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The Scipion African Opportunities Fund SPC (Class I), managed by London based Scipion Capital LLP, is a Cayman domiciled Segregated PortfolioCompany offering different share classes all focusing on Africa. Class I is the first Pan-African Index Tracker Fund, replicating the Ai40 index. It includes 40 of the largest market capitalisation companies in Africa (total market cap of underlying companies is USD 250 billion). The fund is restricted to max. 7 companies per country. Minimum standards of liquidity, market cap, and market float are applied.

The fund returned 0.71% in December, bringing the YTD to 6.31% after being launched in July 2007.

According to an investor communication obtained by Opalesque, the big story in (late) December was the presidential election in Kenya. "In spite of all the violence post election, the Kenya market did not go into a free dive as it only lost the gains it had made in November and early December (10%) and is now recovering at each session.

"Basically, the market had priced in the potential trouble and now considers that the worse is over. Nigeria had a stellar performance and the South African large caps suffered.

Trade finance fund Scipion African Opportunities Fund SPC –Class ‘A’ Shares, launched in August of 2007, returned 0.98% 0.99% 1.24% 0.52% 0.64% in each of those months, bringing the YTD to 4.45%.

Scipion Class A finances the cross border trade of goods and services, both to and from Africa.......................

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