The Fund Manager writes Morningstar Rating

(5 years, 30-11-2017)

Fund Performance

Citywire Manager Rating

SinceReturn in euro* 1 mnth 3 mnths 2017 2016 2015 2014 2013 start**TCM Africa High Dividend 0,42% 7,05% 18,57% -1,91% -9,69% 15,21% 21,34% -15,35%Africa ex SA TR 0,23% 0,14% 7,94% -5,12% -10,38% 7,39% 13,23% -19,89%

* Based on Total Return (Bloomberg data)** Data is from inception of the fund: 31-03-2008

Fund Profile

In November the share price of the fund has increased by 0.42%. The benchmark index rose by 0.23% over the same period,both measured in euro and based on total return.With only one month to go, it seems the fund will close with an outperformance this year. Since the start of the year, the shareprice of the fund has increased by 18.57% while the benchmark index increased by 7.94%.In the past month we took some profit in Safaricom in Kenya, as the share gained too much weight in the portfolio while thedividend yield declined. Furthermore, Ciments du Maroc has been sold because the share no longer meets our (dividend)selection criteria. Instead we bought Uba and Access in Nigeria. Both banks only note 5 times the profit with a dividend yieldof around 6%.In addition, we also bought Lucara Diamond. Despite the fact that the share is listed in Canada, the company is active inBotswana and Lesotho. The price of this diamond producer has dropped by more than 30% in one year, but has becomepurchasable on the basis of our selection model. The share is quoted at a p/e of 9.2 with a dividend yield of 4.26%. RecentlyLucara sold the largest diamond in the world for 45 million euro. There are only 6 analysts who follow the company, but theyall give a "buy" with an average price target of $ 3.45. The price is now around $ 2.35.The fund currently holds positions in 34 shares across 8 different countries. The countries with the largest weightings are nowEgypt (33.73%), Nigeria (25.44%), Morocco (11.88%) and Kenya (10.96%). These markets currently have the most interestinghigh dividend stocks that meet the quality requirements. The weighting of a country is therefore mainly determined by therelative attractiveness of the market relative to the other countries. The fund can therefore deviate significantly from thebenchmark. Among the strongest rises in portfolio in the past month were Standard Chartered Bank (+ 16.84%) in Ghana andElswedy Electric (+ 15.86%) in Egypt. In addition, in Kenya Equity Group Holdings (+ 10.63%) was the biggest riser. Among thelosers were Douja Prom Addoha (-13.48%) in Morocco and Misr Cement (-17.91%) in Egypt, all measured in euro and based ontotal return.

The fund is an equity fund, investing in listed shares in the northern and sub-Sahara regions of Africa. Initially it willfocus on Egypt, Morocco and Nigeria. In addition, it will invest in Kenya, Ghana, Botswana and Mauritius. In principle,its portfolio will have limited exposure to South Africa. The relationship between global financial markets and Africanmarkets is low, because the latter are less sensitive to international developments. The investment policy of the fundwill be aimed at achieving capital growth as well as dividend pay outs. The risk profile is very high, due to investmentsbeing channelled into frontier/emerging markets in Africa.

Trading:The fund is listed on Euronext, whichmeans that the fund can be traded ontrading days through any bank orbroker. On trading days the fund willsell shares against NAV with a positivedeviation of 1% and buy back againstNAV with negative deviation of 1%.

Management Company:TRUSTUS Capital Management

Fund Management:Frontier Markets TeamWytze RiemersmaMarco Balk

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TCM Africa High Dividend Equity Africa ex. SA TR

Net Asset Value: 14.13Share Price: 14.27Total Net Assets : 8.4 millionNumber of Shares: 597,179

Start Date: 31 March 2008Structure: Open end

Aim: high dividend income as well aslong term capital appreciation

Dividend: 4-5% per annum, payable atleast once a year

Dividend payment:2017-05: 0,58 gross dps(check historical dividend the website)

Benchmark: Africa ex South AfricaIndex (Total Return)

Management Fee: 1,5% per annumPerformance fee:10% of the outperformance of thebenchmark

Ongoing Charges Figure:2.60% (Budget 2017)

ISIN Code: NL0006173007Bloomberg Ticker: TCMAF NA

30 November 2017

Sector Allocation Top 10 Holdings

Position Weighting

United Bank For Africa Plc 6,34%Access Bank Plc 6,04%Zenith Bank Plc 5,58%Guaranty Trust Bank 5,20%Equity Group Holdings Ltd 4,47%Maroc Telecom 4,28%Egyptian Fin & Industrial 3,52%Credit Agricole Egypt 3,44%Elswedy Electric Co 3,42%Kcb Group Ltd 3,37%

Total weightings Top 10 45,67%

Country Allocation Fund Characteristics

Characteristics Fund

Number of positions 34 39

Dividend Yield in %* 4,95 3,57

Price/Earnings Ratio* 9,17 14,86

Price to Book Ratio * 1,46 2,28

* source: Bloomberg/TCM

Sustainability

Morningstar

DisclaimerNo rights may be derived from this publication. You are referred to the prospectus and Key Investor Information Document for the fund's terms and conditions.These documents may be obtained from the website or the address mentioned above. The manager of IIF has obtained a licence for this fund from theNetherlands Authority for the Financial Markets in accordance with the provisions of the Financial Supervision.

AFRICAex SA

TCM has entered into an agreement with Sustainalytics for the screening ofthe portfolios of the TCM equity funds on ESG criteria (UN Global Compactand Controversial Weapons).

Copyright © Morningstar Benelux. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may notbe copied or distributed; and (3) is not warranted to be accurate, complete of timely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information. Past performance is no guarantee of future results.

1,34%

2,86%

4,81%

5,44%

6,79%

7,86%

9,54%

14,17%

47,19%

Health Care

Cash

Energy

Real Estate

Consumer Discretionary

Industrials

Telecommunication Services

Materials

Financials

1,82%

2,34%

2,86%

4,54%

6,44%

10,96%

11,88%

25,44%

33,73%

Canada

Botswana

Cash

Ghana

South Africa

Kenya

Morocco

Nigeria

Egypt

Contract InformationSewei 2, 8501 SP Joure, The Netherlands+31 (0)513 48 22 00info@tcminvestmentfunds.nlwww.tcminvestmentfunds.nl