CAPITAL ALLIANCE LIMITED

I N V E S T O R P R E S E N TAT I O N

NOVEMBER 2021
PRIVATE & CONFIDENTIAL
For the intended recipient only

Capital Alliance Partners Limited – the Manager and Financial

Advisor to the Issue is a related party to Capital Alliance Limited
AT A G L A N C E

Established in the year 2000, Capital Alliance Limited (CALT) began

its journey as a Debt Securities Dealer and later appointed as a
Primary Dealer by the CBSL. CALT will be the first standalone LKR 300bn LKR 11.5bn LKR 11.2bn
Primary Dealer to list their equity shares on the CSE
Average Annual Total Investments
Transaction Volume Assets* in G-Secs*

CALT is a constituent of the larger Capital Alliance Group (CAL) and

forms the Securities Trading arm of the Group, dealing in a wide
array of instruments such as Government Securities (G-Secs) and
Corporate Debt Securities

The CAL Group has become one of the leading Investment Banks
offering Equity and Debt Advisory, Stockbroking, Fund Management,
31% A- (lka) 20
Private Equity, and Securities Research services to a wide clientele Average Return ICRA Lanka No. of
on Equity** Rating Employees

*as at 31 March 2021

**Average ROE over the period 2014 to 2021

PRIVATE & CONFIDENTIAL 2

 THE CAL GROUP
SRI LANKA’S FULL-FLEDGED INVESTMENT BANK

CORPORATE FINANCE FUND MANAGEMENT SECURITIES TRADING EQUITY TRADING PRIVATE EQUITY

a Leader LKR 1bn**+ one of the LKR c.1.2bn

LKR 85bn
In M&A Advisory AuM
Average Daily Leading Funds committed since
Transactions Stockbrokers in Sri Lanka 2019***

LKR 74bn A (lka) Best Research

LKR 96bn
In Debt* & Equity Rated by Fitch –
Footprint over the Last Team First Acquisition in 2019
Issuances over the Last CAL Investment Grade CFA Capital Market Awards
02 Years 02 Years
Fund – 2 Years in a Row

Capital Alliance Limited is the Securities Trading arm of the CAL Group and whose shares will be listed on the CSE
*Debt raised includes both listed and unlisted debt
** Calculated based on the last 3 years average
***Total funds committed over 2 transactions: with the 1st transaction complete and the 2nd transaction currently in negotiation stages

PRIVATE & CONFIDENTIAL 3

KEY IPO HIGHLIGHTS

Ordinary Voting LKR 10.00 LKR 412mn 41,177,236 12.5%

Type of IPO Offer Issue Number of Shares Stake
Shares Price Size Issued Offered

USE OF PROCEEDS UPSIDE ON THE CALT SHARE

First standalone Non-Bank Primary Dealer to list by way of an equity

IPO Offer Price is at a 18.64% discount to the LKR 12.29 valuation
listing on the CSE*. CALT is looking to raise funds by way of an Offer
derived from the Justified P/BV valuation. This independent valuation
for Subscription in order to strengthen the Core Capital of the
was carried out by Ernst and Young Transaction Advisory Services
Company

CALT has been able to maintain an attractive 9.65% dividend yield

LKR 2.4bn LKR 2.8bn LKR 5.0bn and a 35.00% average DPO, despite earnings volatility, over the last 8
Pre-IPO Core Post-IPO Core Medium-term Core financial years
Capital** Capital Capital Target

Funds raised will help CALT expand its investments in specific

18.64% 1.18x 11.19%
financial instruments that will result in returns for Shareholders DISCOUNT TO IMPLIED DIVIDEND
and provide a cushion against interest rate shocks THE VALUATION P/BV MULTIPLE YIELD

*CALT will be listed on the Diri Savi Board of the CSE

**as at 30 June 2021

PRIVATE & CONFIDENTIAL 4

KEY INVESTMENT HIGHLIGHTS
ACCESS TO THE LARGEST
ASSET CLASS
Access to a LKR 8.6tn industry
without added exposure to the
Banking Sector
ROE’s that outperform the
Banking and NBFI sectors
by c. 2x
Avenue to gain exposure to the
industry
AWARD WINNING TEAM
STELLAR TRACK RECORD – ATTRACTIVE
WITH A WEALTH OF
AVERAGE ROE OF 31% VALUATION AT 1.2x P/BV
EXPERIENCE
Driven by investments in Team led by industry veterans The independent valuation of
macro-economic research to with 110+ years of collective LKR 12.29 is at a 22.9%
forecast interest rates industry experience premium to the IPO Price
Stringent risk management – Team comprises young +
Attractive 9.65% Dividend
keeping CALT buoyant during dynamic individuals well-
Yield
adverse market conditions attuned to market trends
G-Sec trading expertise made
available to investors with little
or no industry expertise
PRIVATE & CONFIDENTIAL 5
 LARGEST ASSET-CLASS
Distinctive opportunity for an investor to access a LKR 8.6tn* industry
without the added exposure to the Banking Sector

*As at 31 September 2021

Primary Dealers play an integral part in the ecosystem as market makers for the largest
asset class in the country

INSTRUMENTS AVAILABLE FOR PRIMARY DEALERS

Government of
Requires funding
Sri Lanka

Arranges funding by
issuing Treasury Bills
(T-bills) and Treasury
Bonds (T-bonds)
Government Securities:
These are Government Debt Instruments issued by the
Central Bank of Sri Lanka (CBSL) in order for a
Government to fund its debt obligations. Primary Dealers
(PDs) are a crucial player in the secondary market of
Central Bank of Government Securities
Sri Lanka

Repurchase Agreements (Repo):

Bids at the
Sells to Allows PDs to borrow from their clients, using its
auction
government securities/debenture portfolio as collateral

Sells to Reverse Repurchase Agreements (Reverse Repo):

Allows PDs to lend to clients by receiving government
Primary Dealer Clients
securities / debentures as collateral

Buys T-bills and T-bonds

for Prop Book/Clients Corporate Debt:
Corporate Debt is usually raised by the issuance of
Corporate Debentures by a firm and sold to investors, in
order for it to raise capital for its expansion or other
Returns: Funding:
Primary Dealer expenditure purposes
Interest Income and Repos and Bank
Capital Gains
Prop Book Credit Lines

PRIVATE & CONFIDENTIAL 7

At LKR 8.6tn, the G-Sec market is the largest and most liquid part of the capital market and
yields c. 2x the returns of traditional Banking and NBFIs

LARGEST AND MOST LIQUID OF THE CAPITAL MARKETS IN THE COUNTRY PDs HAVE RECORDED c.2X HIGHER ROEs COMPARED TO TRADITIONAL BANKS

TOTAL MARKET SIZE* 60%

LKR 8.6tn LKR 4.2tn LKR 0.4tn

Government > Listed > Listed
50%
Securities Equities Private Debt

40%

AVERAGE MONTHLY TURNOVER**

28%
30%
LKR 107.0bn LKR 54.4bn LKR 0.2bn
Government > Listed > Listed
Securities Equities Corporate Debt 20% 14%
13%

NUMBER OF INDUSTRY PLAYERS 10%

10 23 27
Licensed < Licensed < Licensed
0%
Primary Dealers Stock Brokers Debt Brokers 2015 2016 2017 2018* 2019 2020

Banks NBFI Primary dealer

Source: CBSL, CSE Banks Average NBFI Average PD Average Source: CBSL
*Government securities data as at September 2021 and CSE data as at October 2021
**A 6 month average from 1H2021 (January – June 2021)

PRIVATE & CONFIDENTIAL 8

Growth in tradable Government Securities, an increase in the outright secondary market
transactions…

GROWTH OVER 10 YEARS AT A CAGR OF 13% CAGR OF 25% IN OUTRIGHT SECONDARY MARKET TRANSACTIONS

OUTSTANDING T-BILLS + BONDS (LKR bn) OUTRIGHT SECONDARY MARKET TRANSACTIONS (LKR bn)

T-Bills and Bonds Purchased

T-Bills and Bonds Sold

7,334

2,152

1,836
5,480
4,944
4,590
4,586

1,356

1,335
4,059

1,193

1,163
3,635
3,248
2,807
2,415

831

831
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2017 2018 2019 2020
Source: CBSL Source: CBSL

PRIVATE & CONFIDENTIAL 9

…and higher interest rate volatility creates a winning trifecta for Primary Dealers in Sri
Lanka

1-YEAR T-BILL RATE COMPARISON

16%
Sri Lanka STANDARD DEVIATION
14% India OF 1-YEAR T-BILL
Malaysia
12%
Indonesia
SRI LANKA – 2.0%
Thailand
10%

INDIA – 1.5%
8%

6% INDONESIA – 1.2%

4% THAILAND – 0.8%

2%
MALAYSIA – 0.5%
0%
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21

Source: Investing.com

Greater fluctuation in overall interest rates in Sri Lanka compared to peers offer secondary market players greater trading opportunities for gains. The high
level of volatility in interest rates along with a growing asset base and increasing liquidity (evident via growth in secondary market trades) lays out the ideal
platform for Primary Dealers

PRIVATE & CONFIDENTIAL 10

High barriers to entry and limited number of existing players presents a unique opportunity
to invest in a Non-Bank Primary Dealer

HIGH BARRIERS TO ENTRY LIMITED NUMBER OF PLAYERS

BANK PRIMARY DEALERS

LICENSE TO OPERATE REGULATORY LANDSCAPE

MANDATORY LICENSE issued by

the Central Bank of Sri Lanka is STRINGENT REGULATORY
required to operate as a Primary LANDSCAPE owing to past incidents
Dealer

BARRIERS NON-BANK PRIMARY DEALERS

TO ENTRY
CORE CAPITAL REQUIREMENT KNOW HOW AND EXPERIENCE

Fund Management
First Capital
Core capital requirement as Being a KNOWLEDGE INDUSTRY
stipulated by Central Bank of Sri TECHNICAL KNOW HOW,
Lanka until 1st January 2022 is EXPERIENCE and investment in
LKR 2.0 Bn TECHNOLOGY are key to success

Acuity and NSB, whilst classified as a Non-Bank Primary Dealer, are backed by 2 LCBs
and the State Owned Savings Bank, respectively

PRIVATE & CONFIDENTIAL 11

STELLAR RETURNS
CALT has recorded an average ROE of 31% - driven by investments in macroeconomic
research and Risk Management that keeps the Company buoyant amidst adverse
market conditions
CALT recorded an average ROE of 31% over the last 8-years, which can be attributable to
performance driven practices

PROVEN HISTORY OF STELLAR EARNINGS PERFORMANCE DRIVEN ECOSYSTEM

CALT PERFORMANCE
KEY DRIVERS
1200 50.00%

47%
43% 43%
1000 41% 40.00%

37%

800 30.00%

27%

600 20.00%

966 Data Backed Strong Industry Prudent Trading

400 10.00%

Investments Network Strategy

737
5% 573
532 3% Data driven models Access to capital;
Timed market entry
refined over 20- funding lines +
200 0.00%

332 307 & exit

57 years repos
37
0 -10.00%

2014 2015 2016 2017 2018 2019 2020 2021

PAT (LKR Mn) ROE ICT enhanced macro Strong relationship Dynamic portfolio
economic insights with stakeholders management
Source: Audited Financial Statements

PRIVATE & CONFIDENTIAL 13

CALT’s returns have remained positive even amidst adverse market conditions such as
continuously rising interest rates

INTEREST RATE CYCLE AND CALT PROFIT AFTER TAX

12 1,000
1
900
11
During periods of decreasing interest rates
800
10 – PDs, such as CALT, have the opportunity to
700 record high returns
9
600

8 500 2
400 Conversely, during periods of continuously
7
300 increasing interest rates (with no interim
6 volatilities) PDs have the propensity to
200 suffer low profit abilities (or even losses)
5
100

4 0
2014CQ1
2014CQ2
2014CQ3
2014CQ4
2015CQ1
2015CQ2
2015CQ3
2015CQ4
2016CQ1
2016CQ2
2016CQ3
2016CQ4
2017CQ1
2017CQ2
2017CQ3
2017CQ4
2018CQ1
2018CQ2
2018CQ3
2018CQ4
2019CQ1
2019CQ2
2019CQ3
2019CQ4
2020CQ1
2020CQ2
2020CQ3
2020CQ4
2021CQ1
2021CQ2
2021CQ3
CAL exhibited strong performance during
low interest rate periods whilst managing to
record positive returns even during rising
Profit After Tax (LKR mn) T-bill (%) interest rates due to their stringent risk
management framework
Source: CBSL
Note: CALT PAT are presented at the end of each Financial Year (FY) which is the end of the First Calendar Quarter (CQ1). Interest rates are presented
according to the corresponding Calendar Quarters (CQ)

PRIVATE & CONFIDENTIAL 14

Good governance through a comprehensive 3-tier risk mitigation framework encouraging
independent reporting to safeguard shareholders’ interests

OVERSIGHT FROM CAL GROUP

Approves and reviews apt risk BOARD OF DIRECTORS Sets guidelines for management and
policies according to risk scenarios control of risks facing the Group

STAGE 1 Employees and Heads of Business Units

• On going monitoring of internal parameters such as Value at Risk

• Ensures the Business Unit complies with internally set parameters
(VaR), cut-loss limits and target duration and convexity

STAGE 2 Independent Risk Committee & Group Risk and Compliance Unit

• Adherence to risk parameters set by the Board

• Compliance with regulatory protocols • Analyses risk matrix and provides risk policies based on various risk scenarios
• Review of risk reports and provide oversight to the CAL Group

STAGE 3 Board Audit Committee (Internal Audit function)

• Assesses effectiveness of internal audit

• Reviews independence of the external auditor and its processes
• Assurance to improve effectiveness of risk management and governance
• Evaluates budgets, financials and tax matters submitted to CAL
Group Board of Directors

PRIVATE & CONFIDENTIAL 15

AWARD-WINNING TEAM
Led by a team with a Wealth of Experience – ensuring continuous
performance excellence whilst complying with high ethical standards
The award-winning CALT team consists of seasoned veterans, and young + dynamic
individuals with over 110 years of combined industry experience
Ajith Fernando – Chief Executive Officer CAL Group
Ajith Fernando oversees and guides the functions of the entire
Group including CALT (as a constituent of the Group). He has over
30 years of experience in the Primary Dealing industry. He is a
Fellow of the Chartered Institute of Management Accountants (UK)
and holds an MA in Financial Economics from the University of
Colombo
Suhini Fernando – Vice President
Suhini is involved in managing the Government Securities
portfolios of the Company and guides the functions of the dealing-
room of CALT. She counts for over 20 years of experience in the
Primary Dealing industry and holds an MBA from the University of
Bolton UK
Sanura Silva – Assistant Vice President
Sanura’s expertise lies in macroeconomic modeling and interest
rate forecasting for the group. He holds a Bachelor and Master of
Science from the University of Melbourne Australia. He is also a
registered Investment Advisor licensed by The Securities and
Exchange Commission of Sri Lanka and is currently a CFA Level 2
candidate
PRIVATE & CONFIDENTIAL
Somadasa Palihawadana – Managing Director
A well-respected industry veteran Mr. Palihawadana posses
industry experience of over 43 years with a special focus on
treasuries and primary dealing. He currently serves as the Deputy
Chairman of Seylan Development PLC and holds a Bachelor of
Science degree from the University of Colombo
Nuwan Liyanage – Assistant Vice President
Nuwan has been working at CALT for 14 years. He is a Certified
Business Accountant of the Institute of Chartered Accountants Sri
Lanka (ICASL) and holds a Bachelor of Science Degree in Business
Administration (Marketing) from the University of
Jayawardenapura
Damien Rayen – Assistant Vice President
Damien is a macro economic analyst and fixed income trader at
CALT. He has been with CALT for over 5 years. He is an Associate
Member of CIMA and a registered Investment Advisor licensed by
SEC. He is currently reading for his Masters in Financial Economics
and a level 2 candidate of CFA
17
The core team is supported by key members of the wider CAL Group who are instrumental
in ensuring efficient operations across all business aspects
Sharmali Perera – Group Chief Risk & Compliance Officer
Sharmali counts for over 20 years of experience in the financial
services industry. Her role overlooks the effectiveness and
compliance aspects of reporting requirements and implements the
comprehensive risk framework of the group-wide risk avenues.
She is an Associate Member of the Chartered Institute of
Management Accountants
Yasantha Kumara – Group Financial Controller
With over 12 years of financial experience, Yasantha is responsible
for the Finance function of the Group and the Unit Trust Fund. He
is a CFA Charterholder and Associate Member of the Institute of
the Chartered Accountants (Sri Lanka) and Institute of Chartered
Management Accountants (UK)
Migara Hettiarachchi – Manager Operations
Migara holds over 13 years of experience with CAL and currently
heads the Operations Department of the Primary Dealing,
Stockbroking and Asset Management arms. He is responsible for
the back-office functions relating to Government Securities,
Money Market Operations, and Unit Trust and Equity Market
settlements
PRIVATE & CONFIDENTIAL
Rochelle Mortier – Group Chief Human Resources Officer
Rochelle has over 18 years of experience in HR and Organization
Development. Her role is directly involved in nurturing and
developing the Group’s Human Capital competencies. She holds an
MBA from the University of Jayewardenepura, a Masters in Labour
Law from University of Colombo and a BA in Economics and Social
Sciences from the Open University of Sri Lanka
Tharindra Kulasinghe – Group Chief Information Officer
Tharindra steers the transformation of the entire Group’s IT
systems including technology infrastructure, software
development and digital transformation. He holds and MEng
Degree in Mechanical Engineering and Business Management and
a BEng in Mechanical Engineering, as well as PRINCE2 Project
Management Professional credentials to his name
18
CALT is spearheaded by a diverse Board of Directors with a Wealth of Experience across
multiple industries, and with the backing of well reputed ultimate Shareholders

Dinesh De Zoysa – Chairman, Non- Executive Director

KEY SHAREHOLDERS OF CAPITAL ALLIANCE HOLDINGS
Mr. De Zoysa has been a Director since 2003 and also serves as Chairman of Capital Alliance Holdings
Limited. He counts for a career that spans over 30 years across a range of industries. He holds a
Bachelor of Business (Finance and IT) from the University of Sydney and a Masters in Insurance and
Sustainable Risk Management from the UK

Sanjeewa Anthony – Non-Executive Non-Independent Director

Mr. Anthony is an Attorney-at-Law (Supreme Court of Sri Lanka), Notary Public, Commissioner for
Oaths and a registered Company Secretary. He is a Fellow member of the Institute of Certified
Management Accountants of Sri Lanka (FCMA) and a Fellow Member of Charted Professional
Managers (FCPM). He is currently an Executive Director of Jetwing Hotels Ajith Fernando
Executive Director
Rajadurai Arasaratnam – Non-Executive Non-Independent Director Shareholder – Capital Alliance Holdings

Mr. Arasaratnam counts for an extensive 40 years in the travel and tour related industry. Prior to his
venture into the travel industry he was involved in the Accounting field. Currently, he serves as an
Executive Director of Jetwing Travels where he overlooks the marketing function of the Group

Aloka Nandasena – Non-Executive Independent Director

Ms. Nandasena is a partner of M/S D. L. & F. De Saram, Attorneys-at-Law and Notaries Public,
specializing in Corporate and Commercial Law, Banking and Finance and Projects and Infrastructure.
She has been in practice for over 13 years
Aruni Siriwardene – Non-Executive Independent Director
Ms. Siriwardene counts for over 24 years of experience in strategy initiatives, organisational
processes, measurement systems and client satisfaction delivery. She is currently the Co-Founder and
Director at Advik Consulting. Aruni holds a MSc in Business Computing from the University of
Westminster London, UK
Jetwing Group
Shareholder – Capital Alliance Holdings
With a history of over 40 years, the Jetwing Group operates
across several verticals in the Leisure and Hospitality sectors.
The Group is headed by Mr. Hiran Cooray and Ms. Shiromal
Cooray
The Group is represented on the Board of Capital Alliance
Limited (and Capital Alliance Holdings) via proxies Mr. Anthony
and Mr. Arasaratnam

PRIVATE & CONFIDENTIAL 19

ATTRACTIVE VALUATION
Valuation at a 22.91% premium to the IPO Price and Dividend Yield of
9.70%
 Upside to investors with the Primary Valuation methodology at a premium of 22.91% to the
IPO Price…

PRIMARY METHODOLOGY SECONDARY METHODOLOGIES

JUSTIFIED P/BV JUSTIFIED P/E DIVIDEND DISCOUNT MODEL

1.45x multiple* 1.43x multiple* 1.43x multiple*

LKR 12.29/share LKR 12.11/share LKR 12.11/share
KEY ASSUMPTIONS

ROE – 21.00% DIVIDEND GROWTH – 10.50% AVERAGE DPS – LKR 0.60

GROWTH – 5.00% DPO – 35.00% DIVIDEND GROWTH – 10.50%

Ke – 16.00% Ke – 16.00% Ke – 16.00%

21.11%
premium
22.91% 21.11%
premium IPO ISSUE PRICE premium

1.18x implied multiple*

*Price-to-book (P/BV) multiple
NAVPS as at 30 June 2021 was LKR 8.45
LKR 10.00/share

PRIVATE & CONFIDENTIAL 21

 …and an attractive 9.7% dividend yield offers incentive for an investor looking to hold the
share for the long-term

ADJUSTED DPS & DIVIDEND YIELD

1.80

21% CALT has been able to maintain an attractive

20% 9.65% dividend yield and a 35.00% average
1.60

20%

DPO, despite earnings volatility, over the last

8 financial years
1.40

1.20

15%

1.00

0.80

10% 1.57 10%

10%

9.65%
8%
0.60

8% 8-YEAR AVERAGE DIVIDEND YIELD*

0.87
0.75
0.40
5%

0.66
0.57
0.20

0.40

-
- -
0%

35.00%
2014 2015 2016 2017 2018 2019 2020 2021
8-YEAR AVERAGE DIVIDEND PAYOUT**
Adjusted DPS (LKR) DY

Source: Audited Financial Statements

Reported Dividend per Share (DPS) adjusted to factor in the 12:1 Share Sub-division
Note: Dividend yield and dividend payout was calculated based on an 8-year average ((2014-2021) and does not account for the interim dividend paid out in FY21/22 which is LKR 300,250,675
*Historical Dividend Yield based on the estimated MPS calculated as NAVPS as at year end multiplied by the IPO implied P/BV multiple of 1.18x
**Average DPS divided by average Earnings per Share (EPS)

PRIVATE & CONFIDENTIAL 22

 Key assumptions used by the Independent Valuer to arrive at the fair-value of the CALT
share in the range of LKR 12.11 – 12.29

ROE – 21.0% DIVIDEND GROWTH – 10.5% AVERAGE DPS – LKR 0.60

CALT reported an average ROE* of 30.8% over
the period 2014 – 2021
However, due to factors including the volatility
of earnings, taxation policy changes and
leverage levels, EYTAS arrived at a long-term
sustainable ROE of 21.0%
The Dividend Growth Rate** of 10.5% was
derived by using the target ROE of 21% and
CALT’s maximum future DPO expectation of
50%
EYTAS derived the Average DPS by averaging
the historical reinstated DPS of CALT, from
2014 – 2021
The reinstated DPS was calculated by dividing
the reported DPS by 12 to factor in the 12:1
Share Sub-division which happened in August
2021

GROWTH RATE – 5.0% DPO – 35.0% COST OF EQUITY (Ke) – 16.0%

During the past 10 years (excl. 2020 due to the
COVID-19 impact), the real GDP growth rate of
Sri Lanka was in the range of 2.3% to 8.2%
EYTAS deemed the sustainable growth rate of
the Sri Lankan economy to be 5.0% with the
recovery from the COVID-19 pandemic
This DPO reflects the historical average DPO of
CALT, which was derived by dividing the
average DPS of CALT over the last 8 years by
the average EPS over the same period
EYTAS arrived at a 16.0% Cost of Equity based
on the build-up approach which begins with
the risk-free rate and adjusted based on the
amount of risk associated with the business
earnings (which was not already adjusted for
via the other assumptions)

EYTAS – Ernst and Young Transaction Advisory Services, the Independent Valuer
*ROE calculated as Profit Attributable to Shareholders divided by Average Equity
**Dividend Growth = Target ROE * (1 – DPO)
NAV as at 30 June 2021 was LKR 8.45

PRIVATE & CONFIDENTIAL 23

 Summary of Financial Statements and Key Ratios
Historical Financial Data

for the Year Ended 31 March (LKR mn) 2014 2015 2016 2017 2018 2019 2020 2021

Interest Income 633 531 511 795 1,159 1,093 1,440 1,075
Net Interest Income 150 150 183 197 261 222 340 368
Net Gain from Trading 297 591 (54) 281 611 (68) 898 1,345
Net Operating Income 426 721 116 595 843 202 1,313 1,570
Profit After Tax 332 532 57 307 573 37 737 966

Total Assets 5,135 6,641 6,313 7,543 10,780 11,133 14,370 11,565
Total Equity 1,012 1,239 967 1,279 1,384 1,419 2,010 2,723

Return on Assets 6.71% 9.04% 0.89% 4.44% 6.26% 0.34% 5.78% 7.45%
Return on Equity 36.67% 47.29% 5.20% 27.37% 43.07% 2.68% 43.00% 40.83%
Cost to Income Ratio 0.24 0.24 0.95 0.27 0.32 0.81 0.23 0.19
Total Assets to Equity 5.08 5.36 6.53 5.90 7.79 7.84 7.15 4.25

Adjusted EPS* 1.84 2.66 0.19 0.99 2.06 0.13 2.56 3.35
Adjusted DPS* 0.66 1.57 0.75 0.40 0.57 - - 0.87

*Reported Dividend per Share (DPS) and Earnings per Share (EPS) adjusted to factor in the 12:1 Share Sub-division.

PRIVATE & CONFIDENTIAL 24

DISCLAIMER

This presentation has been prepared by Capital Alliance Partners Limited (“CALP”) and unless otherwise
expressly authorized by CAL, shall not be used by any third party. This report is for the use of the
intended recipient only. Access, disclosure, copying, distribution or reliance on any of it by anyone else
is prohibited and may be a criminal offence. The presentation does not constitute or form of any offer
for sale or invitation, or solicitation of an offer, to subscribe for or purchase any securities and neither
this presentation nor anything contained herein shall form the basis of or be relied on in connection
with any contract or commitment whatsoever.

This presentation has been prepared and issued on the basis of publicly available information,
internally developed data and other sources, believed to be reliable. CAL however does not warrant its
completeness or accuracy. Opinions and estimates given constitute a judgment as of the date of the
material and are subject to change without notice. This presentation may contain forward-looking
statements regarding, amongst other things, the Company's outlook, business and strategy which are
current as of the date they are made. These forward-looking statements are based largely on the
current assumptions, expectations and projections of the directors and management of the Company
about the business, and the industry in which the Company operates in. These statements are not
guarantees of the Company’s future performance and are subject to a number of risks and
uncertainties, some of which are beyond the Company's control and are difficult to predict. Future
developments and actual results could differ materially from those expressed in the forward-looking
statements. In light of these risks and uncertainties, there can be no assurance that the forward-
looking information will prove to be accurate. Certain data in this presentation has been obtained from
various external data sources and CAL has not verified such data with independent sources.

The recipients of this presentation must make their own independent decision regarding any securities,
investments or financial instruments mentioned herein. CAL, it’s directors, officers, consultants,
employees, associates or business partners, will not be responsible, for any claims damages,
compensation, suits, damages, loss, costs, charges, expenses, outgoing or payments including
attorney’s fees which recipients of this presentation suffers or incurs directly or indirectly arising out
actions taken as a result of this presentation.
Capital Alliance Partners Limited – the Manager and Financial Advisor to the Issue is a related party to
Capital Alliance Limited

PRIVATE & CONFIDENTIAL 25