Page 1

EAST INDIA CAPITAL MANAGEMENT

Wealth Management from


Contents

Sections 1.

Background to East India Capital Management

2.

Background to Milltrust International Group

3.

Wealth Management at East India Capital Management

4.

Diversification Through A Core/Satellite Approach

5.

A Safe & Secure Home for Your Assets

6.

Managed Accounts

7.

Our People

8.

Our Partnership with Avista Asset Management

9.

Appendix – Our Private Deals Pipeline

Š Copyright 2016 | East India Capital Management

2


Background to East India Capital Management Singapore is home to our MAS-regulated, wealth solutions business, East India Capital Management (“EICM”), which manages assets for entrepreneurs and families in business across the world. We have structured vehicles to control and develop assets in Africa, South East Asia, India, the U.K. and the USA. With domain knowledge in areas such as hospitality, real estate, agriculture, healthcare, power engineering and the new economy, we have helped leading family-owned businesses source non-bank finance, and launch collective asset vehicles to provide arm’s length management and to permit access to institutional capital. EICM is regulated by the Monetary Authority of Singapore, and is an affiliate of an international asset management group, Milltrust International. In 2016 it launched the South Asia Hospitality Trust, and the Asian Film Fund.

© Copyright 2016 | East India Capital Management

3


Background to Milltrust International Group Combining British standards of regulation and probity with Singaporean efficiency, Milltrust International Group serves its clients from the twin hubs of London and Singapore, providing investment management expertise in both traditional and alternative investments with a strong focus on the growth markets. With expertise in the public equity arena through its unique single custody platform, showcasing some of the best equity managers from across the emerging markets, Milltrust EMMA funds pioneered the one stop shop for local asset management. Investing across 32 countries, our awardwinning GEMS program is consistently ranked amongst the top-performing emerging markets products. In the real assets arena, where de-correlation with traditional markets and a reliable income component are key, MILLTRUST is one of few managers globally providing investors with exposure to agricultural land as an asset class. We also provide access to the African consumer story through the dollar-based income stream generated by the income and capital gains we derive from building and operating shopping malls in Sub-Saharan Africa.

Š Copyright 2016 | East India Capital Management

4


Background: Our Group Structure & Recent Awards Milltrust International Group (Singapore) Pte Ltd - holding company, Singapore

Fund Management Services Milltrust International LLP - FCA regulated, UK

Specialist Advice

Wealth Solutions

Milltrust Agricultural Investments, UK

East India Capital Management Pte Ltd - MAS regulated, Singapore

South Asia Hospitality Fund

Emerging Markets Investing

Asian Film Fund

UK and International Real Estate UK Science and Technology

Š Copyright 2016 | East India Capital Management

5


Background: Our Team is Global

London

Zug

Dublin Paris Geneva

Tokyo

Chicago Los Angeles

Seoul

Palm Beach

Kuwait Bangkok Our extended family heritage draws on the pioneering spirit that has taken us to the Americas, Asia, Africa, Australasia, India, the Middle East and Europe. We have international representation in 16 locations around the world.

Cape Town

SĂŁo Paulo

Singapore

Auckland

Key regional offices Group affiliate offices

Š Copyright 2016 | East India Capital Management

6


Wealth Management at East India Capital Management

We

service clients who want access to a discrete, personalised service from a highly experienced team of investment professionals. offer our clients access to the same specialist investment skills typically only available to the biggest institutions and hedge funds. leverage our regulated asset management platform and relationships with local private banks to provide access to a range of services at wholesale prices. and, work to help preserve our clients’ assets, generate income and assist with the growth of their businesses.

Š Copyright 2016 | East India Capital Management

7


Wealth Management at East India Capital Management

Our Approach We focus on delivering consistent returns in accordance with the level of risk each client is prepared to accept. Drawing on a disciplined investment process, your portfolio will be constructed and managed to combine the resources of the wealth management team at EICM, Milltrust International, and the skills of carefully selected external specialists.

Š Copyright 2016 | East India Capital Management

8


Wealth Management at East India Capital Management

Low Cost We offer prudent low cost access to the world’s best fund managers, through a single regulated platform in Ireland. We charge zero incremental fees. Wherever possible, one fee is all that our clients pay. Clients’ assets typically remain in Singapore or Ireland, the world’s leading tax-neutral regulated centers.

© Copyright 2016 | East India Capital Management

9


Wealth Management at East India Capital Management

Corporate Social Responsibility We take corporate governance and sustainability seriously and ensure that social, environmental and ethical research is integrated into our investment process and that of the professionals with whom we invest. The group is represented at the International Sustainability Unit (ISU), an initiative of The Prince's Trust.

We have also played an active role in the drafting of the OECD's Farming Investment Guidelines.

Š Copyright 2016 | East India Capital Management

10


Diversification Through A Core/Satellite Approach Our Relationship Managers serve as the stewards of your capital, providing you with a diversified portfolio, built around a top down analysis of the current global opportunity set, and managed by some of the world's leading investment groups. The core offering is the EICM Multi-Asset Class Fund. We combine this core offering with access to a range of specialist investment opportunities.

Satellite: Corporate Advisory

Lending at competitive rates from wellcapitalised banking partners

Access to private debt, equity and new partners to expand businesses

Mutual Funds

Private Equity & VC

Alternatives (Hedge Funds, CTAs)

Sophisticated regulated fund structure combining professional management and banking services

Satellite: Asset Classes

Core: EICM Multi-Asset Class Fund Real Assets: residential or commercial property, hospitality assets, agricultural land

Š Copyright 2016 | East India Capital Management

Fixed Income

Services of world’s leading private banks at favourable rates 11


A Safe & Secure Home for Your Assets Our group has structured a fully regulated UCITS platform which provides segregated, separately managed accounts (SMA) in partnership with State Street. Additionally, our regulated Irish Collective Asset Vehicle (ICAV) offers the flexibility to house our clients’ assets within a single custodial framework, offering co-mingled, or single asset/single investor accounts. Our clients enjoy the security & access of an institutional platform where their investments remain in a single, tax-neutral jurisdiction and are accessible wherever in the world one chooses to reside.

Security Your assets are held within segregated accounts on the custodian’s platform to provide the highest levels of safekeeping and professional reporting.

Alignment Our fee structures are totally transparent. We do not take any fees from the service providers we use. Source: State Street Bank - the bank’s total assets under custody and administration at end of 2015: US$28 trillion

© Copyright 2016 | East India Capital Management

12


Managed Accounts

At EICM, we specialise in structuring managed accounts for families, high net worth individuals, corporates and institutional investors. We have been an effective source of private capital enabling recapitalisation, growth and partnership for many of our clients.

Managed accounts offer a discreet and secure way of holding investments through a regulated structure, offering integral banking services. The managed accounts are transparent and safe, and allow an asset owner to appoint a professional arm's length asset manager to oversee the investments, and to invite co-investors, or debt providers to come alongside the principal in a co-mingled, equitable collective asset vehicle.

Š Copyright 2016 | East India Capital Management

13


Our Partnership with Avista Asset Management East India Capital Management and Avista Asset Management have come together to create a powerful combination of institutional investment management with extensive experience in property asset management expertise, leveraging on two international group’s complementary and distinct skill sets. Avista Asset Management was set up to deliver real estate asset management services to owners, investors, UHNWI’s, corporates & private equity funds who are asset owners and wish to optimize their alternative investments. Avista Asset Management has set up a highly skilled asset management team which will own the entire process and advise clients on monetization strategies and/or superior portfolio performance via various asset management strategies.

Milltrust International Group Award-winning global investment organization providing investment management expertise in Emerging Markets and Real Assets.

Avista Advisory Group Pan-Asian investment banking advisory firm who is a partner of Houlihan Lokey, USA.

East India Capital Management Singapore MAS-regulated fund management company, managing assets for entrepreneurs and families in business across the world.

Avista Asset Management Specialized in real estate asset management services to owners, investors, UHNWI’s, corporates & private equity funds.

Joint Venture

© Copyright 2016 | East India Capital Management Pte. Ltd.

14


“Connectivity, experience, and international presence are key characteristics of our Team.”

Our People

Pradeepto K Biswas Partner and Co-Founder

Simon Hopkins Chairman and Co-Founder Chairman and Co-Founder, Simon Hopkins is a successful entrepreneur who has been a pioneering figure in the international investment management industry for more than two decades. Mr. Hopkins spent his early career at S.G. Warburg, UBS, HSBC James Capel and Nomura International. In 1996 Mr. Hopkins founded Fortune Group, a diversified multi asset class advisory firm overseeing USD 7bn. The firm was successfully sold to UK-listed, Close Brothers Group in 2006, culminating in its full integration in Jan 2010.

Pradeepto K Biswas is a businessman and entrepreneur who has combined senior roles at some of the world's leading financial institutions with a passion for investing in and mentoring new businesses. A scion of an old family from Eastern India he has continued the family tradition through his active involvement in banking, consulting, hospitality, engineering and construction works in multiple South Asian nations , Africa and Europe.

Mr. Biswas has held various junior and senior private banking roles at global financial institutions including BNP Paribas, Citibank Singapore Ltd, Merrill Lynch International In May 2011, Mr Hopkins founded Milltrust International Group, an award- Bank Ltd, HSBC Private Bank (Suisse) SA, and Barclays Bank Plc. Prior to co-founding winning investment platform focusing primarily on Frontier and Emerging EICM, he was the Managing Director of Deer Creek Advisors Pte Ltd - a multi-family Markets, and specialist real asset solutions. Milltrust advises the Emerging office headquartered in Singapore with offices in Geneva and London. Markets Land Opportunities SPC, with a specific focus on developing agricultural farmland projects in Latin America and Australasia. It also offers a Mr. Biswas is the founder and director of Indian Ocean Group Private Limited, a consultancy, trading and investment holding firm, headquartered in Singapore, with specialist African real estate fund that builds shopping malls in sub-Saharan a focus on private equity investing in hospitality and early stage technology African cities. Milltrust delivers the industry’s first dedicated Emerging ventures. Markets Managed Accounts Platform which provides international investors with access to the local equity markets through a selection of some of the Mr. Biswas co-founded Campus Ventures, an angel investment fund for early-stage, world's best regional asset managers. It has structured investments with Value consumer-focused businesses leveraging new-age technologies and offering a panPartners and Keywise (Greater China), UTI International (India), Lion Global India ecosystem to identify and nurture promising start-ups from campuses and Investors (ASEAN), BTG Pactual (Brazil), and ItaúUnibanco (Latin America), in their alumni. the form of regulated Irish UCITS funds. Mr. Biswas is a metallurgical and material science engineer, graduating from Government College of Engineering, Pune. He holds a Bachelor of Engineering Mr. Hopkins is a regular commentator on fund industry topics in the financial degree from University of Pune in 2000, an Honours Diploma in Network Centered media. He was profiled in a significant interview with Financial Times in Computing from National Institute of Information Technology, and a Masters of December 2008. He graduated with honours from the University of Bristol's Business Administration (MBA) from University of Wales, Cardiff. He is a Faculty of Law in 1986 and speaks fluent French. He now resides with his Singaporean National and he resides in Singapore. family in Singapore. © Copyright 2016 | East India Capital Management

15


Our People Dennis See, CFA Executive Director

Saurabh Gupta, CAIA Partner and Portfolio Manager

Dennis See Chee Chiow is a veteran of the Singapore investment world. He is the founder and CEO of PointWorth Management Pte Limited, a firm noted for being one of the first independent, exempt asset managers in the country. He has been the driving force behind all strategic decisions with the respect to the management of the firm's assets. Dennis served as Director of Asia-Pacific Research and Executive Member of the Investment Committee in Chemical Bank New York. At Chemical Bankšs Trust and Investment Division (now part of JP Morgan), he was instrumental in organizing the first offshore fund management unit in Singapore in 1982. He went on to join the Indosuez Group (now part of the Credit Agricole Group) in 1986 where he conceived, developed and built up both the private banking and the investment management operations.

Mr. Saurabh Gupta is a seasoned investment professional with over 13 years' experience in global investment products, and a specialisation in equities and alternative investments.

Up to his departure in 1994, he founded and spearheaded Indosuez Asset Management Singapore (now Credit Agricole Asset Management Singapore), which subsequently became part of the Gartmore Indosuez Group. He started his career as a stockbroker at JM Sassoon in Singapore. Dennis is a regular member and past-Honorary Auditor of CFA Singapore (previously the Singapore Society of Financial Analysts) and a member of the CFA Institute. He holds a Bachelor degree (Hons) in Economics, a Masters degree in Finance and is a Chartered Financial Analyst. Mr. See is a Singaporean National and he resides in Singapore.

In 2015, Saurabh co-founded M! Capital Ventures Pte. Ltd to provide film advisory and professional consultancy services to professional investors and Motion Pictures entities within Asia Pacific.

Saurabh began his career in 2000 at Siemens AG, Munich on the graduate trainee program with stints in both Germany and Singapore. Since May 2002 until June 2015, he has worked with leading global financial institutions including Citibank N.A, ABN AMRO, Deutsche Bank AG, ANZ Bank and most recently with Bank Julius Baer, Singapore where he led a team private bankers as an Executive Director and Team Head. Prior to joining Bank Julius Baer, Saurabh successfully launched and headed the Global Indian Business for over four years at ANZ Private Bank, Singapore.

Saurabh holds a Bachelor of Economics (Hons) degree from Delhi University in 1998 and a Post Graduate Diploma in Business Administration from NMIMS, Mumbai in 2000. He attained the Chartered Alternative Investment Analyst (CAIA) designation in 2009. In 2008, Saurabh taught Financial Services Marketing and Relationship Management at the Singapore Management University, Lee Kong Chian School of Business. He is a Singapore Permanent Resident and he lives with his family in Singapore.

Š Copyright 2016 | East India Capital Management

16


Our People Parag Khanna Senior Advisor

James Cotton Senior Advisor James Cotton has been a top performing, private client fund manager for much of his career. For the first 10 years of his professional career, Mr Cotton was an award-winning Portfolio Manager at Singer & Friedlander Group Plc, London, where he served for 7 years as the Head of Small Company Investment. From 1997 to 2004, he worked for Montanaro Asset Management, ABN Amro Asset Management and Troy Asset Management in a number of different senior management positions. From 1998 to 2004, he was the Co-Founder and Director of Stream Group PLC, a successful telecoms business, listed on the London Stock Exchange. From 2004 to present, Mr Cotton has been successfully restructuring and investing in a number of private companies in SouthEast Asia. He has served as a Senior Advisor to our institutional business, Milltrust International since 2011. Mr. Cotton graduated with a BSc. (Hons) in Management Sciences from the University of Manchester's Institute of Science and Technology (1987) and completed a number of courses at London Business School (1994). He is conversational in French and Thai, and currently resides with his family in Thailand.

Senior Advisor, Parag Khanna is a leading global strategist, world traveller, and best-selling author. He is a CNN Global Contributor and Senior Research Fellow in the Centre on Asia and Globalisation at the Lee Kuan Yew School of Public Policy at the National University of Singapore. He is also the Managing Partner of Hybrid Reality, a boutique geostrategic advisory firm, and Co-Founder & CEO of Factotum, a leading content branding agency. Born in India, Mr. Khanna grew up in the United Arab Emirates, New York, and Germany. He has travelled to more than 100 countries and is a Young Global Leader of the World Economic Forum. He lectures frequently at international conferences and gives executive briefings to government leaders and major corporations on global trends and scenarios, systemic risks and technological disruptions, and market entry strategies and master planning. He holds a PhD from the London School of Economics, and Bachelors and Masters degrees from the School of Foreign Service at Georgetown University. He resides in Singapore.

Š Copyright 2016 | East India Capital Management

17


Our People Gary Thornton, FCA Finance Director

Shimna Chandan Director Shimna is an accomplished wealth manager with over 8 years of experience in the wealth management space. She has been advising clients across Asia and the Middle East in equities, fixed income, structured products, private equity, foreign exchange and derivatives. Shimna began her career is 2006 with Deutsche Bank Private Banking as an acquisition manager, since then she has worked across leading multinational banks in India, including ABN AMRO and DBS, based out of Bangalore India. She later moved on to the Middle East with Standard Chartered Bank as a senior wealth manager for international banking, and managed clients across multiple geographies. She has since held similar positions with Barclays Bank and Kotak Mahindra Financial Services DIFC, in the Middle East.

Gary Thornton FCA, is an experienced finance professional with over two decades of professional experience. Gary has worked with Simon Hopkins for many years, first as auditor of Fortune Group whilst at HW Fisher in London, then as finance director at Fortune, and more recently as head of finance and operations within the institutional team at Close Asset Management, a subsidiary of the UK-listed financial services group to whom Fortune was successfully sold in 2006. Gary's experience extends to fund structuring and compliance and corporate governance. He has been instrumental in the launch of numerous funds including managed accounts. Gary qualified as a chartered accountant with Moore Stephens, an international firm of accountants, in 1993. He graduated from Trinity Hall, Cambridge with a degree in Modern Languages (French and German) and History of Art.

Shimna holds a diploma from the Indian Institute of Management, Bangalore (2006) and a Bachelor of Science degree in mathematics, statistics and computer science from Bangalore University, India. Shimna currently resides in Colombo, Sri Lanka with her family.

Š Copyright 2016 | East India Capital Management

18


Our People Simon Woods Chief Operating Officer

Xiaoguang Yang (Lucas) Associate

Simon Woods is a highly experienced investment professional with over 30 years’ experience in Asia. He started his career at the UK stockbroker Hoare Govett Ltd as an Investment Analyst. Subsequently, he held numerous senior roles at Fraser Vickers Research Pte. Ltd., Citicorp Scrimgeour Vickers, Barclays de Zoete Wedd Securities Ltd., BZW – Pacific Union Pte. Ltd., Pesaka Jardine Fleming Sdn. Bhd., CIMB Securities Sdn. Bhd., Caspian Securities Ltd., and most recently as CEO of Deer Creek Advisors Pte Ltd in Singapore. Mr. Woods graduated with a degree in anthropology from Durham University (UK) in 1976. He holds postgraduate qualifications (M.Sc.) in Management Studies from Durham University Business School and a diploma in Accounting and Finance from City of London Polytechnic. He is a member of both the Singapore Stock Exchange, and the Hong Kong Stock Exchange.

Mr. Yang is employed by Milltrust International Group and works closely with the Chief Executive. His primary focus is developing financial products for institutional investors.

Prior to joining Milltrust, Mr. Yang worked as an Investor Relations Consultant from 2010 to 2014 in Singapore. He participated in many corporate actions including capital raising, IPO, RTO, privatisations, M&A, and resolution of boardroom disputes, where he provided strategic counsel to the top management of listed companies in Asia as well as private companies seeking to list on the Singapore Stock Exchange. Prior to 2010, he gained extensive internship work experiences in both China and Singapore at a number of banks, listcos, and hedge funds. Mr. Yang graduated from Singapore Management University with an MSc in Applied Finance, and from Xiamen University with a Bachelor degree in English Literature and Culture. He resides in Singapore.

Mr. Woods has had an active life in competitive rowing and sailing. He is a former President of the Singapore Amateur Rowing Association and he competed in the Whitbread Round the World Race. He holds the distinction of being both a freeman of the City of London, and the Worshipful Company of Goldsmiths. He resides in Singapore.

© Copyright 2016 | East India Capital Management

19


Appendix: Our Private Deals Pipeline – Real Estate London Property Income Portfolio

UK Property Developments

London Football Hotel

US Office Building Portfolio

Summary:

Milltrust has structured an Irish Collect Asset Vehicle (ICAV) structure to acquire a portfolio of hotels and luxury serviced apartments in Central London’s fashionable and exclusive area.

Proposed Size:

GBP 150m

Expected gross yield:

8-10%

Structure:

Open-ended ICAV structure. Limited liquidity.

Summary:

The post BREXIT environment has sent sterling to its lowest level for over a decade. This, combined with the residual and prolonged stress of the global financial crisis, and the cash flow problems of many property owners, has presented us with the opportunity to acquire assets at below market prices.

Equity requirement:

GBP 20-35m per project

Equity IRR:

20-30%

Summary:

This deal is to acquire a heritage landmark building, and convert it into a luxury hotel. This property is only yards away from Chelsea FC's Stamford Bridge football stadium.

Acquiring price:

£22 million

Indicative Yield:

9%

Summary:

We have identified an opportunity to invest in a substantially leased portfolio of five office buildings in Phoenix and San Diego in the United States.

Investment Amount:

USD 200m

Going In Cap Rate

8%

Total Area:

911,830 square feet

© Copyright 2016 | East India Capital Management Pte. Ltd.

20


Appendix: Our Private Deals Pipeline – Real Estate Brazil Real Estate

Indian Distressed Real Estate

Australian Residential Property

SAH 1 (Indian Hospitality)

Summary:

The asset is the first and only residential development with a private marina in Latin America (fully equipped for boats up to 60 feet long). The building has 2 towers, one of them completed and the second under construction - a total of 107 units with 45 unsold.

Investment:

BRL 65 million (USD 16.5 million) to purchase 45 units for a gross floor area of 20,025 sqm (9,272 sqm net)

Target IRR:

36.7% per year (real, net of taxes and fees)

Summary:

This is an opportunity for a PE type investor to get full control of a portfolio of distressed industrial, commercial and residential properties in India at a deep discounted price, as the owner of this portfolio requires financing to settle its debts with financial institutions.

Investment amount:

USD 65 million

Total market value:

USD 315 million

Seed Capital Needed:

Minimum US$35 (A$50 million)

Total New Funding Requirement:

US$200m to US$400m

Portfolio Value:

A$500m, 100% underwritten by residential property

IRR Since Inception:

Existing IRR 9.2%, unlevered

Summary:

EICM’s South Asia Hospitality fund 1 is investing in a hospitality and real estate development company, MIPL, which is developing an international 5-star resort hotel in Shimla, India. The hotel is located on top of a hill and offers a clear north side view of the Himalayan range, with 8 Villa Rooms, 2 Junior Suites, 8 Villa Suites (2 Bays) and 81 Standard Rooms.

Equity Investment:

USD 1.5m for 16.89% equity

Pre-money valuation:

USD 7.38m

IRR at 60% LTV:

21.65%

© Copyright 2016 | East India Capital Management Pte. Ltd.

21


Appendix: Our Private Deals Pipeline – Real Estate SAH 2 (South Asian Hospitality)

Milltrust Kalyan African Opportunities

Cambodia Hotel Group

Summary:

EICM’s South Asia Hospitality fund 2 is focusing on South Asian hospitality assets. The first asset will be a 60 villa resort in Maldives.

Investment Amount:

Option 1: outright sale at $70million Option 2: $10 million for 28.6% equity stake in the resort

Invest Period:

10 years

Exit Strategy:

(1) Sell to other private equity investors; (2) Exit to a S-REIT

Target IRR:

19.8%

Summary:

Milltrust Kalyan African Opportunities is focused on African hospitality investments. The first asset is a 36 storey 5-star hotel in Lomé, Togo, a stable West African hub.

Project IRR 5 yrs:

14.1%

Project IRR 10 yrs:

13.6%

Project Yield in yr 5:

12.4%

Summary:

Cambodia Hotel Group is an iconic brand and established hotel and restaurant business in Indochina’s rapidly developing hospitality market. It is looking to undergo a USD 9 - 10 million development and expansion of its hotels and restaurants.

Capital Raising:

USD 9-10m

Target IRR:

20%

Cash Yield:

9%

© Copyright 2016 | East India Capital Management Pte. Ltd.

22


Appendix: Our Private Deals Pipeline – Technologies and Media British Innovation Fund

Water Treatment Technology

MENA Region’s First Online Travel Agency

The Asian Film Fund – Series 1

Summary:

The British Innovation Fund is jointly managed by Milltrust Agricultural Investments and Future Planet Capital. The Fund invests into leading British University innovation venture funds and companies.

Management Fee:

2%

Performance Fee:

20% (subject to 8% hurdle)

Duration:

Open Ended structure

Summary:

The company is a Singapore-based enterprise that specialises in decentralised and integrated management of water, wastewater and environmental services, providing innovative low-cost and efficient solutions to manage water and wastewater across India and developing Asia. It is seeking capital to scale up business operations in India, South-East Asia and the Middle East.

Capital Raising:

SGD 3m

Valuation:

SGD 12m

Summary:

XoomTrip is an Isle of Man online travel agency (“OTA”) that is building the premier local language OTA focused exclusively on the Middle East and North Africa (“MENA”) market.

Capital Raising:

Minimum USD 500,000 for 14.2% stake in the company

Current Valuation:

Pre-money valuation of USD 3m

Exit valuation:

Could ultimately be valued at the high multiples that have been attributed to similar entities.

Summary:

Today, films can offer predictable cash flows given the multiple revenue streams. It has the ability to achieve good returns for investors by applying a “portfolio approach”, in partnership with established producers, directors, actors, artistes and distributors.

Target Size:

USD 50m

Min Investment:

USD 250,000

Target Return:

20- 22% p.a

© Copyright 2016 | East India Capital Management Pte. Ltd.

23


Appendix: Our Private Deals Pipeline – Agricultural Brazil Irrigation Project

Milltrust Agricultural Investments B&L Strategy

Indian Distressed Diary Company

Tanzanian Cereal Operations

Summary:

This is an opportunity to participate in an irrigation development project of multiple crops land in Piaui, Brazil, partnering with a long-standing agriculture family group in Brazil.

Total Project Value:

R$44m (irrigation, land, machinery, infrastructure)

Capital Raising:

R$28m for irrigation

Target IRR to LPs:

Year 5 Exit: 29.5% p.a. / Year 10 Exit: 21.4% p.a.

Exit Strategy:

Sale to strategic players

Summary:

Milltrust has successfully launched a farmland collective asset scheme with a “Buy & Lease” focus in June 2016. The anchor investor is the Royal Berkshire Pension Fund, one of the largest UK public pension funds.

Term:

Open-ended but anticipate long term participation

Fund:

Open-ended, local currency, ICAV structure

Expected Return:

Income yield 5%-6% p.a. IRR 12%.

Summary:

This is an event-driven distressed investment opportunity within Indian dairy sector. The company is well-known but has been in financial distress in the past year and is seeking capital to re-structure its debt and boost existing operations.

Investment Amount:

USD 35m

Investment Terms:

30% equity of the Company

Summary:

This is an opportunity to invest into one of Tanzania’s largest commercial cereal farming operations (3,845 ha) located in the Kilimanjaro region. The Company’s operations in Kilimanjaro are now fully developed and the company is looking to enter a new phase of growth by transforming itself from a dryland cereals producer into an agricultural enterprise.

Investment:

USD20m

Target Return:

IRR 20%+

© Copyright 2016 | East India Capital Management Pte. Ltd.

24


Appendix: Our Private Deals Pipeline – Agricultural Milltrust Tropical Forestry Investments

Zambia Farmland

Summary:

Milltrust Agricultural Investments has established a Sandalwood forestry investment fund. The forests will be managed by a specialist Australian forestry management company.

Structure & terms:

Open-ended Irish Collective Asset-management Vehicle structure. Limited liquidity. 1% management fee, 15% performance fee.

Investment size:

A$34m (A$24m to acquire 201 ha of land + mature trees + ongoing plantation capex)

Target IRR:

17% (Pre-tax, Net of all fees)

Summary:

This is an opportunity to buy a large farming site in Livingstone district, Zambia. The site is adjacent to Zambezi River, the largest river flowing into the Indian Ocean from Africa, and 20 mins from Victoria Falls. Zambia Government encourages foreign investors in commercial farming due to the natural potential and abundant water resources. The farm is well priced at this time being as the fund currently owns it is at end of the fund’s life so the assets must be sold.

Offering Price:

USD 5m

Tenure:

99 Year Leasehold

Asset Valuation in Dec 2013:

USD 6.5m

Projected net income in the first 5 years:

USD 6m

© Copyright 2016 | East India Capital Management Pte. Ltd.

25


Disclaimer East India Capital Management Pte. Ltd. is a member of Milltrust International Group. Milltrust International Group (Singapore) Pte. Ltd. is a group holding company for the group's operating companies. Milltrust International LLP is a subsidiary of Milltrust International Group (Singapore) Pte. Ltd. and is authorised and regulated by the Financial Conduct Authority in the United Kingdom. East India Capital Management Pte. Ltd. is a subsidiary of Milltrust International LLP. It is registered with the Monetary Authority of Singapore as a Registered Fund Management Company (RFMC).

This document does not constitute any offer or invitation to purchase or subscribe for any shares or other securities. This document is confidential. It is being supplied to you solely for your information and may not be reproduced, forwarded to any other person or published in whole or in part for any purpose without the prior written consent of East India Capital Management. No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness. No representation or warranty, express or implied, is given by East India Capital Management as to the accuracy, fairness, sufficiency or completeness of the information, opinions or beliefs contained in this document. Save in the case of fraud, no liability is accepted for any loss, cost or damage suffered or incurred as a result of the reliance on such information, opinions or beliefs. Any financial projections given are illustrative only and none of the projections or assumptions should be taken as forecasts or promises on the part of East India Capital Management. Accessing this document or using its information is not intended for persons who are restricted or prohibited from accessing or using this document or its information by relevant laws in any jurisdiction, and it is the responsibility of any person accessing the information contained in this document to observe all applicable laws and regulations of such jurisdiction.

Contact Information: Singapore Head Office East India House | 39B Tras Street Singapore 078978 E: info@eastindiacm.com T: +65 6225 3052

London Office 6 Stratton Street London W1J 8LD E: info@milltrust.com T: +44 (0)20 3427 3440

EICM Presentation 2016  

East India Capital Management is a member of Milltrust International Group. It looks to the developing countries of the world as some of th...

Read more
Read more
Similar to
Popular now
Just for you