2019 Annual Letter Disclosures

This infographic is for informational purposes only and is intended solely for the person to whom access was granted by Kora Management LP (together with its affiliates, "Kora"). This infographic is confidential and may not be reproduced in whole or in part, or redistributed to any party in any form, without the prior written consent of Kora. Information contained in this infographic is current only as of the date specified with respect to such information, regardless of the time of delivery or of any investment, and is not complete, nor does Kora undertake any duty to update the information set forth herein.

This infographic does not constitute an offer to sell or the solicitation of an offer to purchase any securities of any fund or account managed by Kora (the “Funds”). Any such offer or solicitation may be made only by means of the delivery of a confidential offering memorandum, which will contain material information not included herein regarding, among others matters, risks and potential conflicts of interest.

This presentation should not be used as the sole basis for making a decision to invest in the Funds. In making an investment decision, you must rely on your own examination of the Funds and the terms of the offering. You should not construe the contents of this presentation as legal, tax, investment or other advice, or a recommendation to purchase or sell any particular security.

The information contained in this infographic does not purport to present a complete picture of the financial position, activities, results, actions, and/or plans of the Funds or Kora.

This infographic presents certain information of the Funds and Kora in various categories and classifications. The various categories and classifications presented represent the opinion of Kora. The categories and classifications presented could be materially different from other third-party classification systems and are subject to change.

This infographic presents a summary of Kora’s research universe at the end of 2014 and 2019, organized by investment cluster. The research universe comprises public companies Kora may be researching and/or in which it may be invested. Financial data for the research universe has been gathered from Bloomberg.

Success of the investment program of the Funds is heavily dependent on the ability of Kora to correctly identify long-term compounders that have been misunderstood by the market generally, to acquire long positions in the related positions at a discount, and to correctly identify businesses in which a large divergence between current investment perception and current business fundamentals not only exists, but also converges within a relatively short time period of time. The success of the investment program of the Funds will be dependent on Kora’s ability to short certain positions at a premium to the value determined by Kora’s research, and to realize such investments upon the expected market adjustments in the prices. This trading strategy exposes the Funds to the risk that such positions have not been correctly identified, or, even if correctly identified, that the expected market correction does not occur over the expected time horizon, or that the market continues to misunderstand the position indefinitely. The Funds are not intended to be broadly diversified, and expect to concentrate investment in positions of high conviction, which concentration will have the result of magnifying the impact of any gain or loss in the underlying position relative to the value of the Funds. Moreover, the Funds intend to focus their investments in emerging markets which poses greater risks than investing in developed countries. Securities of companies in these emerging markets generally are more volatile and may be much more volatile than securities issued by companies located in developed countries. Securities of some foreign companies are less liquid and the prices are more volatile than securities of comparable U.S. companies, and such securities may be thinly traded or may cease to be traded after the Funds invest in them.

The information included in this infographic is based upon information reasonably available to Kora as of December 2019, including company filings. Furthermore, the information included in this infographic has been obtained from sources Kora believes to be reliable; however, these sources cannot be guaranteed as to their accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information contained herein by Kora, its members, partners, or employees, and no liability is accepted by such persons for the accuracy or completeness of any such information.

This infographic contains certain "forward-looking statements," which may be identified by the use of such words as "believe," "expect," "anticipate," "should," "planned," "estimated," "potential," "outlook," "forecast," "plan" and other similar terms. Examples of forward-looking statements include, without limitation, estimates with respect to financial condition, results of operations, and success or lack of success of Kora’s investment strategy or the investment strategy of the Funds. All are subject to various factors, including, without limitation, general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting Kora’s operations, the Funds’ operations, and the operations of any company for which an investment is made, any or all of which could cause actual results to differ materially from projected results.