Transcript SIAM INVESTMENT FUND: Proposed Recapitalisation Proposed

Fund raising proposal:
SIAM INVESTMENT FUND III L.P.
May 2004
File: agen&cov\cppc0000.ppt
Table of Contents
PCG Books:
NB
NB FI-Taxable
NB FI-Tax Exempt
CS
CS FI: Taxable or T-Ex.
Template: cover.ppt
A.
Summary Terms and Overview
B.
Track Records of SIF II and SIF
C.
Fund Concept
D.
Fund Strategy, Investment Examples & Deal Flow
E.
Siam Investment Fund III L.P.
F.
The Advisors and Sponsors
G.
Biographies
H.
Contact Information
1
Section A
Summary Terms and Overview
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Summary Terms
PCG Books:
NB
NB FI-Taxable
NB FI-Tax Exempt
CS
CS FI: Taxable or T-Ex.
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cover.ppt
of
Fund
Siam Investment Fund III L.P., a Cayman Islands exempted limited partnership
Investment Manager
Finansa Capital Ltd., a Cayman Islands exempted company with limited liability
Fund Sponsors
Finansa Fund Management Ltd. (FFM) and Capital Z Investments L.P. or a successor
fund (CZI)
General Partner:
Siam Investment Partners III L.P. a Cayman Islands exempted limited partnership
Target Total Commitments
US$100m
CZI’s Anticipated Commitment US$10m
FFM’s Commitment
US$5m
Commitment Period
Five years from the final closing
Term
Ten years, subject to two one year extensions
Expected Investment Size
c. US$10m per investment
Management Fee
2%
Threshold Return
8% per annum
Carried Interest
20% of any net capital appreciation above the threshold return
Offering Expenses
Limited Partners to reimburse the Investment Manager on a pro-rata basis, the
aggregate reimbursement not to exceed US$500,000
This profile is for information purposes only and does not constitute an offer to subscribe to partnership interests in Siam Investment Fund
III. An offer to subscribe will be made solely by means of a confidential memorandum.
3
SIF III: Management Structure
4
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Overview
PCG Books:
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NB FI-Tax Exempt
CS
CS FI: Taxable or T-Ex.
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Background
Siam Investment Fund III L.P. (SIF III) is a successor fund to Siam Investment Fund II L.P. (SIF II)
which is approaching full investment. SIF II was launched in 2000, raising US$57m .
Objective
To provide investors with access to the exceptional returns available through timely, opportunistic
investment in selective private equity transactions in Thailand.
Investment
Economy in Transition: Past - Coping with crisis. Present – Cyclical recovery. Future – Structural
growth.
Thesis
Resurgent Business Confidence: A revival in business optimism is spurring a revival in corporate
transaction activity and expansion.
Restructuring/Rehabilitation to Continue: An improving economy facilitates the resolution of
residual business problems.
Improving “Exit” Environment: Better capital markets, both for listing and refinancing, and growing
demand from local investors for rehabilitated assets.
Why SIF III?
Successful Track Record: SIF II and its predecessor, SIF, have exceptional records of both making
and exiting private equity investments in Thailand over the past seven years.
Sponsors are Investors: The Sponsors intend to be material investors in the Fund. Finansa Fund
Management will commit US$5m and CZI anticipates US$10m.
Value Addition: The Finansa Group has the critical mass of resources locally to support deal flow,
monitoring and exits.
Single Country Approach: The success of the Funds launched to date is due to the depth of the incountry resources. Comparable resources are not available on a regional basis.
5
Section B
Track Records of SIF II and SIF
Siam Investment Fund II L.P. (SIF II)

Established in December 2000 with total commitments of US$57m, SIF II’s objective was to capitalise on investment
opportunities in Thailand through privately negotiated equity investments.

Managed by Finansa Capital Ltd., the core sponsors of the Fund were CZI and ABN AMRO Asia Capital Investment Ltd.
Other investors in SIF II included Norfund, Finnfund, the FMO and Mitsui & Co.

To date, c. US$40m has been committed and current transactions may lift this to c.US$50m in coming months:

Pranda Jewelry : A 25% stake


Evason Phuket Resort and Spa : A 20% stake


Market leader in the manufacture and sale of pickled vegetables. Unlisted.
Sansiri : A 5% stake


A leading IT services company. Scheduled to list on SET in 2Q 2004.
Peace Canning : 80% stake


A 285 room resort hotel on the southern tip of Phuket. Unlisted.
Loxley Business Information Technology : A 15% stake


Thailand’s largest jewelry manufacturer and exporter. Listed on SET.
One of the leading, listed property developers. Listed.
F&B Foodservice (Thailand): A 76% stake

Leading food service company, targeting the Thai catering industry. Unlisted.
7
Siam Investment Fund II L.P. (SIF II)
The investment returns to 30 June 2004 for SIF II are shown in the table below.
Investments
Pranda
PIR
Loxbit
Peace Canning (I)
Sansiri
F & B Food Service (Ahold)
SIF II Net IRR (II)
Invested
Capital
US$
Realized
Proceeds
US$
Unrealized
Value
US$
3,095,317
4,206,599
3,979,598
6,838,145
5,037,734
4,800,682
8,537,694
6,990,219
9,950,753
-
2,161,780
2,741,699
4,320,394
2,724,609
4,662,212
27,958,075
25,478,666
16,610,695
Gross IRR
37.70%
Net IRR
13.47%
(i)
Valued at Book Value: 2003 P/E < 2.0x, but comparables trade at c. 8.0x
forward P/E
(ii)
Net of fees, expenses and carry
IRR
137.73%
-15.48%
3.14%
28.33%
108.37%
0.00%
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Siam Investment Fund (SIF)
PCG Books:
NB
NB FI-Taxable
NB FI-Tax Exempt
CS
CS FI: Taxable or T-Ex.

The Siam Investment Fund was launched in 1996, as
East Asia Frontier Fund, raising US$25m
from international institutional investors. It is a closedend fund listed in London.
Template: cover.ppt
the South



The Fund’s original mandate was to seek long-term
appreciation through investment primarily in unlisted
companies in the SE Asia region. With the onset of the
financial crisis in 1997, the management saw
exceptional investment opportunities emerging in
Thailand and as a result the investment focus of the
fund shifted.
The successful implementation of this new strategy
resulted in SIF being amongst the top performing Thai
funds.
Significant investments include:
% Change to 31 Dec 2003 in USD Ranking 6 months
1 Year
3 Years
5 Years
CA Fds Thailand Classic A
261.24
1
136.1
7
152.06
3
170.85
2
145.22
4
135.71
8
136.59
6
127.68
12
129.11
10
128.49
11
135.83
130.34
9
127.3
13
137.5
5
125.0
14
83.49
15
608.31
1
207.75
6
259.63
4
327.72
2
260.63
3
191.83
9
248.29
5
173.14
12
176.82
11
178.0
10
213.53
204.87
7
197.14
8
158.75
13
143.9
14
318.39
1
255.36
3
256.4
2
181.43
4
120.68
5
114.66
7
116.92
6
93.37
11
96.24
9
95.77
10
98.86
89.12
12
84.48
13
98.56
8
Siam Investment Fund
Thai Focused Equity Quest Mgt
HSBC Thai Equity
Dresdner RCM New Tiger Thai
JF Thailand
Dit-Thailand USD
Royal Skan JF Thailand
Royal Skan $ JF Thailand

TISCO Finance
FPIL JF Thailand Trust

Nation Multimedia

SE-Education
SET Index (US$)
Fidelity Fds Thailand

Natural Park

SIF has a 10 year life.

The fund’s advisor, Finansa Fund Management, is also
an investor in the Fund.
Hansard\Fidelity Thailand
First State Thailand Growth 1
Templeton Thailand A Acc
Knight Thai Harvest
160.1
1
114.82
2
97.22
3
93.29
4
90.2
5
85.76
6
84.58
7
83.6
8
83.22
9
82.89
10
77.48
75.4
11
75.34
12
72.02
13
62.99
14
62.6
15
Note: Peer Group information from Standard & Poors<Offshore Funds> Thailand
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SIF: NAV Performance Since Inception
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NB FI-Taxable
NB FI-Tax Exempt
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SIF NAV (adj.) vs SET (US$)
10
9
8
7
6
5
4
3
2
1
0
Apr-96
2-Nov-98
11-Feb-00
16-Feb-01
1-Feb-02
24-Jan-03
31-Jan-04
Note (1): The SIF Net Asset Value per share (NAV) is adjusted for dividends
Note (2): To obtain the relative, the adjusted NAV is divided by the SET Index in US$ terms and re-based to 1.0 at the inception of
the fund
10
SIF: NAV Performance Since Inception
SIF NAV (actual) - US$
18
T ISCO Gains
Nation Gains
16
SET proposes curbs on
"rehabco" trading
N-Park gains
Global Market Decline
14
Baht Devaluation
T haksin gov't elected
12
$1 dividend
(Dec)
10
$1 dividend (Sep)
8
6
Sept.11
4
$1.5 dividend
in 2002
$1 dividend (Mar)
2
0
Apr-96
2-Nov-98
11-Feb-00
16-Feb-01
1-Feb-02
$1 dividend (June)
24-Jan-03
31-Jan-04
Note: SIF NAV is the actual net asset value per share. The NAV is quoted in US$
11
Section C
Fund Concept
Fund Concept
Thailand is enjoying a structural and cyclical economic recovery which will underpin overall
investment returns.

The Thai economy has staged a strong recovery since the Asia crisis and is currently one of the fastest
growing economies in Asia.

Growth has been spurred by government policies to stimulate domestic demand and by buoyancy in
exports.

The election of Prime Minister Thaksin Shinawatra and a majority Thai Rak Thai Party Government
was a seminal event.

Thailand currently enjoys significant surpluses on its current account and a strong fiscal position.

Interest rates are expected to remain subdued in the absence of inflationary pressure.

There has been a material improvement in the financial health of the banking system. Banks are
shifting management focus from “old” to “new” loans.

Improvements in (overall) corporate profitability have been driven by cost cutting, improved productivity
and (more recently) volume growth.

In the area of Private Investment, few sectors (notably construction) have rebounded. The investment
recovery now looks set to broaden.
13
Fund Concept (cont.)
An economy in transition

1998-2003 was a period of post-crisis adjustment and recovery. Business confidence was fragile, the
banking system weak and reforms were necessary to spur restructuring and rehabilitation. Business
owners/managers focused on survival.

Today, business confidence is strong, the banking system is functioning to the extent that new loan
activity is picking up, capital markets are strong and businesses are looking to expand.

Longer term growth will be sustained by structural reforms.
Investment opportunities in the next phase of Thailand’s growth

Thailand “today” offers investment opportunities both in the final “clean up” and in the next stage of
the country’s growth.

Business restructuring will continue to be a feature of the Thai investment environment. A stronger
economy and higher asset valuations facilitate the resolution of “old” problems. Many early
restructurings were temporary remedies.

A period of sustained economic growth will underpin equity returns and valuations.

The exit environment has improved. Better capital markets enhance prospects both for listing and
refinancing, while there is growing demand from local investors for rehabilitated assets.
14
Section D
Fund Strategy
Investment Examples
Deal Flow
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Fund Strategy
PCG Books:
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NB FI-Taxable
NB FI-Tax Exempt
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Siam Investment Fund III L.P. will seek to provide investors with high returns through leveraging the expertise,
experience and business relationships of the advisors to source and effect investments in assets perceived as offering
significant upside potential. These assets will likely include:

Negotiated placements of new shares as part of the financial restructuring of businesses

Negotiated placements of new shares or equity related instruments to fund business expansion

Management Buyouts

Strategic disinvestments

Minority interests

Partnership capital

Assets offering scope for rehabilitation and transfer to a Property Fund
The Fund will typically adopt an active stance, with board representation and the ability to take control where
warranted. The advisors will seek to further enhance value through imposing higher standards of overall financial
management and providing specific assistance in balance sheet structuring.
16
Example 1: Pranda Jewelry Plc.

Pranda Jewelry is Thailand’s leading integrated jewelry
manufacturer and exporter.

The Company was founded in 1972 and listed on the
SET in 1990

The Company encountered severe financial difficulties in
the wake of the Baht devaluation in 1997, hit by a
combination of exposure to foreign currency loans, a
drop in demand and excessive inventory levels.

Subsequently, the Company entered a lengthy
restructuring process with debt rescheduling and debt
write-offs. As part of this, creditors pressed for an
increase in share capital.

In June 2001, SIF II bought 5 million shares of Pranda
through a private placement at Bt28 per share. This
represented a 25% interest. The total investment was
Bt140m (US$3m).

The Company has meanwhile pursued an internal
reorganisation and renewed focus on its core strengths.

Earnings have staged a strong recovery, reflected in a
significant recovery in the share price.

The Fund began liquidating its investment in February
2003.

Investor IRR 110%, Gain US$9.5m, 4.1x Invested Capital.
17
Example 2: The Peace Canning (1958) Co., Ltd.

Peace Canning, the country’s leading manufacturer of
canned pickled vegetables, filed for bankruptcy in 2001.

In 2002, SIF II acquired Peace Canning’s combined debts of
Bt3,000m (US$72m) from creditors for a cash consideration
of Bt520m (US$12m). SIF II became the sole creditor and
took control of the bankruptcy process.



SIF II, jointly with Peace Canning, submitted a debt
composition request to the Bankruptcy Court and this was
approved.
SIF II reduced the debt outstanding to Bt520m (US$12m)
and swapped the balance into an 80% equity stake in the
company.

In the end, SIF II received a) cash of Bt520m
(US$12m) through debt refinancing, corresponding to
its original investment and b) retained an 80% stake
in the Company.

Peace Canning has projected sales of Bt1,000mn
(US$25m) in 2005 and projected net earnings of
Bt120m (US$3m). The Company is planning to list on
the SET in 2H 2005.

On a preliminary P/E valuation of 8.0x, the SIF II’s
stake will be worth Bt570mn (US$14mn).

Unrealized IRR 26%, Value: US$9.8m, 1.4x Invested
Capital.
In 2003, the Fund Advisor negotiated a 7–year term loan
(MLR -2%) with a financial institution for Bt520m (US$12m)
to refinance the outstanding debts.
18
Example 3: Sansiri Plc.

Sansiri, a listed real estate development company,
was one of the first companies to complete a
restructuring. In 1999, Starwood Capital joined as a
strategic partner. Holding 7% of the equity initially,
Starwood had an option to increase its stake to 51%
through a warrant exercisable at Bt5.

During 2002, Sansiri shares traded as low as Bt3.
With little prospect of Starwood exercising its warrant,
the Company was unable to operate satisfactorily.
Management identified both the need for new capital
and the need to cancel the warrant. Canceling the
warrant was critical to the proposed recapitalization.

In August 02, SIF II subscribed to Sansiri’s Bt2,520m
(US$60m) capital raising at Bt4.41 per share. This capital
represented 67.7% of the new equity base. At the same
time, the warrant option arrangement with Starwood was
terminated. The subscription price implied a P/BV of 1.2x.

The fundraising transformed the Company’s prospects,
allowing it to proceed with a series of new housing projects
at a time when housing demand was increasing rapidly.
Sansiri is now recognised as a leading housing developer.

Following the private placement, there was a substantial rerating of Sansiri shares. Currently, the share price is Bt16.3.

Investor IRR 82%, Gain US$4.9m, 2.0x Invested Capital.
19
Example 4: F&B Food Service (Thailand) Ltd.

F&B Food Service is a full-line food distribution company
targeting the hotels and restaurants segment. Established in
1999 by the Booker Group, the business was acquired by
Royal Ahold in 2002. In 2003, Royal Ahold took a strategic
decision in 2003 to withdraw from the Thai market.

In October 2003, SIF II acquired a 76% stake in the
Company and an existing shareholder loan for a combined
Bt90m (US$2.3m) and committed to management to invest
a further Bt160m (US$4.0m) on expanding the business into
a national franchise.

A 24% stake was gifted to existing senior management by
Royal Ahold. SIF II also put in place a management
incentive scheme which enables management to acquire
additional shares as the shareholder loan is converted into
equity.

At the date of acquisition, F&B operated three
warehouses (Bangkok, Laem Chabang and
Had Yai). Three new warehouses will be
added in 2004 (Koh Samui, Chiang Mai and
Bangkok II). The expansion will establish F&B
as the leading company in this rapidly
expanding business segment.

The intention is to exit the investment through
a public listing in 2006 or by a trade sale.

SIF II has board representation.
20
Example 5: TISCO Finance Plc.

TISCO Finance is a leading, listed Thai consumer finance
company, with a strong position in auto finance. The economic
collapse in 1997 resulted in a surge in the company’s nonperforming loans and the need for a balance sheet restructuring.

In May 1999, under a government sponsored recapitalisation
scheme, TISCO issued 600m new convertible preference
shares at Bt10, raising Bt6,000m (US$150m). Half of the new
shares were acquired by the Ministry of Finance and half
acquired by private sector investors. This increased the total
number of shares in issue to 700m. The private investors also
received a covered warrant (on the MoF’s holding).

A consortium led by Finansa and including SIF and China
Development and Industrial Bank acquired the private sector
allocation. A representative of Finansa was appointed to the
TISCO board.

The case for reviving TISCO was strong and the
successful recapitalisation allowed the company to
participate in the subsequent industry revival (with fewer
competitors). TISCO’s earnings have enjoyed a
sustained increase since the refinancing.

The market was quick to recognise the transformation in
TISCO’s position and prospects and the shares enjoyed
a dramatic rerating.
21
Example 6: Other Investments

In April 1998, SIF acquired a 18% equity interest in
SE-Education (SE-ED), a listed book wholesaler and
retailer with a total investment of US$2.1m

SE-ED had been damaged in the economic crisis, as
had many of its competitors. The capital injection by
SIF enabled the Company to quickly establish itself as
the market leader and management embarked on an
aggressive expansion plan which resulted in SE-ED
opening retail outlets in all of Thailand’s 72 provinces.
A strategic tie-up with the rapidly expanding
hypermarket industry further strengthened SE-ED’s
market position.

SE-ED’s revenues and earnings grew strongly after
the recapitalisation, contributing to a significant
appreciation in the Company’s shareprice.

The investment was liquidated through sales on the
stockmarket.

Between 1997 and 1999, SIF invested US$5.3m in a
14% stake in Nation Mulltimedia (NMG), the listed
publishing and media group. The investment was
made through private placements of new equity and
rights issues.

NMG encountered sever financial difficulties in the
wake of the 1997 economic crisis, compounded by
an ill-judged investment in a real estate project.

While provisioning against losses, the Company
expanded its media reach (into television) and
exploited a strong recovery in advertising spending.

For a brief period in late 1999, following the merger
of AOL and Time Warner, the shares enjoyed a
dramatic “.com” rerating and while the shareprice
bubble eventually burst, SIF’s overall investment
return, based on a gradual unwinding of the position
from 2000 onwards remained strong.
22
Section E
Siam Investment Fund III L.P.
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Why this Fund?
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NB FI-Taxable
NB FI-Tax Exempt
CS
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The Siam Investment Fund III L.P. can be distinguished from other Thai Funds through:

Strong sourcing capability of Thai assets means the Fund is not dependent on external
brokers for deal flow

Direct experience of restructuring listed and unlisted companies

A track record of value creation in restructuring-related investments

A track record of high returns to investors

Direct ties with companies involved in rehabilitating dormant/distressed assets

Direct experience in transferring assets to Property Funds

Strong domestic Corporate Finance relationships in Thailand

Advisors that can demonstrate a disciplined investment process adopting best international
practices of due diligence and risk management

Sponsors who intend to be significant investors in the Fund
24
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Investment Process
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Source
Investment
Investment Committee
Meets Initial
Criteria?
No
Yes
Investment Proposal
for Internal Review
Yes
Info Memo
Laurence Cheng – CZI
Vincent Fan – CZI
Eugene Davis – FFM
Vorasit Pokachaiyapat –FFM
Other Representatives
No
Yes
No
Preliminary Term
Sheet
Negotiation
Final Due Diligence
Final IC Approval
Key:
Invest
Investment Criteria: Identifiable Exit, Attractive Returns
Due Diligence: Financial and Management analysis
Exit Investment
at Target IRR
25
Section F
The Advisors and Sponsors
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Finansa Overview
PCG Books:
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NB FI-Taxable
NB FI-Tax Exempt
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CS FI: Taxable or T-Ex.
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Finansa Plc.
Finansa Vietnam
100%
Finansa Securities
100%
Finansa Credit
100%
Finansa
Fund Management
50%
Finansa Capital
100%
85%
Finansa Singapore
PT Finansa
(Indonesia)
50%
CZI

Finansa was founded in 1991 and is now the group holding company

The principal activities of the group are institutional fund management and investment banking, undertaken by three
wholly owned subsidiaries, Finansa Fund Management, Finansa Securities and Finansa Credit

Finansa Plc was listed on the Stock Exchange of Thailand in September 2002

The Finansa Group maintains offices in Indonesia, Singapore and Vietnam to support the fund management and
investment banking activities in the region
27
Finansa Overview (cont.)

Finansa Fund Management : Manages three equity funds and one debt fund. Two of the
equity funds are listed closed-end funds and focused on Thailand and Vietnam,
respectively. The third equity fund is a private equity fund for Thailand. The debt fund
covers Asia (ex-Japan) A total of c.US$140m was sourced from major offshore
institutions. Key strengths in this business are a successful track record in private equity
investment in Thailand, experience in investment in Vietnam and experience in trading
Asian distressed debt.

Finansa Securities : An SEC licensed brokerage company and one of the strongest and
most active investment banking firms in Thailand. The company offers an extensive range
of advisory services for both equity and debt transactions. The qualities of the team are
increasingly recognised in the number, size and variety of mandates being won.

Finansa Credit : In October 2002, Finansa acquired Primus Finance, a local finance
company owned by Ford Credit International; it has since been renamed Finansa Credit.
This was an important step for the group, both complementing and strengthening the
existing activities. The acquisition provided a foothold in the debt markets in Thailand.
The company operates in the wholesale markets and focuses on debt trading
opportunities. Finansa Credit plans to merge with Bangkok First Investment Trust as a
prelude to upgrading to a Bank as part of the new Financial Master Plan.
28
Finansa Fund Management : Profile

Finansa Fund
Management

12 Professional Staff plus 8 Support Staff
Headquartered in Bangkok with offices in Hanoi, Ho Chi Minh
City and Singapore
The Asian
Debt Fund

Siam Investment
Fund






US$25 million
Closed End Direct
Investment Fund for
Thailand
London Listed
Launched in 1996






Major Investments
SE-Education
Nation Multimedia
TISCO Finance
US$57 million
Private Equity Limited
Partnership for Thailand
Sponsored by CZI and ABN
AMRO Asia Capital Investment
Launched in 2000







Major Investments
Pranda Jewelry
Evason Phuket Resort and Spa
LOXBIT
Sansiri
Santiphab
F&B Food Service
Vietnam Frontier
Fund








Siam Investment Fund II, L.P.




US$50 million
Closed End Direct
Investment Fund for
Vietnam
Dublin Listed
Launched in 1994


The Asian Debt Fund
US$22.5 million
Open Ended Fund
buying distressed debt
in non-Japan Asia
Initial closing on 31
December 2003
Major Investments
Vietnam Industrial
Investments
Indochina Building
Supplies
Luks Cement
29
Capital Z: Overview
A Private Equity Firm that Manages over US$4.0 billion

Offices in New York, London and Hong Kong

32 investment professionals

Managed by five founding partners

Two primary investment partnerships


Capital Z Investment Partners – sponsor of private equity and hedge fund managers

Capital Z Financial Services – direct private equity investor in financial service companies
Manage capital on behalf of over thirty institutional investors

Zurich Financial Services has committed over US$2.9 billion
30
Capital Z: Overview (cont.)


The largest and most
experienced sponsor of
private equity fund
managers
Committed
approximately US$875
million to sponsor 13
private equity fund
managers that manage
over US$2.6 billion

The largest and most
experienced sponsor of
hedge fund managers

Invested approximately
US$380 million to
sponsor 8 hedge fund
managers that manage
over US$3.0 billion

Sponsor of Starview
Capital, a hedge fund-offunds that manages over
US$1.6 billion

Majority owner of
HedgeFund.net and
PrivateEquityCentral.net,
the leading Internet sites
for hedge fund and
private equity investors

The leading private
equity investor
focused on financial
services

Manages a US$1.8
billion private equity
fund raised
in 1999
31
Capital Z: Overview (cont.)
Sponsor Outstanding Private Equity Managers

Sponsorship Approach
CZI provides large cornerstone capital commitments and value added support to obtain minority
ownership in private equity funds

Outstanding Managers
CZI looks to sponsor firms that have the potential to emerge as the industry leaders in their respective
markets

Focused Investment Strategies

Unique Market Access

Thorough Due Diligence and Structuring Capabilities

Ability to Add Value to Their Investments
32
Section G
Biographies
File: agen&cov\cppc0000.ppt
Biographies
PCG Books:
NB
NB FI-Taxable
NB FI-Tax Exempt
CS
CS FI: Taxable or T-Ex.
Mr. Eugene Davis
Finansa Group
Template:Chairman,
cover.ppt
Mr. Davis, age 48, is a co-founder of the Finansa Group and is Chairman of Finansa Plc. He was previously Managing
Director of Chase Manhattan (Thailand). Earlier positions include being Director of Fixed Income Trading with The First
Boston Corporation in Tokyo. Mr. Davis is a United States Citizen and resides in Bangkok.
Mr. Vorasit Pokachaiyapat
Managing Director, Finansa Group
Mr. Pokachiyapat, age 41, is a co-founder of the Finansa Group and is Managing Director of Finansa Plc. He was
previously responsible for IPOs, M&A and privatisation advisory work with Chase Manhattan (Thailand). Earlier positions
include Head of Research as TISCO. Mr. Pokachaiyapat is a Thai Citizen and resides in Bangkok.
Mr. James Marshall
Research Director, Finansa Group
Mr. Marshall, age 49, is the Research Director for the Finansa Group. He was previously Research Head of a tie-up
between Nomura International and Unit Trust of India in Mumbai. Earlier positions include Head of Research of Capital
Nomura Securities in Bangkok. Mr. Marshall is a United Kingdom Citizen and resides in Bangkok.
Mr. Craig Wilson
General Counsel, Finansa Group
Mr. Wilson, age 47, is the General Counsel of Finansa Plc. He was previously with the international law firm White and
Case and before that, the Asian Development Bank. He received his J.D. from Harvard Law School and his A.B from Yale
College. Mr. Wilson is a United States citizen and resides in Bangkok.
34
Biographies (cont.)
Ms. Rachanee Mahatdetkul
Vice President, Finansa Group
Ms. Mahatdetkul, age 38, has been a member of the Finansa Private Equity team since 1994 and worked previously as a
financial analyst with American Appraisal (Thailand) She graduated form Assumption University with a degree in Business
Administration and completed an MBA at Santa Clara University in the US. Ms. Mahadetkul is a Thai citizen.
Mr. Teerath Pratumsuwan
Vice President, Finansa Group
Mr. Pratumsuwan, age 36, has been a member of the Finansa Private Equity team since 1995 and worked previously Assistant
Treasurer at Siam Cement. He graduated from Chulalongkorn University with a Degree in Accounting and completed an MBA at
the City University of New York. Mr. Pratumsuwan is a Thai citizen.
Ms. Aliya Chupinijsak
Vice President, Finansa Group
Ms. Chupinijsak, age 32, has been a member of the Finansa Private Equity team since 2000 and worked previously as an
Investment Banking Associate with Bankers Trust in Hong Kong. She graduated form Brown University, Rhode Island with a
degree in Economics and completed an MBA at University of Michigan in the US. Ms. Chupinijsak is a Thai citizen.
Ms. Keiko Sebata
Vice President, Finansa Group
Ms. Sebata, age 41, has been a member of the Finansa Private Equity team since 1993 and worked previously as a securities
analyst win with James Capel in Tokyo. She graduated form Sophia University in Japan with a degree in Business
Administration. Ms. Sebata is a Japanese citizen and resides in Bangkok.
35
Biographies (cont.)
Mr. Kenneth L. White
Executive Director, Finansa Group
Mr. White, age 57, is Managing Director of Finansa Credit Ltd. and a Director of Finansa Plc. He was previously Managing
Director of Pacific Siam Strategic Consulting. Earlier positions include General Manager of Chase Manhattan in Thailand. Mr.
White is a U.S. citizen.
Mr. Laurence Cheng
Chairman of the Board, Chief Executive Officer & Founding Partner, CZI
Mr. Cheng, age 54, is the Chairman of the Board, CEO and Founding Partner of Capital Z Investment Partners. Earlier
positions include 23 years at Zurich Financial Services as CIO, member of Zurich’s Corporate Executive Board, and
President and CEO of Zurich Investment Management Ltd. Mr. Cheng resides in New York and is a citizen of Canada and
Hong Kong.
Mr. Vincent Fan
Partner, CZI
Mr. Fan is a Partner at Capital Z Investment Partners. Earlier positions include Chairman of the Advisory Board of CVC
Capital Partners Asia Pacific, CEO of CVC Asia Pacific, Chief Executive of Citicorp Capital Asia, and Executive Chairman of
Citicorp China Investment Management. Mr. Fan resides in Hong Kong and is a citizen of Canada and Hong Kong.
36
Section H
Contact Information
File: agen&cov\cppc0000.ppt
Contact Information
PCG Books:
NB
NB FI-Taxable
NB FI-Tax Exempt
CS
CS FI: Taxable or T-Ex.
Template: cover.ppt
Finansa Plc
Capital Z
Mr. James Marshall
TISCO Tower 16/F
48 North Sathorn Road
Bangkok 10500
Thailand
Mr. Vincent Fan
38th Floor, Tower 1
Lippo Centre
89 Queensway
Hong Kong
Tel +662 697 3700
Fax +662 266 6688
[email protected]
http://www.finansa.com
Tel +852 2230 9800
Fax +852 2230 9898
[email protected]
http://www.capitalz.com
38