La Jolla, CA, February 21, 2018 – Frontier Markets Asset Management (“FMAM”) and HAV Capital (“HAV”)
today announced that the two firms signed agreements to merge. The combined firm will be Frontier
Global Partners (“FGP”) and Lawrence Speidell CEO and CIO of FMAM and Horacio Valeiras CEO and CIO
of HAV will be co-managing partners. FGP will offer a broad slate of equity strategies; global,international
and frontier markets, utilizing eight investment professionals on the combined investment platform.
“Horacio Valeiras has been a member of the FMAM Board of Directors for several years and I have come
to appreciate his business judgment and skills in managing developed market global and international
equity portfolios”, said Larry Speidell. “This merger will allow FMAM to provide our clients with a
formalized succession plan and broader operating platform”.
“I have known Larry for a number of years and have admired his skill in managing frontier market equity
portfolios and building FMAM into a successful organization”, said Horacio Valeiras. “Larry and his frontier
markets team will continue to have investment authority for the frontier market portfolios and HAV global
and international team will continue to have investment authority for these strategies. We are confident that
the broader resources of the combined firm will enhance all of the strategies”.
FGP will have 15 equity owners and approximately $ 380 million in assets under management when
the merger is completed. Completion of the merger is subject to customary approvals and expected to
occur in the first quarter of 2018.

About FMAM:
Frontier Market Asset Management (FMAM), founded by Lawrence Speidell, CFA, is a frontier
market equity investment firm with approximately $310 MM in assets under management. The firm’s
philosophy is value oriented and bottom-up. FMAM offers three investment products the Frontier Market
Select Fund, the Frontier Market Opportunities Fund and separate accounts.

About HAV:
HAV Capital, LLC, founded by Horacio Valeiras, CFA, is a minority and employee-owned investment
firm with approximately $70 MM in assets under management. Based on behavioral finance, the
firm’s philosophy takes advantage of investors’ biases which create value opportunities in quality
companies. HAV Capital offers three investment products – Global and International Equity and Global
Macro Hedge Fund