• Long-Term Asia Focused Private Equity Investors

• Specific Initiatives in Asian Environmental Sector

1 1

Overview

• Formed March 1997 and focuses

exclusively on long-term investments in

leading Asian companies

• Our investors (LPs) include global DFIs,

major U.S., European, Japanese and

Korean financial institutions, pension funds

and endowments

• To date, Olympus Capital has led over $2

billion in investments and commitments

into 45+ companies. Currently managing

~$1 billion of investments

• ~50 investment professionals operating

from 7 offices across the globe (6 regional

offices in Asia)

• Experienced, highly collaborative and

stable investment management team

• 11 Managing Directors, of which 5 have

worked in Olympus since 1998

Japan

Office: Tokyo

Southeast Asia

Office: Singapore

South Korea

Office: Seoul

Greater China

Offices: Hong

Kong & Shanghai India

Office: New

Delhi

Our offices

2 2

Investment Strategy

• Seeks to back strong management teams with established expertise and track record in high

growth industries

• Management teams in our portfolio companies have significant shareholdings and incentives

to align their interests with those of investors

Strong

management

team

Sector

exposure

• Growth capital and financial support

• ESG upgrade to highest standard

• Management additions. We have track-record of committing our team members to assisting

companies on part- and full-time basis

• Growth initiatives including M&As and regional expansion through our extensive sector

network

Our value-add

Flexible exit

strategy

• Flexible exit strategies aimed at fulfilling Company and management aspirations

• Track-record of exits via IPO, strategic sales, trade sales

Invests in wide range of sectors including:

• Environmental

• Healthcare

• Manufacturing

• Financial and business services

• Agri-business & food

• Telecommunications & consumer

The Case for focusing on the

Environmental Sector

4 4

water air

solid

waste energy

climate

Key environmental issues

• Critical environment related issues affecting our society

• High impact on daily lives of our people

• Significant business responsibility and opportunity in addressing the issues

Environmental sector – investment thesis

Demand driven

•More electricity

•More clean water

•More waste

Policy driven

•Emission control

•Energy mix

•Pollution control

•Efficiency

Macro driven

•GDP and consumption

Regional driven

•China

•India

•Southeast Asia

5

Demand growth and profitability by environmental segments

Source: Credit Suisse estimate (2015)

Chart in focus: China environmental related investment

6

2015E-2020E: China estimated investment in environmental related industries, expected to

grow at 12% CAGR

Source: CEIC, Credit Suisse estimates (Oct 2015)

20,963

8,838

3,961 3,382 3,315 3,020 3,002 2,062

1,116

0

5,000

10,000

15,000

20,000

25,000

Australia USA Vietnam Japan Thailand France Italy China India

Fre

sh

wate

r re

so

urc

e p

er

cap

ita

(cu

bic

me

ters

)Chart in focus: Freshwater resources per capita

7

Source: World Bank, 2014 freshwater resource per capita

On a per capita basis, water resources is scarce for major Emerging Markets nations such as

China and India

Chart in focus: Global share of energy generation

8

Reliance on traditional energy source expected to

decrease, while renewable and hydro energy sources

anticipated to be an increasingly important source of

energy

Our Environmental Initiatives

10 10

Environmental sector initiatives

• Since 2005, Olympus Capital began investing in the

environmental sector, including waste, renewables, and

carbon

• In 2008, we established a dedicated funding vehicle, Asia

Environmental Partners I (“AEP I”), to undertake

environmental investments initiatives. Since then, we

have invested in a variety of environmental sub-sector

leaders, with US$370mm total capital deployed, across

Asia with investment size ranging between US$20-

100mm

• In 2015, we raised our second environmental-focused

fund, Asia Environmental Partners II (“AEP II”), with a final

close of over US$300mm

• Dedicated AEP team focusing on energy and

environmental sector

• Offices in Dubai, Hong Kong, Shanghai, Singapore,

with over 20 investment professionals across these offices

Environmental Initiatives: AEP Funds

AEP I AEP II

Vintage 2008 2014

Size (US$mm) $370 $300+

Status

# investment 9 3

11 11

AEP investment areas

• Solid and hazardous waste management

• Materials recycling and re-use

• Energy efficiency products and services

• Renewable energy projects and services

• Clean energy and infrastructure

• Water quality and treatment management

• Pollution control and prevention devices and services

• Carbon credit projects and developers

• Specialty materials and other clean technologies

Our investments

Electronic waste

•Olympus invested in one of Asia’s e-waste leading

operators, LTG, in 2015

•LTG is headquartered in Hong Kong and operates

globally

•Provides e-waste solutions to global OEMs and mobile

device manufacturers

•Olympus value-add includes management team and

financial systems upgrade, strategic advices, and sector

consolidation ideas

12

New materials / efficiency products

•Olympus invested in a global top 5 meta-aramid fibre

manufacturer in 2015

•Meta-aramid fibre is strong and highly heat resistant

•Core materials for air filtration system in high emission

industries. Also essential for safety uniform and light-

weight, high strength construction materials

•Olympus value-add includes management team

upgrade, strategic and consolidation advices, and

upgrading Company’s ESG systems

Renewable power: WTE / Hydro / Wind

•Investments include China’s largest private WTE and

mini hydropower operators, and one of China’s largest

windpower producers. Also invested in India’s leading

wind + bio-mass power producer

•Extensive track-record in renewable energy platform

build-up and consolidation. Built China’s largest

hydropower platform from 150MW to 1,200MW in 8

years and helped a WTE platform to 2x its EBITDA within

2 years of investment

Water

•Invested in two of China’s largest private water

treatment and water supply companies and one of India

water treatment sector leaders

•Our value-add includes driving management’s sector

consolidation plans, growth capital raising, and

management upgrade

Company Sector Investment Scale

• Hydro power • Three rounds of investments (Series A+B+C)

since July 2009

• Total investment US$140mm by Olympus/AEP

• Total installed capacity of 150MW at investment

• Currently owns 60+ assets across 9 provinces with total

installed capacity of 1,200MW

• FY2015 EBITDA: US$109mm

• E-waste

recycling

• US$45mm investment in November 2015 • Top 3 TET e-waste recycler in APAC and top 5 globally

• Presence in HK, China, USA, Europe, and Middle East

• FY2015 EBITDA: US$10mm+

• Waste-to-

energy

• US$25mm of pre-IPO investment in May 2014

• Subsequent public market follow-on investment

in 2016 of US$10.5mm total

• Treatment capacity of 6.4kt/day at investment

• Current treatment capacity of 15.7kt/day

• FY2015 EBITDA: US$65mm

• Waste-to-

energy

• US$26mm investment in December 2010 • Total operating capacity of 10.8kt/day at our investment

• Current operating capacity of 22.8kt/day

• FY2015 EBITDA: US$144mm

• Waste water

treatment

• US$25mm investment in September 2010 • Current treatment capacity of ~4mt/day

• FY2015 EBIT: US$161mm

Selected investments overview

13

A

B

C

D

E

Company Operational value-add ESG upgrade Strategic value-add

• Capacity expanded from

150MW in 2009 to 1,200MW

now

• Identify operational risks

• Provide technical support to develop

organizational capacity to manage E&S issues

• Developing and implementing formal ESMS

• Seconded our resources as interim CFO

to upgrade financial system

• Led 3 rounds of capital raising, total

US$280mm (of which US$140mm from

Olympus)

• Company’s management

upgrade, strategic growth plan

and sector consolidation

• CFO / COO recruit

• Obtaining all regulatory permits

• Compliance with operational regulations

• Financial system upgrade

• Capacity growth from 6.4kt.day

in 2014 to 15.7kt/day now

• Introducing potential project

acquisition targets

• Adopt international E&S best

practices/standards

• Proven ESG track records that attract

international investors

• Growth capital raising, IPO, advise on

debt financing

• Capacity growth from

10.8kt.day in 2010 to

22.8kt/day now

• Identify and close non-compliance issues • Assist in the IPO process

• Advise on financial system upgrade

• Driving management’s sector

consolidation plans

• Identify and close non-compliance issues • Assist in growth capital raising

Selected investments overview (cont’d)

14

A

B

C

D

E

Responsible investing

• One of AEP’s key missions is to create portfolio of companies that both (1) invest / promote

environmental efforts to the community, and (2) operate under the highest ESG (Environmental /

Social / Governance) standards for its stakeholders

• We have a team of dedicated ESG officers / specialists who focus on identifying, assessing, and

monitoring our portfolio ESG standard

• Our approach:

Before investment

• Detailed ESG standard due diligence and gap + risk assessment. Satisfactory results are

cornerstone to our investment decision

• As part of our investment framework, we work with investment company to develop sustainable ESG

and ESMS framework for the company and dedicate our environmental officers to design relevant

policies to address any ESG gaps we identify

After investment

• Dedicated ESG team to develop and execute ESG and ESMS framework for our companies

• Active review and strengthening of ESG policies and execution capacity

15

Electronic Waste Investment

E-waste sector opportunities

17

E-waste: a growing market in the TET

world…

•Unprecedented consumption increase of TET

products worldwide. By 2015, ~2.1 billion mobile

phones (up from 1.4bn in 2010), 365 million

tablets and e-readers (up from 250mm in 2010) /

circa ~US$600 billion worth of smart device was

shipped globally.

•Replacement rate also increases significantly.

With new models of mobile device coming out

every year, our generation is replacing our

devices at lease once or twice each year

•Global TET e-waste is expected to grow at

CAGR of 24% with a US$50bn market by 2020,

of which half would come from APAC region

•Value is also increasing, as devices are

manufactured with higher value metals and

components, ranging from precious metals to

high reuse value electronic components

• INDUSTRY CAGR at 24% to 2020

• Growing awareness of severity of e-waste

• Stricter regulations globally – in-demand

for e-waste operations and managers

• Lack of total solutions in the market

• Ability to re-create value from e-waste

Investment

opportunity

LTG – leading RSCM solution provider in TET

• In 2015, Olympus invested in LTG, a global leader

in Reverse Supply Chain Management in the TET

(telecom, electronics, technology) sector

• LTG has more than 15 years of global operations

experience in RSCM solutions

• Clients include a number world’s top OEMs in the

TET segment

• Well credentialed and qualified for value chain

optimization and EOL (End of Life) solutions

18

Industry leader in RSCM

• More than 20 facilities worldwide supported by over

1,000 RSCM professionals & engineers

• Solutions for both post-industrial (ie along

production chain) and post-consumer (ie after sale

to consumer) RSCM solutions and platforms

• Help clients through e-waste processing, data

security, compliance solutions, and realization of

financial returns

• Credentials: R2 / RIOS, ISO, NAID AAA

Total Reverse Supply Chain Management (“RSCM”)

•Reverse logistics and online tracking

•Compliance and integrated reporting

•Component harvesting and repurposing

•Enterprise asset management

•Downstream management

•Re-manufacturing & Recovery

•Data security and destruction

Global RSCM Network

•LTG is globally operated and offers solutions across

all regions

Q&A