Investment Portfolio

Banking: Acleda Bank (partially exited)

Overview:

www.acledabank.com.kh

Indirect equity stake in ACLEDA, Cambodia’s largest bank with US$2.4 billion assets and the country’s only extensive rural branch network
Profitably expanded into Laos; started micro-finance operations in Myanmar
High quality shareholders (Jardine, Sumitomo Mitsui Bank, Orix, Triodos, BRED Banque Populaire, etc)
Net profits growth of 35% p.a. (CAGR) from 2010 to 2014
IPO expected in 2016 on Cambodia Securities Exchange
Realized partial exit in May 2013

Overview:

www.kingdombreweries.com

Lead investor in a Greenfield brewery and holding a 55% equity stake
Renovated a former Nestle factory into a showcase brewery
Created and launched:
- Two premium bottled beers, Clouded Leopard Pilsener and Kouprey Dark Lager
- Two standard canned beers for the emerging middle class, Kingdom Max and Kingdom Dark
- One economy canned beer, Kingdom Gold
Won Belgium’s prestigious Monde Selection Gold Quality Award in 2011

Overview:

www.eaukulen.com

Invested US$4.125m for 50% shareholding plus debt in a Greenfield project to produce bottled mineral water in Cambodia
Water is sourced from large aquifer beneath the holy Kulen Mountain in Siem Reap province
Fully exited the entire investment in May 2013 at a profit

Value Addition:

Provided venture financing to facilitate the construction of a state-of-the-art factory to extract and bottle high-quality mineral water
Supported management with strategic guidance that developed eau Kulen from a concept into a world-class consumer product

Overview:

www.edl.com.la

Participated in IPO of Electricite du Laos Generating Co., the largest listed company on the Laos Securities Exchange
EDL-Gen operates seven hydropower dams totaling 387 MW; acquisition of 1,365 MW has been approved
Exited 58% of investment through Lao Securities Exchange, generating IRR of 31% to date

Overview:

www.iprmfi.com

Acquired a 33.7% stake in a six-year-old microfinance institution, Intean Poalroath Rongroeurng (“IPR”) in late 2010
Extended a $500,000 convertible note to spur loan growth, which was fully repaid
IPR lends primarily to rice farmers to buy seeds, fertilizer and equipment
4,200 borrowers in five provinces with average loan size of $1,600
Low debt-to-equity ratio facilitates future expansion
Founder chairs the Federation of Cambodian Rice Millers Associations and has unique nationwide rural network

Overview:

www.ppwsa.com.kh

Participated in IPO of Phnom Penh Water Supply Authority (PPWSA), the first listed company on the Cambodia Securities Exchange (CSX)
PPWSA operates three production facilities with total capacity of 333,000m3/day and is constructing a fourth facility that will add 260,000m3/day by 2015
Realized a full exit through secondary trading on Cambodian Securities Exchange, with 42% gain in short period

Overview:

US$1.7mm secured loan with an attractive annual fixed return
The financing supported 45% of a 120 kilometer autonomous power grid in Kampong Cham City connecting 8,000 customers
Debt secured by share and dividend pledges, and promoter’s personal guarantee

Overview:

Overview:

Hold 24% of Angkor Residences Ltd. (“AR”) in partnership with a local contractor and two foreign investors
AR owns a 3-hectare freehold site 800 meters from downtown Siem Reap, the tourism center for Angkor Wat National Park

Status:

AR has improved the key access roads to the site and the government is upgrading other nearby roads and canals
Leopard is participating on AR’s board and is handling the company’s administration

Overview:

www.cellcard.com.kh

US$5.0mm senior secured bridge loan to Cambodia's largest GSM/3G mobile network operator
Transaction awarded Telecomfinance’s “2009 Asia Deal of the Year”
Fully exited in January 2011 with IRR of 26% (cash multiple 1.27x)

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