EM CAPITAL MANAGEMENT, LLC

EM Capital Management is an independent asset manager specializing in emerging and frontier markets. In addition to discretionary and non-discretionary investment management, the firm sponsors funds and special purpose vehicles that invest in emerging and frontier markets, including listed securities, private equity and real property. Emphasis is on investing directly in local markets, tightly controlling transaction and management costs and tax-efficiency. EM Capital is a Securities and Exchange Board of Indi (SEBI) registered Foreign Institutional Investor (FII) providing direct access to India markets and maintains a FII Sub-account investment platform that virtually eliminates double-taxation for U.S. taxpayers. The company is licensed to invest directly through all Vietnamese exchanges. Mr. Seth R. Freeman is based in San Francisco, while Dr. Lincoln Y. Rathnam, CFA is located in Boston. A wholly-controlled Hong Kong subsidiary is managed by Mr. Changyao (Michael) Chen based in Shenzhen, China provides 25 years expertise in investment identification, due diligence, deal negotiation and asset management in Mainland China.