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This document has been issued and approved for the purpose of Section 21 of the Financial Services and Markets Act 2000 by Duet Asset Management Limited, which is authorised and regulated by the Financial Services Authority, with reference number 191714.

This confidential discussion material (this "Material") outlines certain characteristics of a proposed placement of U.S. Dollar Class A Shares (the "Shares") which may be issued by a close-ended investment company with variable capital incorporated with limited liability under the laws of Jersey (the "Company").  This Material is presented solely for purposes of discussion to assist prospective investors in determining whether they have a preliminary interest in investing in a transaction with the general characteristics described in the Material.  This transaction is in a structuring phase and there may be material changes to the structure, terms and assets prior to the offering of any of the Shares.

This Material is not an offer to sell, or a solicitation to buy, the Shares or any other investment.  Any such offering of the Shares will only be made pursuant to a final Prospectus relating to the Shares (the "Prospectus"), which will contain relevant detailed information not contained in this Material and to which the prospective purchasers are directed.  In the event of any such offering, this Material will be superceded, amended and supplemented in its entirety by the Prospectus (including any preliminary version thereof).  Nothing contained in this Material shall be relied upon as a promise or representation as to past or future performance of the Company or any other entity.  The information contained in this Material does not purport to contain all of the information that may be required to evaluate the Shares and any recipient is urged to read the Prospectus relating to the Shares and should conduct its own independent analysis of the data referred to in this Material.  None of the Company, Duet Asset Management Limited (the "Investment Manager") or Standard Bank Plc (the "Placement Agent") expects to update or otherwise revise the information contained in this Material except by means of the Prospectus.  The securities and obligations of the Company are not issued by, obligations of, or guaranteed by the Investment Manager, the Placement Agent, their respective affiliates, or other organizations or any of their respective investment professionals.

This Material is confidential and proprietary to Standard Bank Plc and Duet Asset Management Limited and its affiliates and, accordingly, except as described below, this Material is to be treated as strictly confidential and not disclosed directly or indirectly to any party other than the recipient and its advisers or used for any purpose other than to make a preliminary analysis of the Shares.  Notwithstanding the foregoing, recipients of this Material and each employee, representative or other agent of any such recipient may disclose to any and all persons, without limitation of any kind, the U.S. federal income tax treatment and tax structure of the Company and all materials of any kind, including opinions or other tax analyses, that are provided to the recipients relating to such tax treatment and tax structure.  This authorization to disclose such tax treatment and tax structure does not permit disclosure of information identifying the Company, the Investment Manager or any other party or the pricing (except to the extent pricing is relevant to tax structure or tax treatment) of the Shares.

No person has been authorized to give any information or make any representations other than the information contained in this Material, as amended and superseded by the information contained in the Prospectus relating to the eventual offering, if any, of the Shares.  The Shares described in this Material, if offered, will not be registered with the U.S. Securities and Exchange Commission.  This document may not be disseminated other than outside the United States of America, to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act.  The offer or sale of the Shares may be further restricted by law and the restrictions set forth in the Prospectus.  Potential investors are required to inform themselves of and to observe any legal restrictions on their involvement in the transaction.  Application will be made to list the Shares on the London Stock Exchange ("London Stock Exchange").  There can be no assurance that listing on the London Stock Exchange, or another stock exchange (as applicable) will be granted.

Prospective investors should not construe this Material, the Prospectus or any prior or subsequent communication as legal, accounting or tax advice.  Certain information in this Material is presented in summary form and is not complete.  In addition, certain information contained in this Material has been provided by third parties and has not been independently verified by the Placement Agent or the Investment Manager, and neither the Placement Agent nor the Investment Manager makes any representation or warranty, express or implied, as to the accuracy or the completeness of such information.  An investment in the Shares presents substantial risks and investors should be prepared to suffer a loss of their entire investment.  Prior to making an investment decision, an investor should conduct such investigations as such investor deems necessary in order to determine if an investment in the Shares is appropriate and suitable for such investor and should consult such investor's own legal, accounting and tax advisers in order to determine the consequences of an investment in the Shares and to make an independent evaluation of such investment.


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