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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
Sailing Through 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

  • Building on fire

  • Most developed – top floors

  • Least developed – bottom floors

3

Leopard Capital, LP

confidential


Asia’sSituation

4

Leopard Capital, LP

confidential


Copingwith the Credit Crunch

Domestic Credit to GDP (2007) Source: ADB

Korea Malaysia Vietnam Thailand Cambodia

confidential

Leopard Capital, LP


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


Investment Backdrop

  • Next Cycle’s Winners:

  • Unused Resources vs. Population size

  • .

  • .

  • .

  • .

7

Leopard Capital, LP

confidential


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


Investment Backdrop

9

Leopard Capital, LP

confidential


Investment Backdrop

  • Next Cycle’s Winners:

  • Unused resources vs. Population size

  • Sustainable energy policy

  • .

  • .

  • .

10

Leopard Capital, LP

confidential


Investment Backdrop

  • Next Cycle’s Winners:

  • Unused resources vs. Population size

  • Sustainable energy policy

  • .

  • .

  • .

11

Leopard Capital, LP

confidential


Electrification

12

Leopard Capital, LP

confidential


Investment Backdrop

  • Next Cycle’s Winners:

  • Significant resources vs. Population size

  • Sustainable energy policy

  • Favorable Demographics

  • .

13

Leopard Capital, LP

confidential


Differing Challenges Ahead

Population Age Pyramid Comparison

confidential

Cambodia: Investing in Modernization


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


Assessing Risks Now

2007 and 2008 (Source: Political & Economic Risk Consultancy Ltd.)

confidential

Cambodia: Investing in Modernization


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


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


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


Tax Comparison

20

Leopard Capital, LP

confidential


CountercyclicalInvestment Opportunities

  • Tourism Development (beyond Siem Reap)

  • .

  • .

  • .

  • .

21

Leopard Capital, LP

confidential


Tourism Development Opportunity

22

Leopard Capital, LP

confidential


Countercyclical Investment Opportunities

  • Tourism Development (beyond Siem Reap)

  • Rural Banking

  • .

  • .

  • .

23

Leopard Capital, LP

confidential


Banking Opportunity

Bank loans to GDP (2007) Source: ADB

Korea Malaysia Vietnam Thailand Cambodia

confidential

Leopard Capital, LP


Countercyclical Investment Opportunities

  • Tourism Development (beyond Siem Reap)

  • Rural Banking

  • Wireless Communications for the poor

  • .

  • .

25

Leopard Capital, LP

confidential


Communications Opportunity

26

Leopard Capital, LP

confidential


Countercyclical Investment Opportunities

  • Tourism Development (beyond Siem Reap)

  • Rural Banking

  • Wireless Communications for the poor

  • “Off-grid” Renewable Power

  • .

27

Leopard Capital, LP

confidential


Electrification Opportunity

28

Leopard Capital, LP

confidential


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


Property Development Opportunity

30

Leopard Capital, LP

confidential


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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