in the preceding
decades of conflict. He anticipates these encouraging trends to persist throughout 2024 and in
the subsequent years, fostering a positive outlook for the Iraqi economy.
Thomas Hugger, the Fund Manager of the fund, and CEO of Asia Frontier Capital Limited said thatthe performance achieved in the AFC Iraq Fund only goes to show the outsized returns that Asianfrontier markets can generate and that Asian frontier markets, which is what Asia Frontier Capital
Limited focuses on, are an outstanding diversification tool for any sophisticated long-term
investor seeking excellent returns in less correlated markets.

About AFC Iraq Fund:

The AFC Iraq Fund is a Cayman Islands domiciled actively managed equity fund that invests inlisted equities trading primarily on the Iraq Stock Exchange, and also on other exchanges, wherethe companies have the majority of their business in Iraq and Kurdistan. The fund is not an ETF
and is not traded on an exchange. The fund does not seek to replicate the performance of anyindex.
About Asia Frontier Capital Limited:

Asia Frontier Capital Limited is the Cayman Islands based parent company of the investment
manager of the “AFC Iraq Fund”, one of the world’s few investment funds focusing solely on Iraq
as one of the growing Frontier economies in Asia. Its wholly owned subsidiary, “Asia FrontierInvestments Limited, Hong Kong”, is the fund manager of the AFC Iraq Fund and is licensed by
the Hong Kong Securities and Futures Commission "SFC" for Type 4 (Advising on Securities) andfor Type 9 (Asset Management). Besides the AFC Iraq Fund, the group also manages the AFC Asia
Frontier Fund, the AFC Uzbekistan Fund, and the AFC Vietnam Fund.
Contacts:
Thomas Hugger, CEO & Founderth@asiafrontiercapital.com
Tel: +852 3904 1015
1805, 18th Floor, Hing Yip Commercial Centre
272-284 Des Voeux Road Central
Hong Kong

Investor Relations:Peter de Vries, Marketing Director
pdv@asiafrontiercapital.com
Tel: +852 3904 1079

For additional backgroundwww.asiafrontiercapital.com

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This press release does not constitute an offer or solicitation with respect to interests in AFC Iraq Fund,
AFC Asia Frontier Fund, AFC Uzbekistan Fund, AFC Vietnam Fund, or any other securities.
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