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

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

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

4. confidential Asia’s Situation 4 Leopard Capital, LP

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

6. confidential The Situation 6 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 Leopard Capital, LP

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

8. confidential Cambodia’s Commodities Endowment 8 Leopard Capital, LP 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

9. confidential Investment Backdrop 9 Leopard Capital, LP

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

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

12. confidential Electrification 12 Leopard Capital, LP

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

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

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

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

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

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

19. confidential Investment Backdrop 19 Leopard Capital, LP 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

20. confidential Tax Comparison 20 Leopard Capital, LP

21. confidential Countercyclical Investment Opportunities 21 Leopard Capital, LP Tourism Development (beyond Siem Reap).

22. confidential Tourism Development Opportunity 22 Leopard Capital, LP

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

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

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

26. confidential Communications Opportunity 26 Leopard Capital, LP

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

28. confidential Electrification Opportunity 28 Leopard Capital, LP

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

30. confidential Property Development Opportunity 30 Leopard Capital, LP

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