SELECTED PRIVATE EQUITY INVESTMENTS

Fastech Synergy Ltd

• On November 3, 1997, NCP acquired on behalf of PDICL a 13.34% stake in First Asia Systems Technologies Inc (Fastech), an electronics exporter.
• Fastech was successfully listed on the Stock Exchange of Singapore on 29 September 1999.

Macondray & Co / Del Monte Pacific Ltd

• On April 30, 1998, NCP acquired on behalf of PDICL, Soros Private Equity Partners and Fidelity Capital Far East (FCFE) a 14.7% equity interest in Macondray & Co, Inc (MCI).
• MCI is the Philippine-registered holding company of DelMonte Pacific Ltd. (DMPL) and owns 37.5% of DMPL, the largest pineapple processor.
• On August 2, 1999, DMPL became the first Filipino firm listed on the Singapore Stock Exchange

Smart Communications Inc. /  PLDT

• On October 1, 1999, NCP invested on behalf of PDICL to acquire a minority stake in Smart Communnications Inc., the largest cellular operator
• A second tranche was completed on December 21, 1999
• In March 2000 Philippine Long Distance Telephome company (PLDT) acquired 100% of Smart in a share swap at a premium to PDICL's effective acquisition cost

Chikka

• On April 6 2001, NCP arranged an investment to acquire a stake in Chikka Holdings International
• Chikka is in the business of developing content and applications primarily for wireless service providers.  Its main product is the Chikka Text Messenger which is a wireless instant messaging version of popular messaging platforms such as ICQ, AOL Instant Messenger and Yahoo!Messenger

More information on our investment in Chikka
www.chikka.com

Banco de Oro

• On December 5, 2001, Cambridge Pacific Fund Limited through NCP acquired a 10% stake in the Banco de Oro, the Philippines' twelfth largest bank

More information on our investment in BDO
www.bdo.com.ph

Ten Knots Development Corporation

• NCP arranged a secondary share acquisition of Ten Knots Development Corporation, owner and operator of El Nido Resorts in Palawan equivalent to 51% of the company

More information on our investment in El Nido
www.elnidoresorts.com