INVESTMENT PHILOSOPHY

• Leveraging off the network of transaction sources of NCP's principals.

• Investing in companies with solid revenue drivers, strong management, a potential for industry leadership, and a sustainable competitive advantage.

• Establishing positive working investor-investee relationships with the purpose of contributing value to portfolio companies, by bringing expertise to the investee:

• Past expertise in taking companies public in NASDAQ, NYSE, Philippine Stock Exchange and Singapore Stock Exchange 
• Referral of strategic operating and investing partners
• Advice on creative corporate and tax structures
• Advice on intellectual property protection enhancement

• Investing in companies with clear resale potential and a viable investment exit strategy.

• Target investment types are export-driven companies and technology-related businesses in mobile applications, wireless technology, outsourcing businesses and other IT sectors

INVESTMENT CRITERIA

Who are the target companies?

• NCP intends to achieve long-term capital appreciation for its funds principally by making a limited number of direct equity investments in companies in Southeast Asia.

• Our current investment focus is on businesses in mobile applications, wireless technology, call centers and other  outsourcing businesses, and other IT sectors.

• Most investments will be in the range of $1m to $25m, with co-investors.

• In selected cases, NCP may invest smaller amounts in exceptional start-ups founded by proven principals, with a clear revenue model and using proven technology.

• Typically such investments are in unlisted companies, although on occasion in listed but undervalued companies, or in initial public offerings.

• Equity related investment may also be made through unlisted convertible debt securities, warrants or equity-linked special purchase rights.

• NCP does not generally invest in turnarounds or distressed situations.

• NCP intends to take a significant minority stake in its investments – acquired either by subscription for new shares or by purchasing existing shares (or a combination).

• For early stage companies, NCP prefers to take an interim majority stake to be scaled back through earn-backs to the principals based on performance hurdles.

• NCP is a passive investor and accordingly will not seek to control or be actively involved in the management, but will seek the ability to appoint representatives to the Board of Directors, the IPO, Audit or Acquisitions Committee.

• NCP seeks to ensure that existing management of each portfolio company has substantial relevant expertise and a track record of transparency, or will co-invest with local or foreign companies with relevant know-how.

• NCP will seek certain minority protection rights, tag-along and drag-along and swap-up rights, information rights, and the right to appoint or approve certain key management officers.