Adamas Finance Asia Limited - Company Presentation Ticker: ADAM.LN

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Adamas Finance Asia Limited - Company Presentation Ticker: ADAM.LN
Adamas Finance Asia Limited

Company Presentation                                      Investment Manager
Ticker: ADAM.LN                                           Harmony Capital Investors Limited

Exclusively focused on investing across Asia

                                               May 2019
Adamas Finance Asia Limited - Company Presentation Ticker: ADAM.LN
Our Strategy
            Adamas Finance Asia is an AIM-quoted company targeting delivery of income and capital gain from a
                              diversified mix of pan-Asian investments in the SME1 Sector.
                   Pan-Asian Access                                                             Dividend Income                                  Capital Gain
           Providing investors access to                                               Strategy developed with the                          Experience in sourcing
           a range of high growth Asian                                                 intention to deliver regular                     investments with capital gain
                    economies                                                               dividend income to                           potential across asset classes
                                                                                               shareholders

                                                                        USD                                                    Over

                                                                 2.7                                                      270
                                                                     Trillion                                                 Million

                                                        Asian SME Funding Gap2                                           Number of Asian SMEs3

SMEs                             90%                                                                        50%                                  2 out of 3
                         of Global Businesses4                                                          of Global GDP4                       Contribution to Global Jobs4

  1 Small and Medium Sized Enterprises
  2
    MSME Finance Gap – SME Finance Forum, International Finance Corporation (2017)
  3 Estimated number of small and medium-sized enterprises worldwide in 2010, by region – Statista (2018)
  4 What We Do – SME Finance Forum, International Finance Corporation (2017)

  May 2019                                                                                                                                                                  2
Adamas Finance Asia Limited - Company Presentation Ticker: ADAM.LN
Our Market Opportunity
 ▪ We define SMEs as companies with less than USD500MM of Enterprise Value. The Organisation for Economic Co-operation
   and Development (“OECD”) also defines them as firms with less than 200 employees 5.
 ▪ Limited access to bank financing can constrain the growth of Asian SMEs and in some cases lead to them failing altogether.
 ▪ In 2016, SMEs comprised more than 98% of Asian companies, accounting for 42% of Asia’s GDP whilst receiving only 18.7% of
   bank lending 6.
 ▪ A significant financing gap of c.USD2.7 Trillion has developed in the SME sector in Asia7,8.
 ▪ The combination of the number of SMEs in the Asia region and the highlighted financing gap presents significant opportunities
   for ADAM to deploy capital in the Asian SME Sector.

                      Number of SMEs by Region (Millions)9                                                   Estimated SME Finance Gap by Region (USD Billions)10
                                                                                                 3000                                                                   2,724
300                                                                                271
                                                                                                                                            Largest SME Financing Gap
250                                              Largest Number of SMEs                          2500

200                                                                                              2000

150                                                                                              1500                                                       1,209
100                                                                                              1000
                                                                  62
                                                 40
50           20                21                                                                  500                                       331
                                                                                                                20             76
     0
                                                                                                      0
         Central Asia Middle East and Sub-Saharan High-income                      Asia
                                                                                   Asia
                                                                                                           Middle East &    Europe &      Sub-Saharan   Latin America   Asia
                                                                                                                                                                        Asia
         and Eastern   North Africa      Africa   OECD Countries
                                                                                                           North Africa    Central Asia      Africa      & Carribean
           Europe
 5
   Small and Medium Sized Enterprises – OECD (2005)
 6 Trade Finance Gaps, Growth and Jobs Survey – Asian Development Bank (2017)
 7
   The Role of SMEs in Asia’ Economic Growth – Asad Ata (2017)
 8 Can Fintech Fill Asia- SME Lending Gap? – Sean Creehan (2016)
 9 Estimated number of small and medium-sized enterprises worldwide in 2010, by region – Statista (2018)
 10
    MSME Finance Gap – SME Finance Forum (2017)
 May 2019                                                                                                                                                                       3
Adamas Finance Asia Limited - Company Presentation Ticker: ADAM.LN
Our Market Opportunity - Numerous Targets
▪       There were, as at September 2018, approximately 25,000 listed Asian companies with less than USD1 Billion of market
        capitalisation 11. We estimate there are, at least, an equal number of privately held companies of similar size – thereby
        offering a significant addressable universe of investment targets for ADAM.
               Asian Public Companies by Market Cap Contribution 11                                           ADAM SME Target Features
                                         8%

                               12%                                                        Enterprise Value         ▪ USD5MM to USD500MM

                                                                                                                   ▪ USD5M to USD500MM
                                                                                              Revenue
                                                                                                                   ▪ Bias towards recurring revenues

                                                      80%
                                                                                           Profitability &         ▪ Positive EBITDA/Cash Flows
          Less than USD0.5Bn       USD0.5Bn to USD1.0 Bn     Greater than USD1.0 Bn          Cash Flows            ▪ Manageable CapEx

                    Number of Asian Companies by Market Cap11                             Limited Financing        ▪ Limited access to public markets
                                       3,723                                                   Sources               and traditional bank debt

                           2,391
                                                                                      ▪      While the above is indicative of the broad parameters
                                                                                             we seek in targets, our flexible investment policy is
                                                                                             one of our strongest advantages – allowing ADAM to
                                                                                             potentially invest in a wide array of Asian SME
                                                           24,099
                                                                                             opportunities.
          Less than USD0.5Bn       USD0.5Bn to USD1.0Bn      Greater than USD1.0Bn

11   Bloomberg - September 2018
May 2019                                                                                                                                                4
Adamas Finance Asia Limited - Company Presentation Ticker: ADAM.LN
Our Market Opportunity
▪    While ADAM remains sector agnostic, we have identified the following areas of interest for our investment activity.

                                                                    ▪ Supply constraints.
                                                                    ▪ Government focus on Clean Energy.

                                                                            Energy and
                                                                            Resources

           ▪ Asia is a global manufacturing hub.                                                           ▪ Growing middle class.
                                                                                             Consumer
           ▪ Local consumer drives demand.          Industrials
                                                                                             & Leisure     ▪ Demand for luxury goods, services and
                                                                                                             experiences

                                           Healthcare                        Adamas
                 ▪ Aging population.         & Life
                                                                                                      Internet &   ▪ Internet proliferation continues.
                                                                           Finance Asia               Technology
                 ▪ Medical tourism.         Sciences                                                               ▪ Fintech disrupting financial sector.

                                                        Property                             Education
            ▪ Hard asset backing.                                                                          ▪ Significant share of household spending.
            ▪ Assessable income stream.                                                                    ▪ Increased demand for private education.
                                                                             Food and
                                                                            Agriculture

                                                                   ▪ Increased protein consumption.
                                                                   ▪ Reduced supply of arable land.

May 2019                                                                                                                                                    5
Adamas Finance Asia Limited - Company Presentation Ticker: ADAM.LN
Our Footprint

▪ We provide investors with access to Asia.

                                                       Shareholders

              London
                                                Adamas Finance Asia                                   Hong Kong
                                                     Limited
     ▪     Strategic Presence                                                                   ▪    Asian Headquarters
     ▪     Quoted Investment Company                                                            ▪    Investment Team
     ▪     Main Investor Base                                                                   ▪    Operations Management

                                                         Singapore

                                                   ▪    SE Asia Presence
                                                   ▪    Investment Team

    An AIM-quoted company targeting delivery of income and capital gain from a diversified mix of pan-Asian investments in the
                                                         SME Sector.

May 2019                                                                                                                         6
Adamas Finance Asia Limited - Company Presentation Ticker: ADAM.LN
Our Strategy - Flexible Capital Solutions
▪   Our flexible investment policy enables us to evaluate opportunities across a spectrum of complexity.

      Least Complex                                        Level of Complexity                                      Most Complex

                                                         To meet short term
                                                           liquidity needs

                                                               Bridge
                                                              Finance                              To provide re-
                        Typically for                                                              financing for
                  inorganic growth       Acquisition                                               maturing liabilities
                   to acquire a new          Finance &                            Re-finance       when bank
                         business or                                                               finance and
                         competitor          Buyouts                                               capital markets
                                                                                                   are closed

            Typically for
                                                                                                               Good
        organic growth,
                                                                                                               companies with
      such as additional        Expansion                      Asian                           Rescue          bad capital
         plant capacity,
                                   Capital                 SME Sector                          Finance         structures in
        capex upgrades
                                                                                                               need of
       and new product
                                                                                                               rehabilitation
                    lines

May 2019                                                                                                                           7
Our Strategy - Structured Protection
▪      Investing across the capital structure of SME companies but with a preference for well-structured and downside-protected
       investments.
▪      As Asian SMEs are increasingly starved of capital, we see increasing opportunities to negotiate and invest in structured
       instruments.

                                                             Income +
                                                          Capital Gains
    Security & Downside                                                                                 Amortisation & Early
         Protection                                                                                      Return of Capital

                                            Convertible Bond +          Loan +
                                               Covenants           Warrants/Royalties

                                                           Structured
    Covenants Provide                                     Instruments                                     Board/Monitoring
    Ability to Influence                                   Hybrid                                              Rights
                                                                    Preferred Equity +
                                              Secured Loan
                                                                       Governance

May 2019                                                                                                                       8
Our Investment Manager
▪ Harmony Capital is the Investment Manager to Adamas Finance Asia and is run with its own investment platform.
▪ The team is led by Suresh Withana, its Managing Partner and the firm has offices in London, Hong Kong and Singapore.

                          24     Years of
                                 Experience             13 Years of Pan-Asian Special
                                                           Situations Investing
                                                                                                Dedicated Asian Focus
                                                                                                with a Global Perspective

                                                                 Investment Experience

                          Mizuho International PLC          Harmony Investment Fund I            1998 Asian Financial Crisis
                          c.USD450MM Global Portfolio       c.USD270MM Asia Portfolio            2003 US/Europe Recession
                          3 Yr Life Positive Return         10 Yr Life Positive Return           2009 Global Financial Crisis
                                                                                                 2010 European Sovereign Crisis

▪ Senior members of the team have successfully navigated various financial crises across the globe and over the past 20 years.
▪ Since 2005, Harmony Capital managed a private pan-Asian focussed SME fund for investors including Asian Institutional
  Investors, North American Pension Plans and Family Offices – the fund invested in middle-market companies in South East Asia,
  China and Australia.
▪ Prior to founding Harmony Capital, Suresh worked for Bank of America, Merrill Lynch, Mizuho International PLC and Tikehau
  Capital.

May 2019                                                                                                                          9
Our Investment Manager - Approach
▪     Harmony Capital develops investment ideas through its extensive network of relationships within Asia.
▪     The Harmony Capital Team provides on the ground access to proprietary relationships and serves as a powerful filter for
      ‘non-shopped’ opportunities.

Investment Filters                                                                                               Investment Filters
                                                          Pan-Asia Investible Universe
                                                                                                                Estimated Enterprise Values of
Pan-Asia                                                  Targetable SME Companies                                   USD5MM–to USD500MM

      Healthcare & Life Sciences,                               Selected Sectors                        Property, Internet & Technology,
      Consumer & Retail, Industrials                                                                     Education, Food and Agriculture

                                                               Special Situations
              Expansion Capital, Bridge                                                             Leadership Transition within
              Finance, Re-finance                                                                 family, Industry Consolidation
                                                             Proprietary Access &
                                                                 Origination
                      Strong fit and value-adding                                                 Exclusive Opportunities
                      opportunities                               Sustainable
                                                                   Exclusivity
                                                                                             Deal structure and exit
                            Due Diligence and Valuation                                                  evaluation
                                                                  Negotiations

                                                                     Invest

May 2019                                                                                                                             10
Our Key Metrics12
                                    Net Asset Value                                                                          Operating Gain/Loss
                                                                                                  20.0
                                                        +17%                                      10.0
                                                                                                   0.0
100.0                                                         93.6                  95.0
                                                                                                 -10.0        FY2016          Interim 2017       FY2017            Interim 2018
 90.0                                                                                                                                                               (Unaudited)
                 77.9                                                                            -20.0
 80.0                                   76.8
                                                                                                 -30.0
 70.0                                                                                            -40.0
 60.0
 50.0                                                                                            ▪ Stricter governance and control measures implemented by
 40.0                                                                                              Harmony Capital and the Board since May 2017.
                                                                                                 ▪ Significant due diligence is undertaken by the Investment
 30.0
                                                                                                   Manager on opportunities to reduce risk.
 20.0
 10.0
                                                                                                                           Portfolio Diversification
     0.0
               FY2016              Interim 2017             FY2017              Interim 2018
                                                                                 (Unaudited)
             Appointment of Harmony Capital

     ▪     Harmony Capital has substantially completed the
           restructuring of its inherited portfolio.                                                         31 Dec 2016                              PF 30 June 201813
     ▪     ADAM continues to build a diversified portfolio of exciting
           pan-Asian investments.
12 Extracted from audited results for FYEs 2016 and 2017 and unaudited interims for HY 30 June
   2017 and 2018.                                                                                    China     Malaysia     Cash             China        Hong Kong       Singapore
13 Pro Forma (“PF”)                                                                                                                                           15
                                                                                                                                                 14
14 This investment has been approved and capital is committed. The draw down of funds by the                                                 Japan        Cash
   borrower is imminent.                                                                         ▪ Our Portfolio has re-positioned significantly.
15 The cash balance at PF 30 June 2018 includes USD3.0MM which was received in July 2018.

May 2019                                                                                                                                                                    11
Our Portfolio - Selected Investments

               Infinity Capital Group                 2018 – ADAM invested in Infinity Capital Group, the developer of a high-end
               A Developer of Premium Residential
                                                      development project in Niseko, Japan – a world-class skiing destination
               Projects

An attractive transaction:                                                       Domicile:        Japan                    Property
                                                                                 Status:          Private
✓        Ability to benefit from the rising popularity of winter tourism in
                                                                                 Sector:          Lodging and Leisure
         Niseko, Japan due to its reputation as a world-class ski destination
                                                                                                  Quarterly and Annual Reporting
         and its proximity to major Asian cities.16
                                                                                 Governance:      Monthly Interaction with
✓        Investment proceeds are secured against significant collateral with a                    Management
         conservative ‘Loan to Value’ ratio.                                     Use of
                                                                                                  Business Expansion
✓        We believe that the high-end residential developments of Infinity       Proceeds:
         Capital Group will appeal to Asia’s prospering middle class as their    Investment
                                                                                                  Secured Loan + Warrants
         propensity to spend on luxury goods and travel increases.               Type:
                                                                                                  17.5% p.a. payable semi-annually
                                                                                 Interest Rate:
                                                                                                  in cash
                                                                                 Security:        1st Ranking Asset Pledge
                                                                                 Investment
                                                                                                  USD4.0MM
                                                                                 Amount:
                                                                                 Target Exit:     2024, Repayment at Maturity

                                                         This investment provides ADAM exposure to the rapidly growing
                                                         Asian winter tourism market and further diversifies its portfolio.
16   Taking the Piste – Travel Daily Media (2018)
May 2019                                                                                                                         12
Our Portfolio - Selected Investments

             PharmaJet Inc                                                 2019 – ADAM proposed an investment in PharmaJet Inc, a leading producer of
             A Leading Producer of Innovative
                                                                           needle-free injectors which have received US FDA clearance and EU CE
             Medical Devices
                                                                           certification
                                                                                                                                               Healthcare
An attractive transaction:                                                                         Domicile:         Singapore                 & Life
                                                                                                                                              Sciences
                                                                                                   Status:           Private
✓      World Health Organisation prequalified and listed product and cited
                                                                                                   Sector:           Medical Devices
       by UNICEF as revolutionising how vaccines are delivered.17,18
                                                                                                                     Board Seat
✓      It has recently signed a distribution agreement with Mundipharma, a                         Governance:
                                                                                                                     Quarterly and Annual Reporting
       global medicine and medical devices distributor, expanding its                              Use of
       coverage to over 120 countries across 6 continents.                                                           Business Expansion
                                                                                                   Proceeds:
✓      Exit plans include an IPO on the Singapore Stock Exchange by 2020                           Investment
                                                                                                                     Convertible Bond
       followed by a migration to the NASDAQ by 2022.                                              Type:
                                                                                                   Interest Rate:    6.0% p.a. cash & 4.0% p.a. PIK
                                                                                                                     40.0% Discount to a Pre-Money
                                                                                                   Conversion:       Valuation Established by any
                                                                                                                     Liquidity Event
                                                                                                   Security:         Not Publicly Disclosed
                                                                                                   Investment        USD5.0MM
                                                                                                   Amount:           (USD12-20MM Issue Size)
                                                                                                   Target Exit:      2021, Singapore/NASDAQ IPO

                                                                             This investment enables ADAM to participate in the growth of an
17 PQS Catalogue – WHO (2018)
18 6 Ways the Fight Against Polio Is Transforming Global Health – UNICEF
                                                                             established brand in the medical devices space.
   USA (2017)
May 2019                                                                                                                                              13
Our Portfolio - A Summary19

             31 December 2016                                                 31 December 2017                                         PF 30 June 201820
                                                                                                                                               Legacy
                                                                                Cash                                                        Investments
                           Cash
                      USD1.3MM (1.7%)                                        USD13.2MM                                                       USD11.4MM
                                                                               (14.1%)                                             Cash        (12.0%)
                                                                                                                               USD8.8MM
                                                                  USD3.0MM                                                       (9.3%)
                                                                    (3.2%)                                                 DocDoc
                                                                                                              HK Mining
                      Total NAV                                                       Total NAV                           USD2.0MM               Total NAV
                                                                                                             USD39.4MM                                               HK Mining
                     USD77.9MM                                                       USD93.6MM                              (2.1%)              USD95.0MM
                                                                                                               (42.1%)                                               USD42.3MM
                                                                                                                             ICG21                (Unaudited)
                                                                                                                                                                       (44.5%)
                                                                                                                          USD4.0MM
                                       Legacy                         Legacy                                                (4.2%)
                                    Investments                    Investments                                                 Fook Lam Moon
                                 USD76.6MM (98.3%)                  USD38.0MM                                                   USD26.5MM
                                                                      (40.6%)                                                      (27.9%)

      Legacy Investments              Cash                          Restructured Positions      Legacy Investments            Restructured Positions     Fook Lam Moon
                                                                                                                                                   22
                                                                    Receivables                 Cash                          Infinity Capital Group     DocDoc
                                                                                                                                  23
                                                                                                                              Cash                       Legacy Investments

 ▪     Harmony Capital has disposed of investments which do not fit ADAM’s investment objectives whilst increasing ownership in
       valuable assets where the opportunity has presented itself.
 ▪     ADAM is now focused on building an income generating portfolio with a focus on consumption driven industries in Asia.
19 Extracted from audited results for FYEs 2016 and 2017 and unaudited interims for HY 30 June 2017 and 2018.
20 Pro Forma (“PF”)
21 Infinity Capital Group (“ICG”)
22 This investment has been approved and capital is committed. The draw down of funds by the borrower is imminent.
23 The cash balance at PF 30 June 2018 includes USD3.0MM which was received in July 2018.

 May 2019                                                                                                                                                              14
Our Portfolio - A Summary
     An AIM-quoted company targeting delivery of income and capital gain from a diversified mix of pan-Asian investments in the
                                                          SME Sector.                                           USD95.0MM NAV
                                                                                                                       DocDoc             2.0
     DocDoc - In March 2018, ADAM invested in DocDoc, a leading pan-Asian virtual network of                             ICG              4.0
     physicians, clinics and hospitals assisting patients in finding the highest quality of medical care            PharmaJet Inc         5.0
     at the best prices.
                                                                                                                        Cash25            3.8

     Infinity Capital Group (“ICG”)24 – A senior secured loan investment in a real estate developer of
     luxury residential properties in one of Asia’s premier ski destination – Niseko, Japan.                          Fook Lam
                                                                                                                                         26.5
                                                                                                                       Moon

     PharmaJet Inc – A proposed convertible bond investment in PharmaJet Inc, a leading producer
     of needle-free injectors which have received US FDA clearance and EU CE certification.

     Fook Lam Moon - A convertible bond issued to ADAM by a high-end Hong Kong-based food and
     beverage business.
                                                                                                                       HKMH              42.3

     Hong Kong Mining Holdings - ADAM is the majority shareholder of Hong Kong Mining
     Holdings, which wholly owns the largest magnesium dolomite mine in Shanxi Province, China.

     Legacy Investments - ADAM’s Legacy Investments include our Limited Partnership Interest in
     the Greater China Credit Fund and our investment in Meize Energy Industrial Holdings.                             Legacy
                                                                                                                                         11.4
                                                                                                                    Investments
24 Thisinvestment has been approved and capital is committed. The draw down of funds by the borrower is imminent.                   PF 30 June 2018
25 The cash balance at PF 30 June 2018 includes USD3.0MM which was received in July 2018.                                            (Unaudited)26
26 Pro Forma (“PF”)

     May 2019                                                                                                                                     15
Our Board
An AIM-quoted company targeting delivery of income and capital gain from a diversified mix of pan-Asian investments in the
                                                     SME Sector.

                                               John Croft is an experienced director of AIM-quoted companies and has
                        John Croft
                                               previously worked in executive and non-executive capacities with a number of
                  Non-executive Chairman
                                               fast growth companies in the technology and financial services sectors.

                                               Hugh Trenchard began his career at Kleinwort Benson in 1973 and has more
                    Hugh Trenchard
                                               than 40 years' experience in investment banking, including 35 years of
                  Non-executive Director
                                               involvement with Japan and 12 of them as a resident.

                                               Ernest Wong has over 20 years of experience in venture capital, corporate
                   Ernest Wong Yiu Kit
                                               finance, business development, legal, IT, financial and general management.
                  Non-executive Director
                                               Currently he is the President and Group CFO of KVB Kunlun Holdings Limited.

                                               Dr. Lee George Lam is the Chairman of Hong Kong Cyberport Management
                   Dr. Lee George Lam
                                               Company Limited and the Non-Executive Chairman of Macquarie Bank’s
                  Non-executive Director
                                               Infrastructure and Real Assets business in the Hong Kong and ASEAN region.

May 2019                                                                                                                 16
Disclaimer
 An AIM-quoted company targeting delivery of income and capital gain from a diversified mix of pan-Asian investments in the
                                                      SME Sector.
This Document comprises an institutional presentation (the “Presentation”) which has been prepared by and is the sole responsibility of Adamas Finance Asia Limited (the “Company”). The content
of this Presentation has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000, as amended (“FSMA”). Reliance on this Presentation for the
purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. This Presentation does not constitute or form part
of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be
relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever or constitute an invitation or inducement to engage in investment activity under
section 21 of FSMA.

Notwithstanding the above, in the United Kingdom, this Presentation is only being given to persons reasonably believed by the Company to be investment professionals within the meaning of
paragraph (5) of Article 19 of the FMSA (Financial Promotion) Order 2005 (SI 2005/1529) (“FMSA Order”) or to be high net worth companies or unincorporated associations within the meaning of
paragraph (2) of Article 49 of the FMSA Order or to be persons to whom it may otherwise be lawful to distribute it. If you are not such a person (i) you should not
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This Presentation and its contents are confidential. It must not be distributed or passed on, directly or indirectly, to any other person or class of persons. This Presentation is being supplied to you
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The Company has not been, and will not be, registered under the United States Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act. Neither
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Information contained in this Presentation may include 'forward-looking statements'. All statements other than statements of historical facts included herein, including, without limitation, those
regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's
business) are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding the Company's present and future business strategies and the
environment in which the Company expects to operate in future. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of
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 May 2019                                                                                                                                                                                            17
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