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Investment Opportunities in Myanmar - Company Profile No.1 : Construction Services - Company Profile No.2 : Engineering Service Provider of Steel Fabrication - Company Profile No.3 : Timber Extraction & Palm Oil Plantation - Company Profile No.4 : Rubber Plantation

GBP International Sdn. Bhd. 19-9-6, Level 9, UOA Centre, 19, Jalan Pinang 50450 Kuala Lumpur, Malaysia Tel.: +603 21628545 Email: [email protected] URL: www.gbp-international.com

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The Country Myanmar is arguably the last economic frontier in Asia. Every private,

The statistics show the enormous potential for growth and business opportunities:

semi-government and government sector is decades behind in development when compared to Myanmar’s peers in ASEAN.

Population:

54 Million

Literacy:

90%

Natural gas reserves:

40th out of 206 countries

GDP Real Growth Rate:

5.3%

GDP (PPP):

79th out of 226 countries

GDP per Capita:

201 out of 226 countries

Internet Users:

110,000

Mobile phones per Capita:

215 out of 217 countries

What sets Myanmar apart from other underdeveloped countries in Asia or the world for that matter are the facts that they are resource rich (oil & gas, minerals, timber, agricultural products etc.), have a large, relatively young population with huge domestic demand also providing a source of cheap labour. The positive political developments are trending towards the lifting of most sanctions imposed by the US and the EU, probably in late April or May 2012. The hype can be found in many press releases and investment gurus:

Currently a whole host of new laws and regulations are in the pipeline: Some of these are:

•  Investors aim to reap benefits of Myanmar reforms – AFP •  Yangon attracting Western interest – Realty Biz News •  Myanmar has a high growth potential..... – IMF •  “If you can find ways to invest in Myanmar you will be very, very rich over the next 20, 30, 40 years.” – Jim Rogers

§ Investment law with attractive tax incentives § Banking reform and opening of the finance sector to foreigners § Managing the Kyat exchange rate to a realistic level

There are of course risks and uncertainties. On the other hand the long

§ Telecommunication licences to be issued

term investor will find attractive rewards. GBP International has spent

§ Healthcare, Tourism, Education earmarked for foreign investment

years developing serious contacts in Myanmar and has identified many investment opportunities such as the one shown in this presentation. 2

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Myanmar Company Profile No. 1 Construction Company

Project Financing

GBP International Sdn. Bhd. 19-9-6, Level 9, UOA Centre, 19, Jalan Pinang 50450 Kuala Lumpur, Malaysia Tel.: +603 21628545 Email: [email protected] URL: www.gbp-international.com This document is the intellectual property of GBP International Sdn. Bhd. Particular attention is drawn to the fact that it is prohibited to divulge any part of the proposal to a third party or make use of any of the ideas contained in it without prior consent of GBP International Sdn. Bhd.

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The Client No.1 Company no. 1 is a construction company with own steel fabrication and workshop. It was founded in 1995 and is a privately owned enterprise in Myanmar. Its headquarter is located near Yangon. All construction projects are run from regional / local offices in most of Myanmar’s states. The company has an excellent reputation in Myanmar and is know to complete projects on time and within budget. Projects relate to: •  Construction of factory buildings and warehouses •  Construction of agricultural silos •  Construction of residential housing developments •  Construction of shop houses •  Infrastructure developments such as harbour installations , jetties, roads and bridges The majority of the companies customers are local private companies while Government infrastructure projects are an increasingly important sector contributing to its profitability. Independently audited accounts show profitable results over the last 5 years. 4 4

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Historical Financial Results Sales Balance Sheet of Company No. 1

$60.000

in $'000 2007

2008

2009

2010

2011

2012e

$40.000

Assets

'000

Current Assets

Cash & Cash Equivalents Accounts receivables Inventories Other operating current assets Total Current Assets:

$82 $198 $0 $34 $314

$94 $1,565 $2,545 $27 $4,231

$466 $2,529 $3,651

$358 $2,189 $1,719

$1,432 $1,924 $1,196

$6,646

$4,266

$4,552

$23,272 $5,000 $5,000 $0 $33,272

$369 $0 $0 $683

$1,118 $0 $0 $5,349

$2,097 $0 $0 $8,743

$3,525 $0 $0 $7,791

$5,831 $0 $0 $10,383

$11,831 $3,590 $1,800 $50,493

$20.000 $0 2007

2008

Non-current Assets

Net PP&E Goodwill Other long-term assets Total Assets:

2009

2010

2011

2012e

EBIT 2.000 $ '000 1.000 $

Liabilities Current Liabilities

Accounts payable Accrued liabilities

$0 $0

$2,557 $0

$3,466 $0

$0 $0

$0 $0

$5,000 $0

Other operating current liabilities Total Current Liabilities:

$0 $0

$63 $2,620

$89 $3,555

$210 $210

$20 $20

$50 $5,050

Long-term debt Deferred income taxes Other long-term liabilities Total Liabilities:

$0 $0 $0 $0

$0 $0 $0 $2,620

$261 $0 $0 $3,816

$497 $0 $0 $707

$343 $0 $0 $363

$30,343 $0 $0 $35,393

Common stock Additional paid in capital Retained earnings Total Equity:

$27 $0 $609 $636

$51 $0 $2,678 $2,729

$51 $0 $4,876 $4,927

$50 $0 $7,034 $7,084

$50 -$30 $10,000 $10,020

$50 $0 $15,050 $15,100

Total Liabilities and Equity:

$636

$5,349

$8,743

$7,791

$10,383

$50,493

0$ 2007 Ratios Margins Gross Margin (excl. D&A) COGS as % of Sales SG&A as % of Sales Other expense as % of Sales EBITDA Margin EBIT Margin Net Income Margin

Non-current Liabilities

Equity

2008 2007 17.0% 83.0% 0.1% (0.0%) 16.9% 16.8% 11.8%

Growth Rate Analysis Net Sales Growth EBITDA Growth EBIT Growth Net Income Growth Rate

2009 2008

2012e = estimate

Effective Tax Rate

30.0%

2011

2012e

2009

2010

2011

6.9% 93.1% 0.2% 0.1% 6.6% 6.6% 4.6%

7.6% 92.4% 1.6% (0.4%) 6.3% 6.2% 4.3%

4.5% 95.5% 0.5% (1.2%) 5.1% 5.1% 3.5%

8.0% 92.0% 1.6% 0.0% 6.4% 6.3% 4.3%

20.0% 80.0% 1.6% 0.0% 18.4% 17.8% 10.2%

1,029.7% 343.5% 342.5% 342.5%

14.2% 9.0% 8.1% 6.6%

22.5% (0.5%) 0.4% (1.6%)

9.9% 36.0% 36.1% 37.7%

15.0% 231.7% 224.0% 171.0%

69.7x 70.8x

29.4x 29.6x

44.8x 45.1x

5.5x 5.6x

30.0%

30.0%

30.0%

30.0%

Interest Coverage EBIT / Interest expense EBITDA / Interest expense

Exchange rate used 1 US$ = 1,000 kyat

2010

30.0%

2012e

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The Vision The owners and sole shareholders of Company No.1 see a boost to

Upgrading

the construction industry during the next decade to the changed political landscape economic activity. For this reason the company owners are embarking on a modernisation exercise for the existing facility and the addition of enhanced capabilities.

MS Hollow Company No.1. Pre-paint roofing Pipes

These projects are to be funded from retained earnings and through a loan of up to US$ 30 million.

GI Purlins The individual projects funding requirements are: 1.  Upgrading of existing factory

~ US$ 5,000,000

2.  Pre-painted roofing sheet production

~ US$ 10,000,000

3.  GI Purlins production

~ US$ 5,000,000

4.  MS Hollow pipes production

~ US$ 10,000,000

Project rationale: Upgrading: With up to 200 projects p.a. the company needs to upgrade and modernise it’s existing facility. Land for extension is available adjacent to the present building. Pre-painted roofing production: Company No.1 previously needed to buy in this product. Prices are escalating and demand soaring.

All the above projects have government / state approvals and title to the respective land areas.

GI Purlins production: Company No.1 previously needed to buy in this product. Prices are escalating and demand soaring. MS Hollow pipes production: Company No.1 previously needed to buy in this product. Prices are escalating and demand soaring.

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Myanmar Company Profile No.2 Engineering Service Provider for Steel Structure Fabrication

Project Financing

GBP International Sdn. Bhd. 19-9-6, Level 9, UOA Centre, 19, Jalan Pinang 50450 Kuala Lumpur, Malaysia Tel.: +603 21628545 Email: [email protected] URL: www.gbp-international.com This document is the intellectual property of GBP International Sdn. Bhd. Particular attention is drawn to the fact that it is prohibited to divulge any part of the proposal to a third party or make use of any of the ideas contained in it without prior consent of GBP International Sdn. Bhd.

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The Client No.2 Company No.2 is an engineering service provider for steel structure fabrication. The company established in 1997 is a privately owned enterprise in Myanmar. The company has two factories located in the Industrial Zone (4), Hlaing Thar Yar Township, Yangon. A third plant operates from facilities located at Industrial Zone (1), Mandalay. Company No.2 is one of Myanmar’s most successful steel structure enterprises with focus on: •  Design, manufacturing and supply of pre-engineered buildings •  Production and installation of roofing materials •  Installation of manual and remote control motor driven roll-up doors •  Supply and installation of floor-decking forming sheets •  Other civil works requiring steel structures Customers include government ministries / enterprises, commercial and industrial enterprise, international organizations and NGOs. Independently audited accounts show profitable results over the last 5

H and I Section Fabrication

1,500 tons / month

C Channel Fabrication

1,000 tons / month

Roofing and Side-walling

100,000 tons / month

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Historical Financial Results

Sales $15.000

Balance Sheet of Company No.2 in $ '000 2007

2008

2009

2010

2011

‘000 $10.000

2012e

Assets

$5.000

Current Assets

Cash & Cash Equivalents Accounts receivables Inventories Other operating current assets Total Current Assets:

$3,622 $1,677 $4,234 $3,225 $352 $272 $618 $505 $1,808 $1,638 $4,860 $4,572 $80 $0 $55 $60 $5,863 $3,587 $9,767 $8,362

$3,630 $835 $6,306 $8 $10,779

$62,990 $785 $7,413 $133 $71,320

$26,162 $25,799 $25,435 $25,072 $0 $0 $0 $0 $0 $0 $0 $0 $32,025 $29,386 $35,202 $33,434

$24,709 $0 $0 $35,487

$19,744 $0 $4,178 $95,242

$0 2007

2008

2009

2010

2011 2012e

EBIT

Non-current Assets

Net PP&E Goodwill Other long-term assets Total Assets:

$2.000 $1.500 ‘000 $1.000

Liabilities Current Liabilities

Accounts payable Accrued liabilities Other operating current liabilities Total Current Liabilities:

$458 $315 $3,060 $3,015 $235 $274 $574 $774 $4,485 $1,774 $3,709 $3,803 $5,178 $2,363 $7,343 $7,592

$3,046 $408 $4,454 $7,908

$3,959 $408 $5,804 $10,172

$0 $0 $0 $0 $0 $0 $0 $0 $5,314 $5,213 $5,756 $5,632 $10,492 $7,576 $13,099 $13,224

$0 $0 $5,893 $13,801

$60,000 $0 $921 $71,093

$500 $0 2007 2008 2009 2010

2011 2012e

Non-current Liabilities

Long-term debt Deferred income taxes Other long-term liabilities Total Liabilities:

Ratios

Equity Common stock Additional paid in capital Retained earnings Total Equity:

$97 $97 $97 $97 $6,763 $6,763 $6,763 $4,403 $14,672 $14,950 $15,243 $15,710 $21,532 $21,810 $22,103 $20,210

$97 $4,903 $16,686 $21,686

$120 $6,053 $17,977 $24,150

Total Liabilities and Equity:

$32,024 $29,386 $35,202 $33,434

$35,487

$95,242

2007

2008

2009

2010

2011

2012e

Gross Margin (excl. D&A)

23.1%

48.5%

40.6%

40.0%

33.6%

33.3%

EBITDA Margin

16.8%

37.1%

29.8%

26.9%

22.9%

18.1%

EBIT Margin

11.5%

21.3%

19.9%

18.7%

18.2%

15.1%

Net Income Margin

11.1%

14.9%

9.8%

13.1%

12.6%

10.6%

Net Sales Growth

(66.6%)

59.5%

20.2%

77.1%

55.9%

EBITDA Growth

(26.2%)

28.4%

8.4%

50.4%

23.6%

EBIT Growth

(38.2%)

49.4%

12.6%

72.6%

29.7%

Net Income Growth Rate

(55.4%)

5.4%

59.6%

70.1%

31.6%

Margins

Growth Rate Analysis

Exchange rate used 1 US$ = 1,000 kyat

Effective Tax Rate

2012e = estimate

3.1%

30.0%

50.6%

30.0%

31.0%

30.0%

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The Vision The owners and sole shareholders of company No.2 see a continuing

Steel Mill

expansion of the steel construction business at a remarkable pace in Myanmar. Demand from government and the private sector is unabated. Large export orders such as a 15 million US$ order from Russia end of 2011 will boost profitability in 2012 and retained

Quarry

earnings.

Company No.2

Condo Complex

The company owners are now embarking of a diversification exercise which anticipates the tremendous growth in infrastructure projects and

Wholesale Market

demand in Myanmar. These projects are to be funded from retained earnings and through a loan of up to US$ 60 million. The individual projects funding requirements are: 1.  Steel Mill Project in Shan State

Project rationale: Steel Mill: The main threat to company No.2 legacy business is the availability of steel. A steel mill will remove that risk

~ US$ 12,000,000

2.  Up-market Riverside condominiums, Yangon ~ US$ 18,000,000 3.  Wholesale Market Centre, Mandalay

~ US$ 12,000,000

4.  Gravel & Rock Quarry, Dawei

~ US$ 18,000,000

Up-market Riverside Condo Complex: The demand for high-end housing in Yangon is ever increasing and attracts premium rentals, sales prices.

All the above projects have government / state approvals and title to

Wholesale Market Centre: This fulfils a niche demand in Mandalay with superior rental returns

the respective land areas.

Gravel & Rock Quarry: This quarry will serve road building and construction near Dawei, the huge industrial park project being built by Italthai, of Thailand.

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Myanmar Company Profile No.3 Timber Extraction & Palm Oil Plantation

Investment Opportunity

GBP International Sdn. Bhd. 19-9-6, Level 9, UOA Centre, 19, Jalan Pinang 50450 Kuala Lumpur, Malaysia Tel.: +603 21628545 Email: [email protected] URL: www.gbp-international.com This document is the intellectual property of GBP International Sdn. Bhd. Particular attention is drawn to the fact that it is prohibited to divulge any part of the proposal to a third party or make use of any of the ideas contained in it without prior consent of GBP International Sdn. Bhd.

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The Client No.3 Company No.3 was founded with (10) director members and incorporated under Company Registration No. 1948/2009-2010 in the Ministry of National Planning and Economic Development, Union of Myanmar on 26th March 2010. The company is a start-up in the timber and palm oil plantation business in Tanintharyi Region, Myeik, Southern Myanmar. The company has official business licences and approval to conduct 4 kinds of businesses: 1.  Agriculture, i.e. Palm Oil Plantation 2.  Log and timber extraction 3.  Production of marine products 4.  Mineral exploration Main focus at present are timber extraction and palm oil plantation. The Ministry of Agriculture and Irrigation, Myanmar Industrial Crop Development Enterprise, Tanintharyi Division has granted 10,000 acres (~4,000 hectares). A further 20,000 acres (~8,000 hectares) have been pledged by the Division Peace and Development Council, Tanintharyi Region.

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Projected Financial Results Projected Sales

Balance Sheet of Company No.3 in $ '000

$100.000

Proj. 2013

Proj. 2014

Proj. 2015

Proj. 2016

Proj. 2017

$16,079 $0 $0 $1,800 $17,879

$28,973 $0 $0 $1,620 $30,593

$51,185 $0 $0 $1,440 $52,625

$73,530 $0 $0 $1,260 $74,790

$100,081 $0 $0 $1,080 $101,161

$3,446 $3,026 $1,543 $1,230 $254 $420 $0 $420 $0 $0 $21,325

$5,795 $5,251 $3,494 $1,230 $527 $830 $0 $830 $0 $0 $36,388

$9,025 $6,983 $5,772 $684 $527 $2,430 $0 $2,430 $0 $0 $61,650

$8,734 $8,250 $7,872 $0 $378 $1,030 $0 $1,030 $0 $0 $83,524

$11,188 $9,899 $9,446 $0 $453 $1,500

$80.000

Assets Current Assets

Cash & Cash Equivalents Accounts receivables Inventories Other operating current assets Total Current Assets:

'000

$60.000 $40.000 $20.000 $0 2013

Non-current Assets

Net PP&E Project A Palm Oil Plantation - Plantation - Machinery - Building Project B Timber Extration - Extracting Timber - Machinery Goodwill Other long-term assets Total Assets:

2014

2015

2016

2017

Projected EBIT $30.000 $20.000

$1,500

'000 $10.000

$0 $112,349

$0 2013

Liabilities

2014

2015

2016

2017

Current Liabilities

Accounts payable Accrued liabilities Other operating current liabilities Total Current Liabilities:

$0 $0 $0 $0

$0 $0 $0 $0

$0 $0 $0 $0

$0 $0 $0 $0

$0 $0 $0 $0

$0 $0 $0 $0

$0 $0 $0 $0

$0 $0 $0 $0

$0 $0 $0 $0

$0 $0 $0 $0

Ratios

Non-current Liabilities

Long-term debt Deferred income taxes Other long-term liabilities Total Liabilities: Equity Common stock Additional paid in capital Retained earnings - dividend Total Equity: Total Liabilities and Equity:

$50 $28,200 -$6,925 $21,325

$50 $28,200 $8,138 $36,388

$50 $28,200 $33,400 $61,650

$50 $28,200 $55,274 $83,524

$50 $28,200 $84,099 $112,349

$21,325

$36,388

$61,650

$83,524

$112,349

Proj.

Proj.

Proj.

Proj.

Proj.

2013

2014

2015

2016

2017

Gross Margin (excl. D&A)

42.2%

42.2%

42.2%

42.2%

42.2%

COGS as % of Sales

57.8%

57.8%

57.8%

57.8%

57.8%

SG&A as % of Sales

10.0%

10.0%

10.0%

10.0%

10.0%

Other expense as % of Sales

0.0%

0.4%

0.2%

0.2%

0.2%

EBITDA Margin

32.2%

31.8%

31.9%

31.9%

32.0%

EBIT Margin

32.2%

31.1%

31.4%

31.2%

31.7%

Net Income Margin

30.2%

29.1%

29.4%

29.2%

29.7%

Net Sales Growth

200.0%

66.7%

0.0%

20.0%

EBITDA Growth

196.3%

67.5%

0.0%

20.2%

EBIT Growth

190.4%

68.2%

-0.7%

22.1%

Net Income Growth Rate

189.7%

68.3%

-0.7%

22.2%

Margins

Growth Rate Analysis

Exchange rate used 1 US$ = 1,000 kyat 2012e = estimate

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The Vision Company No.3 Board of Directors has appointed GBP International to

Timber Extraction

identify parties who are interested to invest up to US$ 30 million in the timber extraction and palm oil plantation project. In addition the investor should provide technical expertise in both areas. In return the company is offering a 35% stake in the company.

Phased palm-oil Company No.3 planting

The ROI should be in excess of 20% per annum.

Timber Export

Downstream

The company seeks an investor who is prepared to provide funds for capital expenditure and operating capital spread over several years as follows: Project rationale: 2012-2013

~ US$ 3,000,000

2013-2014

~ US$ 4,000,000

2014-2015

~ US$ 9,000,000

2015-2016

~ US$ 9,000,000

2016-2017

~ US$ 5,000,000

The government of Myanmar has earmarked 200,000 hectares in Southern Myanmar for palm-oil plantation. The expected yield may be lower than other ASEAN countries. However so are the production costs.

All the above projects have government / state approvals and title to the respective land areas.

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Myanmar Company Profile No. 4 Rubber Plantation - 380 Acres

Investment Opportunity

GBP International Sdn. Bhd. 19-9-6, Level 9, UOA Centre, 19, Jalan Pinang 50450 Kuala Lumpur, Malaysia Tel.: +603 21628545 Email: [email protected] URL: www.gbp-international.com This document is the intellectual property of GBP International Sdn. Bhd. Particular attention is drawn to the fact that it is prohibited to divulge any part of the proposal to a third party or make use of any of the ideas contained in it without prior consent of GBP International Sdn. Bhd.

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The Client Company No.4 was founded in March 2010. under approval No. 1307 of the Ministry of National Planning and Economic development. Majority shareholder is Mrs. May Thin Nwe, a well-known Myanmar business woman. Since start-up the company has successfully conducted trading business in imported water purifiers, other machinery and spare parts. The company is highly profitable and has substantial cash reserves. The company has entered into a 30 year land lease agreement with the 314th Artillery Corps in the Tennessarim Division of Myanmar for the purpose of establishing a 380 acre rubber tree plantation. The 314th Artillery Corps is the owner of this virgin land. There are certain conditions attached to the lease agreement. The lease agreement foresees the start of planting from November 2013. The company is seeking an investor to join them in the exploitation of the plantation and ideally to bring in technical and marketing expertise. 16 16

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Financial Results 2011 Company No.4 Income Statement 2011 700 600

US$ '000

500 400 300

Sales

200 100

EBIT

Net Income

0

Ratios Margins Gross Margin (excl. D&A) COGS as % of Sales SG&A as % of Sales Other expense as % of Sales EBITDA Margin EBIT Margin Net Income Margin

Exchange rate used 1 US$ ~810 kyat

39.8% 60.2% 5.8% 34.0% 34.0% 32.3%

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The Vision

Landscaping

Projected cost per acre per Year

Company No.4’s Board of Directors has appointed GBP International to identify parties who are interested to invest up to US$ 30 million in the rubber plantation project. In addition the investor should provide Fertilizer

technical expertise in both areas. In return the company is offering a

Company No.4

Planting

substantial stake in the company. Removing vegetation

The company seeks an investor who is prepared to provide funds for capital expenditure and operating capital spread over several years as

Landscaping: Nursery 200 plants US$ 150 Fencing Removing grass US$ 100 Fertilizer Storage facilities US$ 6,000 Rubber Production US$ 150 Drying facilities Labour cost Quality control laboratory Security Others

US$ 5,000

Total per acre

US$ 20,000

US$ 5,000 US$

100

US$ 1,500 US$ 250 US$ 1,000 US$ 200 US$ 550

follows: 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017

From year 6 the produced rubber will be exported to Malaysia, Singapore and

~ US$ 3,000,000 ~ US$ 4,000,000 ~ US$ 9,000,000 ~ US$ 9,000,000 ~ US$ 5,000,000

Vietnam (traditional markets for Myanmar rubber). Current prices for rubber are US$ 1.6 per pound for highest grade and US$ 1 per pound for lowest grade. The projected revenue according to the company from year 6 is as follows:

In year 6 the rubber plantation will have reached maturity and latex can be harvested and rubber produced.

Ø 

1 acre = 200 trees

380 acres

= 76,000 trees

Ø 

Revenue per tree / day

= US$ 60

Ø 

76,000 trees x US$ 60

= US$ 4,560,000 x 200 days

Ø 

Revenue

= US$ 91,200,000 per year

Ø 

Costs

= US$ 7,600,000 per year

Ø 

Profit before tax

= US$ 83,400,000 per year

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GBP International Worldwide Network

GBP International Myanmar

GBP International is the founder of the Myanmar German Business Association (MGBA), with offices in Yangon. GBP International, Myanmar Branch is registered in the same premises. A team of local industry experts and analysts work on behalf of our Myanmar and overseas clients.

§  GBP can draw upon the resources and know how of its worldwide network.

Our client Aung Pyae Phyo Oo Construction Co., Ltd., has given us a mandate to seek financing for the previously mentioned projects.

§  Founded in 1996, GBP International has expanded its reach in Asia Pacific, as well as in Europe and the United States.

The objective is to bring interested parties together with APPO with the aim of finalising a structured financial package.

§  Our German roots, combined with decades of presence in Asia allow us to provide our clients with a balanced view and offer tailored business and technology solutions

The terms of such financing are subject to negotiation. APPO will accept funds in US$ in an off-shore account and service the loan in US$ outside of Myanmar.

§  GBP International has dual headquarters in Kuala Lumpur and Berlin.

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Management Team The project will be headed by Volker U. Friedrich – Managing Partner - who takes on overall responsibility for the professional execution of the project.

Mr. Klaus Kretzschmar, M.Sc., Senior Partner, will act as project director and oversee and coordinate the activities in Myanmar with our team of experts.

Mr. Gosta Eger, Senior consultant, will oversee the data acquisition and carry out risk the necessary risk analysis.

U Bo Bo is President of the Myanmar German Business Association and is the main liaison with our clients. Daw San San heads the GBP International, Myanmar Branch Office and is actively involved in all stages of the project work.

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Rooted in Europe and Asia Please contact: Volker Friedrich, Managing Partner Email: [email protected]

Disclaimer: Statements and data contained in this paper are for general information purposes only. There is absolutely no assurance that any information touching on financial matters provided by our clients true, correct, or precise. We strongly recommend conducting you own due diligence before taking any decisions. The financial content in this paper is provided for your personal information only, is not intended for trading purposes, and cannot substitute for professional financial advice. GBP International cannot be held responsible or be liable for any losses or any other damages which may occur in any form whatsoever.

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