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Sailing Throug h Rough Seas: A Cambodia Investor’s Perspective

Sailing Throug h Rough Seas: A Cambodia Investor’s Perspective. Asia Economic Forum April 7, 2009. confidential. Global Investment Backdrop. Risk Aversion Darwinism / Upheaval Worst or best of times Opportunities in Crisis. 2. Leopard Capital, LP. confidential. The World Economy.

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Sailing Throug h Rough Seas: A Cambodia Investor’s Perspective

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  1. Sailing Through Rough Seas:A Cambodia Investor’s Perspective Asia Economic Forum April 7, 2009 confidential

  2. Global Investment Backdrop • Risk Aversion • Darwinism / Upheaval • Worst or best of times • Opportunities in Crisis 2 Leopard Capital, LP confidential

  3. The World Economy • Building on fire • Most developed – top floors • Least developed – bottom floors 3 Leopard Capital, LP confidential

  4. Asia’sSituation 4 Leopard Capital, LP confidential

  5. Copingwith the Credit Crunch Domestic Credit to GDP (2007) Source: ADB Korea Malaysia Vietnam Thailand Cambodia confidential Leopard Capital, LP

  6. The Situation • Catch-up opportunity for LDCs – to take bigger slice of smaller pie • Improve internal policies • Reduce inefficiencies, barriers, and unofficial costs • Bypass export sectors that are overinvested 6 Leopard Capital, LP confidential

  7. Investment Backdrop • Next Cycle’s Winners: • Unused Resources vs. Population size • . • . • . • . 7 Leopard Capital, LP confidential

  8. Cambodia’s Commodities Endowment • Crops: Rice, Cassava, Corn, Soybeans, Sugar • Trees: Rubber, Palm, Fruit, Teak, Acacia, Cashew • Energy: Oil, Gas, Coal • Mining: Gold, Bauxite, Nickel, Zinc, Copper, Lead, Iron • Water: Irrigation, Hydropower • Meat potential • Aquaculture potential 8 Leopard Capital, LP confidential

  9. Investment Backdrop 9 Leopard Capital, LP confidential

  10. Investment Backdrop • Next Cycle’s Winners: • Unused resources vs. Population size • Sustainable energy policy • . • . • . 10 Leopard Capital, LP confidential

  11. Investment Backdrop • Next Cycle’s Winners: • Unused resources vs. Population size • Sustainable energy policy • . • . • . 11 Leopard Capital, LP confidential

  12. Electrification 12 Leopard Capital, LP confidential

  13. Investment Backdrop • Next Cycle’s Winners: • Significant resources vs. Population size • Sustainable energy policy • Favorable Demographics • . 13 Leopard Capital, LP confidential

  14. Differing Challenges Ahead Population Age Pyramid Comparison confidential Cambodia: Investing in Modernization

  15. Investment Backdrop • Next Cycle’s Winners: • Significant resources vs. Population size • Sustainable energy policy • Favorable Demographics • Political and Policy Stability 15 Leopard Capital, LP confidential

  16. Assessing Risks Now 2007 and 2008 (Source: Political & Economic Risk Consultancy Ltd.) confidential Cambodia: Investing in Modernization

  17. Investment Backdrop • Next Cycle’s Winners: • Significant resources vs. Population size • Sustainable energy policy • Favorable Demographics • Political and Policy Stability • Sufficient Infrastructure 17 Leopard Capital, LP confidential

  18. Cambodia’s Improving Infrastructure • Sea Port upgraded, new ports coming • International Airports (3) • Roads and bridges • Railroads • Electricity • Wireless Network • Internet fiber backbone confidential Leopard Capital, LP

  19. Investment Backdrop • Next Cycle’s Winners: • Significant resources vs. Population size • Sustainable energy policy • Favorable Demographics • Political and Policy Stability • Sufficient Infrastructure • Pro-investment policies and low taxes 19 Leopard Capital, LP confidential

  20. Tax Comparison 20 Leopard Capital, LP confidential

  21. CountercyclicalInvestment Opportunities • Tourism Development (beyond Siem Reap) • . • . • . • . 21 Leopard Capital, LP confidential

  22. Tourism Development Opportunity 22 Leopard Capital, LP confidential

  23. Countercyclical Investment Opportunities • Tourism Development (beyond Siem Reap) • Rural Banking • . • . • . 23 Leopard Capital, LP confidential

  24. Banking Opportunity Bank loans to GDP (2007) Source: ADB Korea Malaysia Vietnam Thailand Cambodia confidential Leopard Capital, LP

  25. Countercyclical Investment Opportunities • Tourism Development (beyond Siem Reap) • Rural Banking • Wireless Communications for the poor • . • . 25 Leopard Capital, LP confidential

  26. Communications Opportunity 26 Leopard Capital, LP confidential

  27. Countercyclical Investment Opportunities • Tourism Development (beyond Siem Reap) • Rural Banking • Wireless Communications for the poor • “Off-grid” Renewable Power • . 27 Leopard Capital, LP confidential

  28. Electrification Opportunity 28 Leopard Capital, LP confidential

  29. Countercyclical Investment Opportunities • Tourism Development (beyond Siem Reap) • Rural Banking • Wireless Communications for the poor • “Off-grid” Renewable Power • Affordable Housing 29 Leopard Capital, LP confidential

  30. Property Development Opportunity 30 Leopard Capital, LP confidential

  31. Opportunity for Cambodia • Retool the Economy • Create Tourism Paradise • Add Value to Natural Resources • Champion emerging global themes: • Renewable / Sustainable • Safe / Organic • Fair / Equitable • Import Substitution 31 Leopard Capital, LP confidential

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