Nile Capital Management LLC is proud to announce that its flagship fund, the Nile Pan Africa Fund (NAFAX) finished #1, according to Morningstar, for 1 Year Total Return in the Diversified Emerging Markets Category, out of 542 other funds for the year ended December 31, 2012.

Nile's Chief Investment Officer Larry Seruma commented, "Most investors have zero exposure to Africa. We believe investors should look to Africa as a way to deepen their emerging markets allocation, potentially without increasing risk. We continue to believe in the strength of our core investment themes: 1) Consumer growth - Africa is home to the fastest growing middle-class in the world, 2) Natural resources - Africa represents 50% of the world's gold production, has the largest iron ore reserve, and 15% of proven oil reserves, and 3) Infrastructure - the improving infrastructure - power generation, shipping ports, railways, roads, and communication towers - this development holds great promise for the African continent. We believe that Africa, with some of the fastest growing economies in the world, is the world's most underappreciated, undervalued growth story."

Rankings are only one form of performance measurement. For current performance information, please visit: http://nilefunds.com/Performance.html

Investors should carefully consider the investment objectives, risks, charges and expenses of the Nile Pan Africa Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 1-877-68-AFRICA. The prospectus should be read carefully before investing. The Nile Pan Africa Fund is distributed by Northern Lights Distributors, LLC member FINRA. Nile Capital Management, LLC is not affiliated with Northern Lights Distributors, LLC.

Mutual Funds involve risk, including possible loss of principal. Because the Fund will invest the majority of its assets in African companies, it is highly dependent on the state of the African economy and the financial prospects of specific African companies. Certain African markets are in only the earliest stages of development and may experience political and economic instability, capital market restrictions, unstable governments, weaker economies and less developed legal systems with fewer security holder rights. Adverse changes in currency exchange rates may erode or reverse any potential gains from the Fund's investments. ETF's are subject to specific risks, depending on the nature of the underlying strategy of the fund. These risks could include liquidity risk, sector risk, as well as risks associated with fixed income securities, real estate investments, and commodities, to name a few. Non-diversification risk, as the Funds are more vulnerable to events affecting a single issuer. Investments in underlying funds that own small and mid-capitalization companies may be more vulnerable than larger, more established organizations.

All Morningstar Data © 2012 Morningstar, Inc. Morningstar is an independent provider of financial information. Morningstar ratings and performance rankings are based on total return without sales charge relative to all share classes of mutual funds with similar objectives as determined by Morningstar. Past performance and rating are not indicative of future results

0026-NLD-1/7/2013

Nile Capital Management, LLC
Kurt Kammerer, 646-367-2820
or
Investors:
877-68-AFRICA