CMI Business Review 270910 (Fv2)

Business Review
Board of Directors Meeting

September 27, 2010
Executive Summary
ASA International (ASAI) expansion accelerated due to rapid growth in India, the Philippines and Pakistan:
Clients
Annualized Growth
Branches
Loan Officers
Countries
31-dec-07 31-mrt-08 30-jun-08 30-sep-08 31-dec-08 31-mrt-09 30-jun-09 30-sep-09 31-dec-09 31-mrt-10 30-jun-10
20.113
29.957
42.786
91.561
147.694
169.082
195.650
217.880
261.602
325.835
440.443
196%
171%
456%
245%
58%
63%
45%
80%
98%
141%
26
34
90
143
142
157
196
224
282
404
489
85
138
269
469
557
627
725
866
997
1.377
1.890
2
4
4
5
5
7
7
7
7
7
7
India: Served 224K clients from 221 branches by Q2 2010. Portfolio quality remains good and business is profitable,
however shortage of senior field staff is major concern, especially district managers and above. A lot of external
hiring is expensive and may lead to deviation of the ASA model. Accelerated growth business plan is unlikely to be
met. RBI pressure to reduce interest rates increasing.
The Philippines: Served 93K clients from 96 branches by Q2 2010. Growth further accelerated with opening of 25
branches in Mindanao. As of August 31, 2010, 128K clients served from 128 branches operational, plan is to increase
to 160 branches by year-end. Profitability less than expected due to small average loan size, which will now be
increased. USD 2m loans disbursed by Symbiotics and BlueOrchard in September.
Pakistan: Served 44K clients from 68 branches by Q2 2010. Still on track to serve in excess of 100,000 clients by
year-end. Business not substantially affected by flooding and sensitive political situation. Funding still limited to
equity and BMGF loans.
Nigeria: Served 15K clients from 12 branches. Growth has been disappointing, partly caused by bureaucratic
procedures for activating MFB. In July implemented dual growth strategy through NGO and ASHA Microfinance Bank,
which should accelerate expansion. Market prospects remain excellent with CBN very supportive.
Ghana: Served 26K clients from 30 branches. Business profitable with improved loan disbursement in Q2. Expect to
secure S&L license within 3-6 months.
Sri Lanka: Served 31K clients from 45 branches. Businesses reasonable stable, but continues to lose money with
substantial overcapacity. Still await final verdict of Exchange Control Department; have applied for finance company
license at the suggestion of CBSL.
Afghanistan: Served 7K clients from 12 branches. MISFA resumed funding the business but at a reduced pace.
Original business plan not realizable.
Indonesia: Still await final approval and execution of all documents, after which expatriate staff is scheduled for
Indonesia.
2
Executive Summary (contd)

ASAI crossed break-even point with profitable first half of 2010
USD (in '000)
India
Nigeria
Pakistan
Philippines
Ghana
Sri Lanka
Afghanistan
Cambodia
Total Subsidiaries
Holding Companies
Elimination
Total CMI
Branches
June
H1'10E
300
19
70
101
30
46
22
-
Borrowers
June
Net profit before FX

gains/losses and
Outstanding Portolio
interest on
ASAI/CMI investment
BMGF/shareholder
loan
June
June
June
H1'10E
H1'10A
H1'10E
H1'10A
H1'10E
H1'10A
31.276
27.796
176
320
7.858
7.858
1.804
1.604
(17)
(11)
2.450
2.450
4.716
3.849
(21)
(36)
3.525
3.488
7.143
6.328
110
105
3.307
3.400
3.513
3.357
314
425
2.850
2.850
2.902
2.636
(7)
(83)
1.846
1.616
1.713
1.269
(150)
(168)
500
500
30
78
1.222
842
H1'10A
221
12
68
96
30
45
17
-
H1'10E
249
14
51
95
26
31
10
-
H1'10A
224
15
44
93
26
31
7
-
588
-
489
-
475
-
440
-
53.067
-
46.839
-
434
397
(810)
631
1.120
(1.387)
23.558
69.335
(46.909)
23.003
73.253
(50.415)
588
489
475
440
53.067
46.839
22
363
45.984
45.841
Key Performance Indicators Group 2008-2010

Consolidated
Operational Performance
Realized
FY 2008 A
Projections
FY 2009 A
H1 2010 A
H1 2010 E
Q3'10 E
Q4'10 E
FY 2010 E
Number of Branches
152
282
489
588
739
750
750
Number of Loan Officers (LO)
557
997
1,890
1,771
2,614
3,007
3,007
1,076,637
Number of Borrowers
147,694
261,602
440,443
475,492
753,197
1,076,637
Number of Borrowers per LO
265
262
233
268
288
358
358
Number of Borrowers per Branch
972
928
901
809
1,019
1,436
1,436
100
106
111
118
112
112
13,937,088
26,160,566
46,838,635
52,958,714
88,787,275
120,456,196
120,456,196
3,273,455
6,752,599
6,208,166
6,075,762
5,205,538
7,966,622
19,380,326
23.5%
25.8%
13.3%
11.5%
5.9%
6.6%
16.1%
(820,678)
Average Outstanding Loan Portfolio/Client

Outstanding Loan Portfolio (OLP)
Interest and similar income
as % of OLP
Interest and similar expense
(1,548,593)
(2,964,025)
3,091,625
6,481,499
5,402,849
5,199,909
4,287,339
6,262,101
15,952,288
22.2%
24.8%
11.5%
9.8%
4.8%
5.2%
13.2%
609,382
589,273
1,101,018
872,564
990,847
1,113,029
1,113,029
4.4%
2.3%
2.4%
1.6%
1.1%
0.9%
0.9%
(2,503,401)
(4,731,456)
(3,986,969)
(4,263,310)
(3,251,942)
(3,635,691)
(10,874,602)
(710,388)
(1,044,859)
(466,188)
(440,080)
(245,513)
(245,513)
(957,214)
ASAI overhead expenses
(1,592,278)
(1,577,295)
(432,399)
(408,595)
(185,000)
(185,000)
(802,399)
Total operating expenses
(4,806,068)
(7,353,610)
(4,885,556)
(5,111,985)
(3,682,455)
(4,066,204)
(12,634,215)
34.5%
28.1%
10.4%
9.7%
4.1%
3.4%
10.5%
Operating profit
(2,248,818)
(1,089,805)
591,288
169,650
604,884
2,195,896
3,392,068
Net profit before FX gains/losses and

interest on BMGF/shareholder loan
(1,884,108)
(1,212,736)
363,408
21,510
549,895
1,801,548
2,714,851
-13.5%
-4.6%
0.8%
0.0%
0.6%
1.5%
2.3%
2,211,299
5,572,023
8,053,839
10,193,233
14,584,087
20,642,121
20,642,121
15.9%
21.3%
17.2%
19.2%
16.4%
17.1%
17.1%
14%
34%
50%
45%
52%
50%
50%
Net operating income

as % of OLP
Portfolio at risk > 30 days
as % of OLP
Country operating expenses
ASAI expatriate operating expenses
as % of OLP
as % of OLP
Outstanding savings balance
as % of OLP
Third party debt as % of OLP
Total invested capital
Return on OLP
Return on total invested capital
(294,953)
31,968,000
(417,911)
36,923,000
(594,754)
45,773,000
(792,841)
45,633,010
45,773,000
57,284,176
57,284,176
-13.5%
-4.6%
0.8%
0.0%
0.6%
1.5%
2.3%
-5.9%
-3.3%
0.8%
0.0%
1.2%
3.1%
4.7%
4
Notes: Return on OLP = Net profit before FX gains/losses and interest on sh. loan / Outstanding loan portfolio; Return on total invested capital = Net profit
before FX gains/losses and interest on shareholder loans / Total invested capital
Financial Performance 2008-2010

Consolidated
Financial Statements
Other operating income
Total operating income
Credit loss expense
as % of total assets
Realized
FY 2008 A
3,273,455
FY 2009 A
6,752,599
Projections
H1 2010 A
6,208,166
H1 2010 E
6,075,762
Q3'10 E
Q4'10 E
5,205,538
7,966,622
FY 2010 E
19,380,326
(1,548,593)
(2,964,025)
(294,953)
(417,911)
(594,754)
(792,841)
(820,678)
295,598
435,483
288,656
298,690
315,156
325,345
929,157
3,274,099
6,770,171
5,902,068
5,581,612
4,700,016
6,743,374
17,345,458
(182,475)
(288,673)
(499,220)
(381,702)
(412,677)
(481,273)
(1,393,170)
3,091,625
6,481,499
5,402,849
5,199,909
4,287,339
6,262,101
9.7%
15.3%
7.9%
7.3%
4.2%
4.6%
15,952,288
11.7%
(2,503,401)
(4,731,456)
(3,986,969)
(4,263,310)
(3,251,942)
(3,635,691)
(10,874,602)
(957,214)
(710,388)
(1,044,859)
(466,188)
(440,080)
(245,513)
(245,513)
(1,592,278)
(1,577,295)
(432,399)
(408,595)
(185,000)
(185,000)
(802,399)
(4,806,068)
(7,353,610)
(4,885,556)
(5,111,985)
(3,682,455)
(4,066,204)
(12,634,215)
Expenses from exchange rate differences

Operating profit
Share of profit of associate
Profit before tax
Income tax expense
NET PROFIT OF OPERATIONS
Fund mgt & operating expenses
(534,376)
(217,694)
73,995
81,725
73,995
(2,248,818)
(1,089,805)
591,288
169,650
604,884
2,195,896
3,392,068
91,695
(2,157,124)
59,967
(1,029,838)
(275,805)
(427,214)
(2,432,928)
(1,457,053)
82,434
21,868
18,000
18,000
118,434
673,722
191,518
622,884
2,213,896
3,510,502
(190,182)
(127,861)
(131,322)
483,540
63,657
491,562
(513,003)
1,700,893
(834,507)
2,675,996
(8,155,743)
(3,363,184)
(1,448,104)
(1,450,542)
(755,588)
(755,588)
Net profit CMI for the year
(10,588,672)
(4,820,237)
(964,563)
(1,386,885)
(264,026)
945,305
Cash and cash equivalents
12,473,672
11,829,722
14,587,109
12,617,246
6,290,265
8,981,359
8,981,359
Loans and advances to customers
13,937,088
26,160,566
46,838,635
52,958,714
88,787,275
120,456,196
120,456,196
Other assets
(2,959,280)
(283,284)
5,456,456
4,330,200
6,958,757
5,464,930
7,389,621
7,330,853
7,330,853
31,867,217
42,320,488
68,384,501
71,040,889
102,467,161
136,768,409
136,768,409
Due to customer
2,211,299
5,572,023
8,053,839
10,193,233
14,584,087
20,642,121
20,642,121
Third party loans
1,950,335
8,925,531
23,448,974
23,804,529
46,164,602
59,702,309
59,702,309
BMGF loan
5,000,000
5,000,000
5,000,000
5,000,000
10,000,000
12,000,000
12,000,000
Other liabilities
2,912,740
3,264,354
4,195,455
4,647,651
4,296,264
4,545,289
4,545,289
12,074,374
22,761,907
40,698,268
43,645,413
75,044,953
96,889,720
96,889,720
36,923,000
45,773,000
TOTAL ASSETS
TOTAL LIABILITIES
Issued capital
Retained earning
Foreign currency translation reserve
Minority interest
TOTAL EQUITY
Retained earnings
Accumulated expatriate expenses
Net invested capital
31,968,000
(10,686,815)
(1,509,346)
(16,795,877) (17,701,760)
45,633,010
45,773,000
57,284,176
57,284,176
(17,729,088)
(17,964,535)
(17,016,924)
(17,016,924)
(413,160)
(592,685)
(413,160)
(533,064)
(413,160)
(413,160)
21,000
24,142
28,146
24,619
26,895
24,589
24,589
19,792,839
19,558,581
27,686,226
27,395,477
27,422,200
39,878,681
39,878,681
36,923,000
45,773,000
31,968,000
(10,686,815)
(1,509,346)
(16,795,877) (17,701,760)
(592,685)
(413,160)
45,633,010
45,773,000
57,284,176
57,284,176
(17,729,088)
(17,964,535)
(17,016,924)
(17,016,924)
(533,064)
(413,160)
(413,160)
(413,160)
710,388
1,755,247
2,221,435
2,195,327
2,466,948
2,712,462
2,712,462
20,482,227
21,289,686
29,879,515
29,566,186
29,862,253
42,566,554
42,566,554
Notes:
- Fund management & Operating Expenses include Organizational Expenses, Management Fees and CMI fund Operating Expenses.
Key Performance Indicators per Country FY 2009 A

Consolidated (USD)
FY '09 A
India
Elimination
Consolidated
Number of Branches
103
12
35
58
21
45
282
364-
54-
152-
220-
85-
94-
28-
--
--
--
997-
116,674
8,914
18,283
63,362
19,740
30,522
4,107
261,602
321
165
120
288
232
325
147
262
1,133
743
522
1,092
940
678
513
928
110-
100-
78-
67-
162-
96-
143-
--
--
--
100-
889,204- 1,435,183-
4,259,787-
3,194,614-
2,917,969-
587,070-
--
--
--
26,160,566-
2,065,051
207,939
330,391
1,625,259
1,083,680
1,118,999
143,538
(17,906)
2,384,282
(2,188,635)
6,752,599
16.0%-
23.4%-
23.0%-
38.2%-
33.9%-
38.3%-
24.4%-
0.0%-
0.0%-
0.0%-
25.8%-
(299,864)
(605,672)
(186,093)
(111,073)
Number of Borrowers

as % of OLP
12,876,740-
(75,392)

as % of OLP
Nigeria

as % of OLP
Pakistan
Philippines
Ghana
Sri Lanka
Afghanistan Cambodia Holding Cos
(34,218)
(13,546)
2,016,247
221,383
307,254
1,356,589
420,984
1,040,205
29,123
(17,906)
2,146,485
(285,624)
(1,038,864)
1,193,571
6,481,499
(417,911)
15.7%-
24.9%-
21.4%-
31.8%-
13.2%-
35.6%-
5.0%-
0.0%-
0.0%-
0.0%-
24.8%-
56,889
179
258,680
119,669
152,857
999
589,273
0.44%-
0.00%-
0.01%-
6.07%-
3.75%-
5.24%-
0.17%-
0.00%-
0.00%-
0.00%-
2.25%-
(895,229)
(333,555)
(316,762) (1,434,139)
(595,591)
(974,238)
(197,223)
(26,452)
(14,137)
55,870
(4,731,456)
(83,310)
(136,041)
(97,914)
(264,581)
(150,116)
(69,938)
(173,438)
(1,044,859)
975,338
(1,044,859)
(973,854)
(973,854)
(978,539)
(469,596)
(414,676) (1,698,721)
(745,707) (1,044,176)
(370,661)
(26,452)
(2,636,291)
1,031,208
(7,353,610)
as % of OLP
7.6%-
52.8%-
28.9%-
39.9%-
23.3%-
35.8%-
63.1%-
0.0%-
0.0%-
0.0%-
28.1%-
Operating profit
1,037,708-
(260,198)
-
(169,052)
-
(340,118)
-
(476,208)
-
(3,972)
-
(341,360)
-
(44,358)
-
(484,592)
-
(7,656)
-
(1,089,805)
-
648,660
(213,995)
(93,876)
(57,052)
254,199
(19,181)
(341,538)
15,609
(204,182)
(1,201,380)
(1,212,736)
5.0%-
-24.1%-
-6.5%-
-1.3%-
8.0%-
-0.7%-
-58.2%-
0.0%-
0.0%-
0.0%-
-4.6%-
1,967,709
300,940
1,138,776
740,611
1,355,665
68,322
5,572,023
33.8%-
0.0%-
26.7%-
23.2%-
46.5%-
11.6%-
0.0%-
0.0%-
0.0%-
21.3%-
0.0%
-
0.0%
-
0.0%
-
0.0%
-
27.8%
-
159.9%
-
0.0%
-
0.0%
-
0.0%
-
34.1%
-

as % of OLP

as % of OLP
15.3%-
55.7%
-
7,857,584- 1,215,470- 1,475,000-
3,307,230-
2,850,000-
1,615,631-
200,000-
841,540-
60,689,826-
(43,129,281)
-
36,923,000-
Return on OLP
5.0%
-24.1%
-6.5%
-1.3%
8.0%
-0.7%
-58.2%
0.0%
0.0%
0.0%
-4.6%
8.3%
-17.6%
-6.4%
-1.7%
8.9%
-1.2%
-170.8%
1.9%
-0.3%
2.8%
-3.3%
6
Financial Performance per Country FY 2009 A

Consolidated (USD)
FY '09 A
India
0


Credit loss expense

Expenses from exchange rate differences 0
Operating profit
Profit before tax
Philippines
-
Ghana
207,939
330,391
1,625,259
1,083,680
(75,392)
-
(34,218)
-
(13,546)
-
(299,864)
-
(605,672)
-
(186,093)
-
95,076
56,670
4,610
129,322
45,678
97,728
2,373
2,084,735-
230,391-
321,455-
1,454,717-
523,686-
1,030,635-
34,838-
(98,128)
-
(102,702)
-
2,065,051
(68,488)
2,016,247
(9,008)
221,383
Pakistan
(14,201)
-
420,984
Sri Lanka
1,118,999
9,5701,040,205

143,538
(111,073)
-
(5,715)
29,123
(17,906)
2,384,282
Elimination
-
Consolidated
-
(2,188,635)
6,752,599
--
(285,624)
-
47,827
(43,801)
435,483
2,146,485-
(1,038,864)
-
6,770,171-
(17,906)
-(17,906)
-2,146,485
1,193,571-
-(1,038,864)
(417,911)
-
(288,673)
-
307,254
1,356,589
6,481,499
17.3%-
22.4%-
10.9%-
25.3%-
2.8%-
-1.9%-
3.8%-
2.0%-
15.3%-
(316,762) (1,434,139)
(595,591)
(974,238)
(197,223)
(26,452)
(14,137)
55,870
(4,731,456)
11.5%-
15.6%(333,555)
(83,310)
(136,041)
(97,914)
(264,581)
(150,116)
(69,938)
(173,438)
(1,044,859)
975,338
(1,044,859)
(1,577,295)
(1,577,295)
(2,636,291)
-
1,031,208-
(7,353,610)
-
5,214-
--
(978,539)
-
(469,596)
-
(414,676)
- (1,698,721)
-
--
(11,985)
-
(61,630)
-
1,037,708-
(260,198)
-
(169,052)
-
(389,048)
(895,229)
1,037,708
Income tax expense
Nigeria
648,660-648,660-
(260,198)
(260,198)
-(260,198)
--
(169,052)
(169,052)
-(169,052)
--
2,014(340,118)
(340,118)
3,945
(336,172)
-(336,172)
--
(745,707)
- (1,044,176)
(151,485)
(476,208)
-
-(3,972)
-
(476,208)
(3,972)
(26,750)
(15,209)
(502,958)
-
(19,181)
-
-(502,958)
--
--
(370,661)
178(341,360)
(341,360)
(341,360)
--
(26,452)
-(44,358)
59,967
15,609
-
(484,592)
(484,592)
-
15,609-
(484,592)
-
--
(3,363,184)
-
(19,181)
--
(341,360)
--
15,609-
(3,847,776)
--
(7,656)
(7,656)
(217,694)
(1,089,805)
59,967
(1,029,838)
(152)
(427,214)
(7,808)
-
(1,457,053)
-
-(7,808)
--
(3,363,184)
(4,820,237)
--
3,810,650
315,946
257,706
1,633,396
497,652
534,976
442,978
13,611
4,322,807
11,829,722
12,876,740
889,204
1,435,183
4,259,787
3,194,614
2,917,969
587,070
26,160,566
831,817
211,145
85,055
170,396
177,377
656,726
13,490
939,241
52,429,500
(51,184,547)
4,330,200
17,519,207--
1,416,295--
1,777,944--
6,063,579--
3,869,643--
4,109,671--
1,043,538--
952,853--
56,752,306--
(51,184,547)
---
42,320,488--
1,967,709
300,940
1,138,776
740,611
1,355,665
68,322
5,572,023
7,174,563
812,068
938,900
8,925,531
BMGF loan
400,000
1,500,000
5,000,000
(1,900,000)
5,000,000
Accrued interest on BMGF loans
2,810
76,461
(79,271)
Shareholder loan
1,130,000
1,200,000
700,000
2,350,000
297,950
2,919,706
(8,597,656)
Accrued interest on shareholder loans
37,130
10,572
104,493
991,831
280,472
(1,424,497)
(0)

Other assets
TOTAL ASSETS
LIABILITIES
Due to customer
0
0
Third party loans
Other liabilities
TOTAL LIABILITIES
Issued capital
Retained earning
Minority interest
TOTAL EQUITY
Retained earnings
763,101
251,920
136,933
655,747
456,102
563,100
180,947
44,690
5,213,718
(5,001,904)
3,264,354
9,905,373-
1,719,990-
1,750,315-
4,175,477-
4,538,544-
3,028,783-
1,188,169-
44,690-
13,413,896-
(17,003,329)
-
22,761,907-
275,000
2,607,230
500,000
1,317,681
200,000
841,540
57,770,120
(34,181,218)
(345,066)
66,623
(14,456,144)
7,507,177
85,470
769,984
(404,588)
(663,327)
15,423
(59,731)
311,396
(85,474)
27,629-
1,888,102-
1,475,000
3,307,230
7,613,8347,857,584
769,984
(303,695)
1,215,470
(404,588)
(187,640) (1,030,525) (1,083,427)
(668,901)
2,850,000
(187,640) (1,030,525) (1,083,427)
(125,093)
(135,842)
24,142
1,080,8881,615,631
(125,093)
36,923,000
(16,795,877)
(592,685)
435
24,435
(144,631)
-
908,163-
43,338,411-
(34,181,218)
-
200,000
841,540
60,689,826
(43,129,281)
(345,066)
66,623
(14,456,144)
24,142
19,558,58136,923,000
(16,795,877)
(663,327)
15,423
(59,731)
311,396
(85,474)
(135,842)
435
24,435
218,520
196,992
122,600
508,561
259,922
133,834
173,438
1,755,247
(1,613,866)
1,755,247
(592,685)
8,182,761
1,023,297
1,350,228
3,096,663
1,941,021
1,488,530
28,807
908,163
48,013,364
(44,743,148)
21,289,686
7
Key Performance Indicators per Country HY1 2010 A

Consolidated (USD)
H1'10 A
India
Nigeria
Pakistan
Philippines
Ghana
Sri Lanka
Elimination
Consolidated
Number of Branches
221
12
68
96
30
45
17
489
788-
66-
291-
447-
112-
121-
65-
--
--
--
1,890-
223,831
15,313
44,180
92,728
26,200
31,137
7,054
440,443
284
232
152
207
234
257
109
233
1,013
1,276
650
966
873
692
415
901
124-
105-
87-
68-
128-
85-
180-
--
--
--
106-
27,795,914- 1,603,835- 3,849,179-
6,327,721-
3,357,199-
2,635,637-
1,269,150-
--
--
--
46,838,635-
Number of Borrowers

as % of OLP
343,706
423,238
1,297,488
820,803
487,910
168,748
2,033,294
(1,853,472)
6,208,166
8.9%-
21.4%-
11.0%-
20.5%-
24.4%-
18.5%-
13.3%-
0.0%-
0.0%-
0.0%-
13.3%-
(272,026)
(521,818)
1,387,285
(527,847)

as % of OLP
2,486,453

as % of OLP
(29,973)
(22,224)
(496,040)
(79,174)
(32,938)
1,723,423
365,139
369,231
1,047,247
356,658
366,303
134,486
1,506,548
(466,187)
5,402,849
6.2%-
22.8%-
9.6%-
16.6%-
10.6%-
13.9%-
10.6%-
0.0%-
0.0%-
0.0%-
11.5%-
204,244
2,350
8,832
236,563
114,521
512,870
1,101,018
0.73%-
0.15%-
0.23%-
3.74%-
3.41%-
19.46%-
1.70%-
0.00%-
0.00%-
0.00%-
2.35%-
(1,194,595)
(339,593)
(362,033) (1,080,804)
(339,724)
(432,647)
(223,445)
(4,149)
(9,979)
(3,986,969)
(21,368)
(65,548)
(65,213)
(144,966)
(86,702)
(3,020)
(79,371)
(466,188)
466,188
(466,188)
(316,681)
(316,681)
(1,215,963)
(405,141)
(427,246) (1,225,770)
21,637 n/a
(594,754)
(426,426)
(435,667)
(302,816)
(4,149)
(908,566)
466,188
(4,885,556)
as % of OLP
4.4%-
25.3%-
11.1%-
19.4%-
12.7%-
16.5%-
23.9%-
0.0%-
0.0%-
0.0%-
10.4%-
Operating profit
507,460-
(35,153)
-
(56,316)
-
(178,719)
-
(93,340)
-
(69,363)
-
(173,297)
-
(4,149)
-
694,165-
1-
591,288-
319,910
(10,962)
(35,791)
105,128
425,170
(82,520)
(168,329)
78,285
1,119,800
(1,387,285)
363,408
1.2%-
-0.7%-
-0.9%-
1.7%-
12.7%-
-3.1%-
-13.3%-
0.0%-
0.0%-
0.0%-
0.8%-
3,016,895
637,630
1,635,138
1,166,199
1,427,519
138,592
31,865
8,053,839
39.8%-
0.0%-
25.8%-
34.7%-
54.2%-
10.9%-
0.0%-
0.0%-
0.0%-
17.2%-
0.0%
-
0.0%
-
0.0%
-
0.0%
-
30.9%
-
77.0%
-
0.0%
-
0.0%
-
0.0%
-
50.1%
-

as % of OLP

as % of OLP
10.9%-
77.9%
-
7,857,584- 2,450,050- 3,488,113-
3,400,000-
2,850,000-
1,615,631-
500,000-
841,540-
73,252,972-
(50,414,940)
-
Return on OLP
1.2%
-0.7%
-0.9%
1.7%
12.7%
-3.1%
-13.3%
0.0%
0.0%
0.0%
4.1%
-0.4%
-1.0%
3.1%
14.9%
-5.1%
-33.7%
9.3%
1.5%
2.8%
45,773,0000.8%
0.8%
8
Notes:
-Fund management & operating expenses include organization expenses, management fees and CMI fund operating expenses
Financial Performance per Country HY1 2010 A

H1'10 A
Consolidated (USD)
India
0


Credit loss expense
0
0

Expenses from exchange rate differences
Operating profit
0
0
0
Profit before tax

Income tax expense
0
0

Holding Cos
-
Elimination
-
Consolidated
-
2.486.453
343.706
423.238
1.297.488
820.803
487.910
168.748
2.033.294
(1.853.472)
6.208.166
(527.847)
-
(29.973)
-
(22.224)
-
(272.026)
-
(496.040)
-
(79.174)
-
(32.938)
-
--
(521.818)
-
1.387.285-
(594.754)
-
54.317
58.568
7.833
85.390
37.457
45.753
4.267
(4.928)
2.012.923
(289.499)
-
372.301
(7.162)
-
408.846
(39.615)
-
1.110.852
(63.605)
-
362.220
(5.562)
-
454.489
(88.185)
-
140.077
(5.591)
-
--
1.506.548
--
(466.187)
--
5.902.068
(499.220)
-
1.723.423
365.139
369.231
1.047.247
356.658
366.303
134.486
1.506.548
(466.187)
5.402.849
5,0%-
11,5%-
8,0%-
12,0%-
6,6%-
10,1%-
9,3%-
0,0%-
2,0%-
0,7%-
7,9%-
(1.194.595)
(21.368)
(339.593)
(65.548)
(362.033)
(65.213)
(1.080.804)
(144.966)
(339.724)
(86.702)
(432.647)
(3.020)
(223.445)
(79.371)
(4.149)
-
(9.979)
(466.188)
466.188
(3.986.969)
(466.188)
(1.215.963)
507.460
-
(405.141)
4.849
(35.153)
-
(427.246)
1.699
(56.316)
-
(1.225.770)
(196)
(178.719)
-
(426.426)
(23.571)
(93.340)
-
(435.667)
(69.363)
-
(302.816)
(4.968)
(173.297)
-
(4.149)
(4.149)
-
(432.399)
(908.566)
-
466.1881
-
(432.399)
(4.885.556)
73.995
591.288
-
Nigeria
Pakistan
Philippines
-
Ghana
Sri Lanka
Afghanistan Cambodia
-
96.183
694.165
-
288.656
82.434
82.434
507.460
(187.550)
(35.153)
-
(56.316)
-
(178.719)
11.626
(93.340)
(1.102)
(69.363)
(13.156)
(173.297)
-
78.285
-
694.165
-
1
-
673.722
(190.182)
319.910
--
(35.153)
--
(56.316)
--
(167.094)
--
(94.442)
--
(82.520)
--
(173.297)
--
78.285
--
694.165
(1.448.104)
-
1
--
483.540
(1.448.104)
-
319.910-
(35.153)
--
(56.316)
--
(167.094)
--
(94.442)
--
(82.520)
--
(173.297)
--
78.285-
(753.938)
--
1-
(964.563)
--
4.736.495
27.795.914
1.862.329
1.168.108
1.603.835
392.159
578.318
3.849.179
208.050
2.004.922
6.327.721
396.204
1.353.171
3.357.199
669.053
554.823
2.635.637
430.139
62.327
1.269.150
114.061
9.462
1.572.063
4.119.483
71.319.214
(70.004.515)
14.587.109
46.838.635
6.958.757
34.394.738--
3.164.102--
4.635.547--
8.728.847--
5.379.423--
3.620.598--
1.445.538--
1.581.525--
75.438.697--
(70.004.515)
--
68.384.501--
3.016.895
21.655.935
637.630
-
1.635.138
-
1.166.199
-
1.427.519
815.640
138.592
977.400
31.865
-
8.053.839
23.448.974
1.300.000
3.300.000
5.000.000
(4.600.000)
5.000.000
1.330.000
10.513
3.213.113
227.237
792.770
2.350.000
6.570.753
(237.749)
(14.256.636)
1.593.497
66.171
378.563
11.470
222.209
146.025
1.247.544
1.498.478
693.003
546.419
280.104
606.139
12.008.067
(1.722.144)
(13.380.089)
4.195.455
26.266.326
-
2.412.364
-
4.757.304
-
7.348.714
-
5.707.680
-
2.789.577
-
1.396.096
-
606.139
-
23.610.686
-
(34.196.618)
-
40.698.268
-
7.507.177
1.340.345
1.120.050
(399.569)
275.000
(333.542)
2.607.230
(1.132.256)
500.000
(1.032.946)
1.547.681
(749.281)
500.000
(463.994)
841.540
133.847
66.682.219
(15.064.362)
(35.807.897)
-
45.773.000
(17.701.760)
(719.111)
31.257
(63.217)
(94.842)
204.689
4.476
13.434
210.155
(0)
(413.160)
28.146
8.128.4107.857.584
751.7382.450.050
(121.759)
3.488.113
1.380.1313.400.000
(328.257)
2.850.000
831.0221.615.631
49.440500.000
975.387841.540
51.828.01173.252.972
Retained earnings
1.340.345
(399.569)
(333.542)
(1.132.256)
(1.032.946)
(749.281)
(463.994)
133.847
(15.064.362)
(17.701.760)
(719.111)
239.888
31.257
262.540
(63.217)
187.813
(94.842)
653.527
204.689
346.624
4.476
136.853
13.434
252.809
210.155
2.221.435
(0)
(2.080.054)
(413.160)
2.221.435
8.718.706
2.344.278
3.279.167
2.826.428
2.368.367
1.007.679
302.249
975.387
60.620.199
(52.494.994)
29.879.515
Other assets
TOTAL ASSETS
LIABILITIES
Due to customer
0
0
Third party loans

BMGF loan
Shareholder loan
Other liabilities
TOTAL LIABILITIES
Issued capital
Retained earning

Minority interest
TOTAL EQUITY
(35.807.897)
(50.414.940)
Notes:
-Fund management & operating expenses include organization expenses, management fees and CMI fund operating expenses
28.146
27.686.22645.773.000
Key Performance Indicators per Country FY 2010 E

Consolidated (USD)
FY '10 E
India
Number of Branches
Number of Borrowers

as % of OLP
Holding Cos
Elimination
400
30
80
130
40
46
24
750
1,550-
150-
390-
523-
160-
138-
96-
--
--
--
3,007-
666,238
53,500
113,895
156,360
39,360
28,164
19,120
1,076,637
430
357
292
299
246
204
199
358
1,666
1,783
1,424
1,203
984
612
797
1,436
119-
108-
91-
71-
198-
103-
172-
--
--
--
112-
5,751,687- 10,336,470- 11,078,786-
7,809,322- 2,914,887-
3,292,024-
--
--
--
120,456,196-
8,901,990
1,507,133
1,615,686
3,343,428
2,116,729
963,734
751,804
3,549,742
(3,369,921)
19,380,326
11.2%-
26.2%-
15.6%-
30.2%-
27.1%-
33.1%-
22.8%-
0.0%-
0.0%-
0.0%-
16.1%-
(700,688) (1,224,493)
(608,068)
2,412,707
79,273,021-
(2,439,769)

as % of OLP
Nigeria

as % of OLP
Pakistan
(75,999)

(58,985)
Ghana
Sri Lanka
Afghanistan Cambodia
Consolidated
(161,036)
(107,522)
(172)
5,790,704
1,630,200
1,470,891
2,784,269
944,317
728,051
624,495
(172)
2,936,746
(957,214)
15,952,288
7.3%-
28.3%-
14.2%-
25.1%-
12.1%-
25.0%-
19.0%-
0.0%-
0.0%-
0.0%-
13.2%-
355,691
6,746
9,929
138,649
42,263
551,582
1,113,029
0.45%-
0.12%-
0.10%-
1.25%-
0.54%-
18.92%-
0.25%-
0.00%-
0.00%-
0.00%-
0.92%-
(3,793,350) (1,015,879)
Philippines
8,169 n/a
(2,964,025)
(913,985) (2,665,413)
(963,127)
(859,025)
(641,597)
(12,247)
(9,979)
(10,874,602)
(45,636)
(142,336)
(127,142)
(308,678)
(139,242)
(31,994)
(162,186)
(957,214)
957,214
(957,214)
(386,681)
(386,681)
(3,838,986) (1,158,215) (1,041,128) (2,974,091) (1,102,369)
(891,019)
(803,783)
(12,247)
(1,769,593)
957,214
(12,634,215)
as % of OLP
4.8%-
20.1%-
10.1%-
26.8%-
14.1%-
30.6%-
24.4%-
0.0%-
0.0%-
0.0%-
10.5%-
Operating profit
1,951,718-
476,834-
431,463-
(190,017)
-
(181,623)
-
(162,968)
-
(184,257)
-
(12,419)
-
1,263,337-
1-
3,392,068-
1,273,121
547,052
342,415
380,750
1,065,339
(176,125)
(186,232)
106,015
1,775,221
(2,412,706)
2,714,851
1.6%-
9.5%-
3.3%-
3.4%-
13.6%-
-6.0%-
-5.7%-
0.0%-
0.0%-
0.0%-
2.3%-
11,326,003
2,120,869
3,670,442
2,101,181
1,064,327
359,298
20,642,121
36.9%-
0.0%-
33.1%-
26.9%-
36.5%-
10.9%-
0.0%-
0.0%-
0.0%-
17.1%-
0.0%
-
0.0%
-
17.1%
-
0.0%
-
38.2%
-
82.6%
-
0.0%
-
0.0%
-
0.0%
-
49.6%
-

as % of OLP

as % of OLP
14.3%-
66.4%
-
17,857,584-
3,275,050-
6,525,000-
3,400,000-
2,850,000- 1,615,631-
500,000- 1,221,920-
84,764,148- (64,657,207)
-
57,284,176-
Return on OLP
1.6%
9.5%
3.3%
3.4%
13.6%
-6.0%
-5.7%
0.0%
0.0%
0.0%
2.3%
7.1%
16.7%
5.2%
11.2%
37.4%
-10.9%
-37.2%
8.7%
2.1%
3.7%
4.7%
10
Financial
E
Financial Performance
performance per
per Country
Country
FY
H12010
2009
Consolidated (USD)
FY '10 E
India
0


Credit loss expense

Operating profit
Profit before tax

Income tax expense

Other assets
8,901,990
(2,439,769)
-
Nigeria
1,507,133
Pakistan
Philippines
-
Ghana
1,615,686
3,343,428
2,116,729
963,734
751,804
(161,036)
-
(107,522)
-
(75,999)
-
(58,985)
-
242,819
251,042
23,110
217,828
88,133
101,583
9,571
6,705,040-
1,682,175-
1,579,811-
2,860,567-
980,369-
904,281-
653,853-
(36,052)
-
(176,230)
-
(29,359)
-
944,317
728,051
624,495
(914,336)
-
(51,975)
-
5,790,704
1,630,200
6.8%-
23.9%-
(3,793,350) (1,015,879)
(108,920)
-
(700,688)
- (1,224,493)
-
Sri Lanka Afghanistan Cambodia

-
(76,298)
-
1,470,891
2,784,269
13.2%-
Holding Cos
-
Elimination
-
Consolidated
-
3,549,742
(3,369,921)
19,380,326
(2,964,025)
-
(172)
-
(608,068)
-
2,412,707-
(4,928)
(172)
-(172)
2,936,746--
(957,214)
--
2,936,746
(957,214)
929,157
17,345,458(1,393,170)
15,952,288
19.5%-
9.8%-
21.2%-
17.9%-
0.0%-
3.1%-
1.0%-
11.7%-
(913,985) (2,665,413)
(963,127)
(859,025)
(641,597)
(12,247)
(9,979)
(10,874,602)
(957,214)
(45,636)
(142,336)
(127,142)
(308,678)
(139,242)
(31,994)
(162,186)
(957,214)
957,214
(802,399)
(802,399)
(1,769,593)
-
957,214-
(12,634,215)
-
(3,838,986)
- (1,158,215)
- (1,041,128)
- (2,974,091)
- (1,102,369)
--
4,849-
1,699-
(196)
-
(23,571)
-
1,951,718-
476,834-
431,463-
(190,017)
-
(181,623)
-
1,951,718
476,834
431,463
(190,017)
(678,597)
(146,334)
11,626
1,273,121-
476,834-
285,129-
(178,392)
-
--
--
--
1,273,121-
476,834-
285,129-
-(178,392)
--
(181,623)
(891,019)
-(162,968)
(162,968)
(803,783)
(4,968)
(184,257)
(184,257)
(12,247)
-(12,419)
-
96,183-
--
73,995-
1,263,337-
1-
3,392,068-
118,434
118,434
106,015
1,263,337
3,510,502
(1,102)
(13,156)
(6,943)
(182,725)
-
(176,125)
-
(191,200)
-
106,015-
1,263,337-
-(182,725)
--
-(176,125)
--
--
(0)
(834,507)
1-
2,675,996-
--
(2,959,280)
-
--
(2,959,280)
-
(191,200)
--
106,015-
(1,695,943)
--
1-
(283,284)
--
3,078,041
564,043
666,782
2,790,421
1,080,377
266,082
89,825
445,789
8,981,359
79,273,021
5,751,687
10,336,470
11,078,786
7,809,322
2,914,887
3,292,024
120,456,196
2,298,097
498,641
181,725
411,301
716,581
256,115
109,848
1,543,846
94,134,202
(92,819,503)
7,330,853
84,649,158--
6,814,371--
11,184,977--
14,280,508--
9,606,280--
3,437,084--
3,491,697--
1,989,635--
94,134,202--
(92,819,503)
--
136,768,409--
11,326,003
2,120,869
3,670,442
2,101,181
1,064,327
359,298
20,642,121
52,623,768
1,900,000
1,112,364
2,718,813
1,347,365
59,702,309
BMGF loan
500,000
4,400,000
4,300,000
2,500,000
12,000,000
(11,700,000)
12,000,000
5,775
31,150
457,970
(494,895)
Shareholder loan
2,155,000
792,770
2,350,000
6,570,753
(11,868,523)
106,423
202,211
2,138,058
(2,446,692)
1,617,764
662,579
284,138
1,588,279
933,582
522,975
382,046
606,139
11,818,902
(13,871,116)
4,545,289
65,567,535-
5,550,646-
4,715,289-
12,911,673-
10,022,821-
2,699,666-
3,460,157-
606,139-
31,737,019-
(40,381,226)
-
96,889,720-
17,507,177
1,120,050
6,525,000
2,607,230
500,000
1,547,681
500,000
1,221,920
78,193,395
(52,438,277)
2,293,556
112,419
7,902
(719,111)
31,257
(63,217)
(94,842)
204,689
4,476
13,434
210,155
24,589
24,589
19,081,621-
1,263,726-
6,469,685-
1,368,833-
737,417-
31,537-
1,383,497-
62,397,183-
(52,438,277)
-
39,878,681-
17,857,584
3,275,050
6,525,000
500,000
1,221,920
84,764,148
(64,657,207)
2,293,556
112,419
7,902
TOTAL ASSETS
LIABILITIES
Due to customer
0
0
Third party loans
Other liabilities
TOTAL LIABILITIES
Issued capital
Retained earning
Minority interest
TOTAL EQUITY
Retained earnings
(1,143,554) (1,121,230)
3,400,000
(416,541)
2,850,000
(1,143,554) (1,121,230)
(839,329)
1,615,631
(839,329)
(481,897)
(481,897)
161,577
161,577
(16,006,367)
(16,006,367)
(0)
57,284,176
(17,016,924)
(413,160)
57,284,176
(17,016,924)
(719,111)
31,257
(63,217)
(94,842)
204,689
4,476
13,434
210,155
(0)
264,156
339,327
249,742
817,239
399,164
165,828
335,625
2,712,462
(2,571,081)
2,712,462
(413,160)
19,696,184
3,758,053
6,719,428
2,978,842
2,332,623
946,606
367,162
1,383,497
71,680,397
(67,228,288)
42,566,554
11
Notes:
-Fund management & Operating Expenses include Organization al Expenses, Management Fees and CMI fund Operating Expenses
ASAI Compared to May 2007 Business Plan

Performance is catching up on original business plan in terms of growth, number
of clients served, outstanding loan portfolio and profitability in 2010
Key performance indicators
Yr 1E
2008A
Yr 2E
2009 A
Number of branches
Number of loan officers
Number of borrowers
Gross loan portfolio
Growth rate
215
688
148.400
10.286.415
n/a
142
557
147.694
13.792.493
n/a
479
1.628
399.128
34.034.917
231%
Deposits from customers

Loans from institutions
1.830.834
-186.558
2.213.136
1.948.073
-243.780
-4,0%
-4,6%
0,7%
-1.663.419
-12,1%
-5,2%
4,5%
Net profit
Return on Assets (ROA)*
Return on Equity (ROE)*
Portfolio at risk (> 30 days)
Yr 3E
H1 2010A
2010 E
282
997
261.602
26.160.566
90%
931
489
3.258
1.890
871.696
440.443
87.699.683 46.838.635
158%
158%
750
3.007
1.076.637
120.456.196
360%
1.573
2.387
3.457
5.663
8.831
12.792
1.640.158
2.738.067
4.179.738
189.284.280 356.508.680 607.592.118
116%
88%
70%
6.183.759
23.092.517
5.572.023
8.925.531
16.151.214 8.053.839
52.577.115 23.448.974
20.642.121
59.702.309
35.320.588 76.638.911 162.565.686

132.363.394 229.694.128 393.237.987
-466.586
-1,8%
-4,4%
0,7%
-1.212.736
-4,6%
-3,3%
2,3%
984.621
1,4%
4,8%
0,8%
363.408
0,8%
0,8%
2,4%
2.714.851
2,3%
4,7%
0,9%
Yr 4E
5.336.288
3,5%
15,2%
0,9%
Yr 5E
13.269.800
4,5%
22,7%
0,9%
Yr 6E
28.189.214
5,4%
31,7%
1,0%
Note: Net profit is equal to net profit before FX gains/losses and before interest on BMGF and shareholder loans; Assets is defined as net
outstanding loan portfolio and Equity as total invested capital in 2008 actuals and 2009 and 2010 estimates; original 2007 plan was based on five
countries (India, Philippines, Pakistan, Nigeria and Ghana)
12
Update Accelerated Growth Plan - India
ASA India is not able to fully meet accelerated growth plan as of August 31, 2010
Served 306K clients from 222 branches with USD 30m loan portfolio
Number of clients up 161% from December 31, 2009
Rate of recovery (PAR > 30 days) remains high at 99.57%
Major shortage of qualified senior managers in field operations: only 2 out of 12 district
manager position and only 10 out of 40 regional manager positions have been filled
Substantial outside recruitment is expensive and may reduce discipline in following ASA Model
Only two senior ASA expatriate managers currently assigned to India, due to difficulty in
securing work permits
Lack of training, supervision and monitoring could create major problems down the road
Local management not fully committed to complete adoption of the ASA model and has made
little attempt in mobilizing the resources in Bangladesh
Dialogue has been started directly with Ministry of Home Affairs in Delhi about the need to secure
many more work permits for our Bangladeshi staff initial indications are positive
Ideally, ASAI should inject more equity once sufficient number of work permits have been
necessary for strengthening the field operations
However, the explosive growth of the microfinance sector with many players expanding rapidly
supported by an abundance of available equity and debt capital and increasing competition, puts
some pressure on the organization to expand almost beyond its capacity.
ASA India has between USD 8-12m of additional borrowing capacity without an equity contribution,
however it will take some time before these loans are sanctioned
This may force the company to slow down loan disbursement, unless equity is brought in during Q4
Amarchands supplemental legal opinion confirms that once additional equity is injected in ASA
India, the companys capitalization has to be increased to USD 50m within two years thereafter
13
Treasury Debt Funding

ASA International Holding - Funding
Discussions with BlueOrchard regarding USD 5-15m facility to ASA International.

Bill and Melinda Gates Foundation
A 2nd tranche of USD 5m has been approved by BMGF and transferred to the Segregated Account.
A total of USD 4,2m was drawn from this 2nd tranche (USD 1,7m for Pakistan, USD 1,0m for The Philippines,
USD 0,5M Nigeria and USD 1,0m for Ghana).
Citi SBLC backed route for ASA Pakistan not used because of higher than expected net interest cost.
ASA India
In the pipeline: CITI (OPIC) USD 6,0m, BOI USD 4,3m, ICICI USD 4,3m, Ananya Finance-FWWB USD 2,6m,
BlueOrchard/SCB USD 3m, DWM USD 3m, responsAbility USD 2-3m, Corporation Bank USD 4,3m.
A RBI committee has recommended withdrawing priority sector status accorded to banks exposure to MFIs.
If acted upon the impact could be severe for MFIs cost of funding.
PAG-ASA Philippines
USD 1m (in PHP) responsAbility/Symbiotics and USD 1m (in PHP) BlueOrchard drawn in September.
In the pipeline: PCFC USD 1,3m, BPI USD 1,8m and Planis.
Preference shares of USD 2.5m plus shareholder loan of USD 700K converted into common shares to
strengthen Tier 1 capital: total equity USD 4,3m and BMFG loans USD 4,3m.
ASA Pakistan
In the pipeline: PPAF (Pakistan Poverty Alleviation Fund): USD 2,1m at an effective rate of 12,7%,
BlueOrchard still awaiting online reports to further progress the loan application.
No progress has been made with regard to State Bank of Pakistan guarantee backed funding.
Total equity USD 4,0m and BMFG loans USD 3,0m.

ASA Nigeria
Debt funding discussions with Microvest, Symbiotics (REGMIFA) and Planis (responsAbilty) have stalled
pending full activation of the microfinance bank.
ASA Ghana
Negotiations with funders have slowed down pending status of Savings & Loan license. Current
fund requirement is to be met with BMGF facility.
14
Treasury Currency Developments

The US dollar strengthened somewhat against major reference currencies during Q2
Exchange Rate Fluctations versus USD
Afghanistan
Ghana
India
Nigeria
Pakistan
Philippines
Sri Lanka
2008
-4,53%
-22,78%
-20,71%
-15,42%
-22,08%
-12,01%
-3,44%
2009
5,87%
-10,66%
6,02%
-7,41%
-6,72%
2,73%
-0,51%
2010-Q1
1,42%
1,04%
4,14%
0,31%
0,50%
2,23%
0,28%
2010-Q2/Q1
5,02%
-1,25%
-3,14%
-0,56%
-3,16%
-2,37%
0,49%
2010Q2/2008
7,65%
-31,16%
-15,21%
-21,85%
-28,06%
-9,79%
-3,19%
10,00%
0,00%
-10,00%
AFN
GHS
-20,00%
INR
-30,00%
NGN
-40,00%
PKR
PHP
LKR
15
AMMS System
Present status of AMMS implementation at country and holding level
Country consolidation system implementation has been completed in all countries except Sri-Lanka
and Afghanistan. Due to regulatory and management issues further IT development is on hold in SriLanka. Afghanistans operations are too small for introduction of automated systems. Most countries
also implemented the consolidation package. Hyperion Enterprise was selected for ASA International
Holding consolidation and to be implemented by Q3 2011.
Country
Delivery Date
Status
India
January 2010
Completed
Philippines
August 2010
Completed
Nigeria
September 2010
Completed
Ghana
September 2010
Completed
Pakistan
August 2010
Completed
Sri-Lanka
On hold
On hold
Afghanistan
On hold
On hold
ASAI consolidation
December 2010
Hyperion Enterprise software implementation in progress
Present status of AMMS implementation at branch level

Branch level AMMS implementation is satisfactory in all countries. Implementation AMMS + hardware
for all new branches in the Philippines and Pakistan now feasible.
Country
Number of
branches
Number of branches
using AMMS
Number of branches
AMMS live
Number of local
system engineer
Local system
engineer training
India
Philippines
Pakistan
Nigeria
Ghana
Sri-Lanka
Afghanistan
250
131
83
16
33
44
13
250
111
59
16
33
0
0
220
111
50
15
33
0
0
13
6
1
1
1
1
0
Completed
Completed
Completed
Completed
Completed
No
No
16
Financial Accounting & Reporting
Completion of the 2009 audit has been severely delayed and now is only expected to be completed by early
October 2010.
There are a number of specific reasons for the delay:
Delay in completion of the Lak Jaya audit due to the theft of the administration in some branches.
High staff turnover.
Difficulty in consolidating all accounts in accordance with IFRS (with exception of Sri Lanka, all country
audits were completed by April).
However, these reasons only partly explain the problems, which are more profound and require a more
comprehensive, long term solution
The inter-group transfer of the businesses in the Philippines, Sri Lanka, and Afghanistan.
The preparation of the accounts is a lot more complex than perhaps initially anticipated with more than
30 legal entities, complex regulatory and tax structures, and 10 different currencies, sometimes
counter-intuitive IFRS rules.
The manually prepared local accounts remain leading for the time being, which slows down the
preparation of the local accounts and intensifies the audit procedures.
Consolidation done by unprotected Excel sheets that are error prone and make revisions timeconsuming.
Prior to ASAI the Dhaka accounts team has no experience in consolidating many legal entities,
international accounting with currency fluctuations, and advanced IFRS standards and procedures.
The accounts team both in Dhaka and Amsterdam do not have sufficient experience and expertise in
dealing with these complex issues and need to be strengthened.
The following steps are intended to resolve the issues over a period of time
Recruit a hands-on, senior accountant with experience in setting up and managing financial reporting
systems for companies with many international subsidiaries in many currencies, complex tax and
regulatory structures, and experienced with IFRS accounting rules, who will assume overall
responsibility for financial reporting, its design, account processes, and staffing.
Ensure that the local AMMS consolidation module is up-to-date and complete and fully consolidates the
17
country operation; AMMS should become leading in preparation of the management accounts.
Carefully plan and execute the Hyperion implementation.
productivity
BranchBranch
Performance
by Country
Number of clients per branch and per loan officer is progressing with increasing
maturity of branches
Branch Performance as of 30/06/'10
Afghanistan
17
Ghana
30
India
221
Nigeria
12
Pakistan
68
Philippines
96
Sri Lanka
45
0 - 3 Months
42
21
31
4 - 6 Months
71
12
17
7 - 9 Months
27
15
10 - 12 Months
20
11
> 12 Months
19
61
15
37
45
15
Average number of LOs per branch
3.8
3.8
3.6
5.5
4.3
4.8
2.7
4.0
0 - 3 Months
3.8
2.8
3.0
n.a
3.5
3.2
n.a.
n.a.
4 - 6 Months
3.8
4.0
3.3
n.a
4.0
4.1
n.a.
1.0
Number of branches
Cambodia
36
7 - 9 Months
n.a.
n.a
3.8
5.7
4.3
4.8
n.a.
3.7
10 - 12 Months
4.0
4.0
3.8
5.3
4.8
4.4
n.a.
4.4
> 12 Months
3.8
4.0
4.1
5.5
5.3
6.5
2.7
4.7
Average number of clients per branch
415
864
1,013
1,276
650
966
692
682
0 - 3 Months
164
107
222
n.a
99
145
n.a
n.a
4 - 6 Months
221
304
528
n.a
347
580
n.a
194.3
7 - 9 Months
n.a.
n.a.
1,254
1,162
723
907
n.a
356.2
10 - 12 Months
636
1,073
1,467
1,531
1,085
1,174
n.a
676.0
> 12 Months
594
1,159
1,867
1,206
1,445
1,798
691.9
945.7
Average number of clients per LO
169
109
227
282
232
152
202
257
0 - 3 Months
44
38
73
n.a
28
46
n.a
n.a
4 - 6 Months
59
76
161
n.a
87
141
n.a
194.3
7 - 9 Months
n.a.
n.a.
329
205
167
191
n.a
97.1
10 - 12 Months
159
268
386
287
226
265
n.a
154.9
> 12 Months
156
290
455
219
271
277
257.3
199.8
18
Investments, Capital Commitments and Quarterly

Drawdown
Country
India
Nigeria
Pakistan
Philippines
Ghana
Sri Lanka
Afghanistan
China
Indonesia
Grooming
Operating Expenses
not paid by countries
Net cash position
Total ASAI
Investments
Cambodia (SAMIC and
Seilanithih)
Total CMI
Investments
Approved till
30-Jun-2010
7.897.920
2.450.050
4.525.000
4.300.000
3.500.000
2.875.000
500.000
700.000
1.250.000
1.500.000
Drawn till
30-Jun-2010
Expected
Invested as at
investment up
20-Sep-2010
to Dec 2010
Approval
request
Drawdown
request
7.897.920
2.290.470
4.525.000
4.175.230
2.850.000
1.675.129
500.000
173.543
110.102
1.139.000
7.857.584
2.450.050
4.025.000
4.300.000
2.850.000
1.615.631
500.000
76.310
100.000
138.971
12.897.920
2.450.050
6.525.000
4.300.000
2.850.000
1.615.631
500.000
100.000
1.100.000
-
10.000.000
2.000.000
-
5.000.000
159.580
2.000.000
124.770
0
1.000.000
-
6.288.156
6.239.884
6.722.601
434.445
434.445
1.000.000
(2.133.395)
(1.094.265)
(851.252)
30.497.970
29.491.155
29.059.165
38.209.950
12.434.445
8.718.795
1.236.750
804.760
1.236.750
1.236.750
31.734.720
30.295.915
30.295.915
39.446.700
12.434.445
431.990
9.150.785
19
Conclusion
Institutional development remains on track with rapid growth in almost all markets
Pagasa Philippines has accelerated growth with business ahead of projections, serving 123K clients from
128 branches by end of August; profitability expected to substantially improve with increase of average
loan size, which currently is too low
ASAI India will not be able to fully meet the accelerated growth plan, primarily due to the difficulty in
recruiting sufficiently experienced staff at all levels with an emphasis on senior field staff (current short
10 district managers out of 12 required) and securing work permits for ASA expatriate staff
Pakistani operations continue to perform well and on target for achieving its rapid expansion plan
Nigerian growth has been disappointing affected by difficulty in obtaining all the necessary approvals for
opening ASHA branches; dual growth strategy with NGO and ASHA is expected to boost growth
Ghana growth and profitability has significantly improved during Q2 than planned during Q1 and remains
on track for the full year; application process for S&L Bank license ongoing
Await final decision by Sri Lanka Central Bank on alleged Exchange Control violations
Secured and disbursed additional USD 5m BMGF funding requests for Nigeria, Pakistan, Ghana and the
Philippines; application for next USD 5m tranche to be submitted in Q4
Financial accounting and reporting remains weak and urgently needs to be improved
Focus for the next three months will be on:

Four core countries: India, The Philippines, Pakistan, and Nigeria
AMMS consolidation module in all countries close to completion; Hyperion global consolidation
implementation to commence Q4 with targeted completion by Q3 2011
Strengthening operational field management in India

Rapidly boost growth in Nigeria through ASHA Microfinance Bank and NGO
Strengthen financial accounting & reporting department
Establish proper annual budgeting & forecasting procedures at country level
Strengthen senior management ASA International
Resolve regulatory challenge in Sri Lanka
Secure VCC licence Indonesia and commence operations
Continue pursuit of MCC license in China
20
Country Review
India
Nigeria
Pakistan
Philippines
Ghana
Sri Lanka
Afghanistan
Cambodia
Country Review - India

Structure and Management
Senior management team further strengthened appointed Chief Financial Officer, Chief Internal Auditor
and Senior Manager Human Resources.
Rating:
CRISIL upgraded ASA Indias rating one notch to mfR3 (and commented positively on appointments MT),
ICRA awarded ASA India LBBB-(stable) as its first rating under Basel-II for BLR on Rs. 300.00 crores
Increasingly difficult to recruit experienced staff at all levels.
Ministry of Home Affairs inclined to support ASAI India in securing visa for ASA staff.
Capital increase expected over the next six months.
Supplemental legal opinion Amarchand Mangaldas supports 24-months period for increasing capital to USD
50m (following second capital increase).
Operations
ASA India successfully continued expansion during Q1 and Q2, serving over 223,831 borrowers from 222
branches, while portfolio quality remained good (PAR>30 less than 1%), and business remained profitable.
Operational and financial performance is somewhat lower than originally projected for Q1 2010 and is
expected to remain lower than projected for the following reasons: (1) unable to attract experienced
microfinance professionals, (2) additional training capabilities only recently implemented, (3) newly trained
loan officers not immediately at full productivity, and (4) internal promotions already stretched to
maximum.
Market environment increasingly competitive with ongoing major growth by all major MFIs in the West
Bengal region.
Opening branches in Assam, Meghalaya, Tripura, Bihar, Jharkhand and Orissa.

Other
AMMS expected to be fully stabilized by the end of 2010 except certain customization in accounting and
operational modules.
Debt funding has remained good with the Rs. 50.00 crores (USD 11m) SIDBI term loan now fully drawn
and large number of future sanctions from a wide range of banks in the pipeline. SBI final tranche of Rs.
10.00 crores (USD 2.2m) is pending for release.
Application for Microfinance Institutions Network (MFIN) and Sa-dhan submitted.

22
Country Review India (continued)

Focus
Major
challenges over the next 3-6 months:

Attract, train and retain sufficient number of qualified staff in order to meet expansion plan
Strengthen improve internal audit team and internal audit procedures
Strengthening upper tier of management for effective supervision and monitoring of operations
Improve and fully implement supporting MIS / IT systems (AMMS)
Further improve the training and monitoring facilities at branch level
Better leverage off the expertise and capabilities of the human resource base of ASA Bangladesh in
training staff in ASA methodology
Maintain control over operating cost
Secure visa ASA expatriates
Secure additional debt funding
Secure the next tranche of equity funding of USD 10m from ASA International by first quarter 2011
23
Key Performance Indicators India 2008-2010

India (USD)
Realized
FY 2008 A
Number of Branches
Number of Borrowers

as % of OLP
Projections
FY 2009 A
H1 2010 A
H1 2010 E
Q3'10 E
Q4'10 E
FY 2010 E
50
103
221
300
400
400
400
176-
364-
788-
759-
1,300-
1,550-
1,550-
55,217
116,674
223,831
249,124
432,193
666,238
666,238
314
321
284
328
332
430
430
1,104
1,133
1,013
830
1,080
1,666
1,666
109-
110-
124-
126-
127-
119-
119-
6,038,439-
12,876,740-
27,795,914-
31,276,300-
54,822,382-
79,273,021-
79,273,021-
736,216
2,065,051
2,486,453
2,523,600
2,395,979
4,019,559
8,901,990
12.2%-
16.0%-
8.9%-
8.1%-
4.4%-
5.1%-
11.2%-
(652,639)
(1,259,283)
(2,439,769)
691,910
(1,108)
2,016,247
1,723,423
1,651,524
1,508,318
2,558,963
5,790,704
11.5%-
15.7%-
6.2%-
5.3%-
2.8%-
3.2%-
7.3%-
4,984
56,889
204,244
164,768
222,814
355,691
355,691
0.1%-
0.4%-
0.7%-
0.5%-
0.4%-
0.4%-
0.4%-
(483,838)
(895,229)
(1,194,595)
(1,358,447)
(1,220,165)
(1,378,590)
(3,793,350)
(135,210)
(83,310)
(21,368)
(18,155)
(12,134)
(12,134)
(45,636)
(619,048)
(978,539)
(1,215,963)
(1,376,601)
(1,232,299)
(1,390,723)
(3,838,986)

as % of OLP

as % of OLP

(75,392)
(527,847)
(609,269)
as % of OLP
10.3%-
7.6%-
4.4%-
4.4%-
2.2%-
1.8%-
4.8%-
Operating profit
72,862-
1,037,708-
507,460-
274,923-
276,019-
1,168,239-
1,951,718-
(41,360)
648,660
319,910
175,720
182,173
771,038
1,273,121
-0.7%-
5.0%-
1.2%-
0.6%-
0.3%-
1.0%-
1.6%-
402,441
1,967,709
3,016,895
4,676,752
7,570,436
11,326,003
11,326,003
15.3%-
10.9%-
15.0%-
13.8%-
14.3%-
14.3%-
56%
-
78%
-
69%
-
76%
-
66%
-
66%
-

as % of OLP

as % of OLP
6.7%-
0%
-
7,507,177-
7,507,177-
7,507,177-
7,507,177-
7,507,177-
17,507,177-
17,507,177-
Return on OLP
-0.7%
5.0%
1.2%
0.6%
0.3%
1.0%
1.6%
-0.6%
8.6%
4.3%
2.3%
2.4%
4.4%
7.3%
24
Financial Performance India 2008-2010

India (USD)
Realized
FY 2008 A
0

Credit loss expense

0

Operating profit
Profit before tax

Income tax expense

Other assets
TOTAL ASSETS
Due to customer
736,216
0
0
0
FY 2009 A
Projections
-
2,065,051
H1 2010 A
2,486,453
H1 2010 E
2,523,600
Q3'10 E
2,395,979
Q4'10 E
FY 2010 E
4,019,559
8,901,990
(2,439,769)
-
(1,108)
-
(75,392)
-
(527,847)
-
(609,269)
-
(652,639)
-
(1,259,283)
-
18,382-
95,076-
54,317-
72,536-
82,224-
106,278-
242,819-
753,490-
2,084,735-
2,012,923-
1,986,866-
1,825,564-
2,866,554-
6,705,040-
(61,580)
691,910
(68,488)
2,016,247
(289,499)
1,723,423
(335,342)
1,651,524
(317,246)
1,508,318
(307,591)
2,558,963
(914,336)
5,790,704
9.7%-
11.5%-
5.0%-
4.6%-
2.5%-
3.0%-
6.8%-
(483,838)
(895,229)
(1,194,595)
(1,358,447)
(1,220,165)
(1,378,590)
(3,793,350)
(135,210)
(83,310)
(21,368)
(18,155)
(12,134)
(12,134)
(45,636)
(619,048)
-
(978,539)
-
(1,215,963)
-
(1,376,601)
-
(1,232,299)
-
(1,390,723)
-
(3,838,986)
-
--
--
--
--
--
--
--
72,862-
1,037,708-
507,460-
274,923-
276,019-
1,168,239-
1,951,718-
72,862
1,037,708
507,460
274,923
276,019
1,168,239
1,951,718
(114,222)
(389,048)
(187,550)
(99,203)
(93,847)
(397,201)
(678,597)
(41,360)
--
648,660-
319,910-
175,720-
182,173-
771,038-
1,273,121-
782,673
3,810,650
4,736,495
2,717,731
2,075,597
3,078,041
3,078,041
6,038,439
12,876,740
27,795,914
31,276,300
54,822,382
79,273,021
79,273,021
324,879
831,817
1,862,329
1,596,492
2,293,274
2,298,097
2,298,097
7,145,991--
17,519,207--
34,394,738--
35,590,523--
59,191,253--
84,649,158--
84,649,158--
402,441
1,967,709
3,016,895
4,676,752
7,570,436
11,326,003
11,326,003
Third party loans
7,174,563
21,655,935
21,572,657
41,704,601
52,623,768
52,623,768
BMGF loan
Shareholder loan
472,964
763,101
1,593,497
1,000,660
1,605,630
1,617,764
1,617,764
875,405-
9,905,373-
26,266,326-
27,250,069-
50,880,668-
65,567,535-
65,567,535-
7,507,177
7,507,177
7,507,177
7,507,177
7,507,177
17,507,177
17,507,177
769,984
1,340,345
1,269,658
1,522,518
2,293,556
2,293,556
Other liabilities
TOTAL LIABILITIES
Issued capital
Retained earning
(41,517)

Minority interest
TOTAL EQUITY
00
Retained earnings
(1,195,074)
(663,327)
(719,111)
(436,381)
(719,111)
(719,111)
6,270,586-
7,613,834-
8,128,410-
8,340,454-
8,310,583-
19,081,621-
19,081,621-
7,507,177
7,507,177
7,507,177
7,507,177
7,507,177
17,507,177
17,507,177
769,984
1,340,345
1,269,658
1,522,518
2,293,556
2,293,556
(41,517)
(1,195,074)
(719,111)
(663,327)
(719,111)
(436,381)
(719,111)
(719,111)
135,210
218,520
239,888
244,331
252,022
264,156
(719,111)
264,156
6,405,796
7,832,354
8,368,299
8,584,785
8,562,605
19,345,777
19,345,777
25
India Branch Performance

#
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
Branch name
Gobardanga
Thakurnagar
Rajarhat-1
Rajarhat-2
Beliaghata-1
Newbarrackpur-1
Ultodanga
Barasat-1
Barasat-2
Barasat Colony More
Dumdum-1
Newbarrackpur-2
Howrah-1
Howrah-2
Dumdum-2
Beliaghata-2
Beliaghata-3
Madhyamgram-1
Madhyamgram-2
Behala-1
Behala-2
Baranagar
Badkulla
Bagula
Santipur
Fulia
Krishnanagar-1
Krishnanagar-2
Uluberia
Sealdah
Deganga
Basirhat
Gaighata
Chandpara
Habara-1
Bongaon-1
Boangoan-2
Helencha
Ramrajatala
Andul
Shibpur-1
Shibpur2
Amtala-1
Amtala-2
Thakurpukur
Diamond Harbour
Plassey
Bethuadahari
Duttapulia
Hanskhali
Bakhrahat
Baruipur
Kamakhyaguri
Shyambazar
Maslandapur
Opening
01/05/2008
01/05/2008
17/05/2008
17/05/2008
19/05/2008
20/05/2008
20/05/2008
20/05/2008
20/05/2008
20/05/2008
25/05/2008
25/05/2008
25/05/2008
25/05/2008
01/06/2008
01/06/2008
01/06/2008
01/06/2008
01/06/2008
01/06/2008
01/06/2008
15/06/2008
20/06/2008
20/06/2008
24/06/2008
25/06/2008
26/06/2008
11/08/2008
25/08/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
01/09/2008
18/09/2008
18/09/2008
18/01/2009
01/05/2009
01/05/2009
# of Los
4
4
4
4
4
4
5
4
4
5
5
4
5
4
4
4
4
4
5
5
5
4
4
4
4
4
4
4
4
5
4
4
4
4
4
4
4
4
4
5
4
4
4
4
4
4
4
4
4
3
4
4
3
4
4
# of savers
1,780
901
2,261
1,988
2,155
2,153
2,185
2,076
2,011
2,294
1,965
2,111
2,563
2,207
2,176
2,166
2,022
2,315
1,372
2,198
2,136
2,154
2,262
1,928
1,846
1,706
2,068
2,019
1,981
2,532
2,270
2,004
2,093
2,328
2,247
2,288
2,144
613
2,109
2,468
2,208
2,088
1,735
2,203
1,952
2,066
2,250
2,045
2,244
1,641
2,040
1,982
595
2,298
1,823
Margin money
# of borrowers Net loan balance # of defaulters
balance
1,071,362
1,621
9,534,779
2
453,808
773
4,156,843
1,790,659
2,001
14,491,438
1,909,614
1,890
14,681,863
10
2,115,800
2,040
15,327,957
6
1,949,775
2,008
14,407,278
12
2,197,707
2,123
16,017,996
35
1,782,174
1,834
12,469,806
1
1,599,680
1,796
10,918,252
2
2,150,997
2,205
14,599,840
1,776,230
1,872
13,239,810
137
1,980,579
2,024
14,886,892
22
2,287,681
2,455
17,272,610
38
1,986,759
2,096
14,653,387
18
1,800,360
1,900
13,463,305
5
1,857,290
2,061
13,807,073
20
1,933,622
1,918
14,353,921
54
1,959,304
2,158
13,456,919
58
1,049,767
1,229
7,389,098
6
2,114,328
2,023
15,752,922
51
2,112,264
2,065
14,739,144
12
1,793,269
1,975
14,029,007
6
1,715,159
1,955
12,986,608
18
1,323,697
1,620
10,641,682
32
1,143,168
1,779
7,842,497
245
1,104,283
1,530
7,704,334
133
1,703,866
1,995
12,394,067
193
1,145,242
1,799
8,043,552
6
1,381,099
1,881
9,809,375
31
2,321,587
2,457
15,644,575
11
1,657,570
2,138
11,402,499
2
1,642,712
1,868
11,058,037
15
1,690,146
1,927
10,917,866
3
1,592,318
2,060
10,176,435
1,905,133
2,095
13,295,582
26
1,545,125
2,062
9,954,853
32
1,592,342
1,953
10,254,625
52
180,095
1,150
6,168,485
1,609,923
1,845
11,535,844
47
1,889,270
2,263
13,664,376
29
1,694,628
2,045
11,392,491
105
1,701,005
2,029
10,937,128
35
1,166,112
1,614
7,511,267
1
1,596,972
2,114
9,934,222
72
1,459,573
1,794
10,523,760
1
1,506,456
1,917
9,411,782
12
1,693,421
2,213
11,662,377
13
1,396,464
1,892
10,136,159
44
1,498,779
1,980
10,032,660
1,089,411
1,491
7,541,025
5
1,483,571
1,932
9,798,326
8
1,586,457
1,911
10,293,209
108
229,588
540
3,708,176
1,629,277
2,141
14,821,473
1
979,861
1,680
8,265,339
8
Outstanding
default balance
10,514
48,285
31,166
44,398
174,637
9,956
16,778
741,072
110,689
220,460
94,179
18,955
52,444
270,668
367,864
30,213
432,059
34,883
36,686
54,580
151,043
613,628
634,096
934,652
22,220
152,474
31,389
32,257
34,733
25,456
146,806
123,149
280,333
201,801
143,097
627,779
205,089
4,369
238,753
1,156
74,887
53,502
166,337
24,781
47,280
487,222
9,556
22,244
PAR-30 %
0.1%
0.0%
0.0%
0.3%
0.2%
0.3%
1.1%
0.1%
0.2%
0.0%
5.6%
0.7%
1.3%
0.6%
0.1%
0.4%
1.9%
2.7%
0.4%
2.7%
0.2%
0.3%
0.4%
1.4%
7.8%
8.2%
7.5%
0.3%
1.6%
0.2%
0.3%
0.3%
0.2%
0.0%
1.1%
1.2%
2.7%
0.0%
1.7%
1.0%
5.5%
1.9%
0.1%
2.4%
0.0%
0.8%
0.5%
1.6%
0.0%
0.3%
0.5%
4.7%
0.0%
0.1%
0.3%
26
India Branch Performance contd

#
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
Branch name
Sheoraphuli
Bauria
Bagnan
Sankrail.
Kestopur
Baghajatin
Berhampore-1
Kandi
Domkol
Doulatabad
Islampur
Sagarpara
Bandel
Tarakesswer
Berhampore-2
Nimtala
Raghunathgunj-1
Raghunathgunj-2
Jalangi
Kolaghat
Habra-2
Sibanipur
Canning
Dhulian-01
Farakka
Chandannagar
Singur
Mecheda
Champasari
Bidhannagar
NJP
Salugara
Bagdogra
Guma
Kholapota
Swarupnagar
Sibmandir
Naksalbari
Dhupguri-1
Dhupguri-2
Cochbehar-1
Dewanhat
Maynaguri
Adhikari
Aliporeduar-3
Rajarhat
Falakata
Jalpaiguri-1
Haldibari
Aliporeduar-2
Aliporeduar-1
Baxirhat
Tufangunj
Aurangabad
Pundibari
Opening
01/05/2009
01/05/2009
01/05/2009
01/05/2009
02/05/2009
07/05/2009
01/07/2009
01/07/2009
01/07/2009
01/07/2009
15/07/2009
15/07/2009
29/07/2009
30/07/2009
31/07/2009
01/08/2009
03/09/2009
03/09/2009
04/09/2009
09/09/2009
11/09/2009
12/09/2009
12/09/2009
12/09/2009
12/09/2009
18/09/2009
01/10/2009
01/10/2009
01/10/2009
01/10/2009
05/10/2009
05/10/2009
05/10/2009
06/10/2009
06/10/2009
06/10/2009
01/11/2009
16/11/2009
20/11/2009
01/12/2009
02/12/2009
02/12/2009
12/12/2009
14/12/2009
14/12/2009
18/12/2009
19/12/2009
21/12/2009
21/12/2009
22/12/2009
22/12/2009
23/12/2009
24/12/2009
03/01/2010
04/01/2010
# of Los
4
4
4
3
4
4
4
4
4
4
4
4
3
4
4
4
4
4
3
4
4
4
4
3
3
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
3
5
4
3
4
4
4
4
3
3
3
3
3
3
# of savers
1,278
2,185
2,355
1,443
2,130
1,834
1,618
1,647
2,152
1,642
2,153
1,848
1,029
1,433
1,665
1,710
1,717
1,683
1,427
1,335
1,519
1,653
1,690
1,417
1,260
1,124
870
1,418
2,056
1,822
2,271
1,904
2,101
1,561
1,485
1,504
2,026
1,550
1,367
1,102
1,832
937
1,126
1,488
922
479
1,086
777
752
1,135
1,064
1,132
1,001
766
519
Margin money
balance
780,127
1,222
6,844,328
71
1,308,583
1,972
10,664,073
9
1,440,121
2,090
12,907,093
3
830,299
1,271
7,490,896
6
1,410,942
1,866
12,164,759
1,346,306
1,702
11,660,356
23
800,456
1,412
7,342,478
611,713
1,649
6,535,133
930,368
1,998
8,841,437
18
674,689
1,703
7,046,026
959,178
1,997
8,967,959
811,044
1,461
6,081,382
413,918
962
3,723,580
58
611,595
1,331
5,187,753
677,565
1,495
6,458,183
682,342
1,580
6,150,997
653,947
1,555
6,482,354
629,373
1,518
6,474,507
514,529
1,402
6,447,085
579,043
1,236
6,763,898
627,403
1,432
6,584,576
500,987
1,513
4,437,526
480,795
1,555
5,137,125
521,473
1,315
5,949,224
467,991
1,180
4,491,133
386,734
1,052
3,674,448
55
266,917
800
3,056,604
451,444
1,270
5,616,793
814,195
1,843
9,983,423
739,636
1,742
9,118,576
829,413
1,941
10,036,194
807,793
1,696
10,313,445
980,748
1,992
11,355,580
1
544,915
1,445
6,268,696
639,370
1,376
6,256,874
580,963
1,425
5,696,739
737,223
1,806
10,384,130
579,929
1,456
8,258,405
473,753
1,176
7,402,910
397,224
982
6,611,978
708,512
1,683
11,202,802
348,519
877
4,403,754
432,435
1,016
6,940,735
481,534
1,365
7,423,377
352,065
843
5,899,932
128,780
994
6,400,307
326,358
934
5,322,705
274,895
691
4,399,665
234,907
665
3,663,989
399,932
1,047
6,488,319
385,799
992
6,023,636
442,088
1,010
7,609,408
340,393
779
5,870,971
207,624
650
3,650,548
167,340
468
2,785,791
-
Outstanding
default balance
302,838
37,340
15,111
24,090
125,490
52,117
231,998
225,356
8,667
-
PAR-30 %
4.4%
0.4%
0.1%
0.3%
0.0%
1.1%
0.0%
0.0%
0.6%
0.0%
0.0%
0.0%
6.2%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
6.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.1%
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%
0.0%
0.0%
27

#
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
Branch name
Putimari
Birpara
Lichubagri
Barobisha
Jalpaiguri-2
Sahebgunj
Okrabari
Kasba
Sonarpur
Lalbag
Batasi
Boulbari
Dowkimari
Gairkata
Sargachi
Jalpesh
Jateshwar
MathariHat
Kataihat
Baduria
Bagjola
Nagar Ukhra
NaHata
Gopal Nagar
Bishnupur
Bagda
AramBag
Pandua
Magra
Seakhala
Contai
Tollygunj
Purbasthali
Majdia
Aranghata
Rejinagar
Sekhpara
Baneshwar
Dawaguri
Natabari
Mathabhanga
Neshigunj
SitalKuchi
Nijam Nagar
Chowdhury Hat
BalaramPur
BhatiBari
Rampurhat
Sainthia
Nalhati
ElamBazar
Ahemmedpur
Suri
Kalna
Katowa
Opening
04/01/2010
11/01/2010
15/01/2010
18/01/2010
29/01/2010
29/01/2010
02/02/2010
04/02/2010
04/02/2010
15/02/2010
15/02/2010
15/02/2010
15/02/2010
17/02/2010
18/02/2010
18/02/2010
24/02/2010
24/02/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
01/03/2010
02/03/2010
08/03/2010
08/03/2010
# of Los
3
4
4
3
4
4
3
4
4
3
4
5
4
4
3
4
3
3
3
3
3
3
3
3
3
4
3
3
3
3
3
4
3
3
3
3
3
4
3
3
4
4
3
3
4
3
3
3
3
2
3
2
3
3
3
# of savers
1,046
780
1,186
504
1,008
968
562
891
890
526
620
719
894
423
589
873
316
468
497
720
700
606
505
1,351
569
1,449
483
489
534
251
161
593
259
1,252
849
464
683
268
1,150
496
1,099
203
361
1,377
588
564
572
691
562
540
576
468
929
336
311
Margin money
balance
357,531
797
5,384,986
282,577
662
4,823,414
387,768
1,029
6,393,756
187,531
476
3,015,060
322,123
872
5,237,742
300,848
866
5,965,805
125,825
1,223
8,567,915
339,063
782
5,399,993
276,520
731
4,491,946
161,086
391
2,794,543
211,318
557
3,483,741
254,655
601
4,465,403
279,376
801
4,946,599
173,447
405
2,837,658
134,049
468
2,762,433
354,724
792
6,284,487
89,333
250
1,480,049
128,829
343
2,153,963
118,488
422
2,160,446
227,421
613
3,930,313
197,775
602
3,392,002
158,821
500
2,744,857
133,311
391
2,372,931
869,598
379
2,032,205
130,553
591
3,449,750
1
866,362
1,211
6,601,370
164,385
408
2,878,276
134,887
432
2,411,537
174,629
463
3,087,372
75,495
197
1,289,567
47,031
110
811,850
184,183
459
3,255,263
79,090
213
1,410,087
537,862
1,104
7,186,224
302,621
730
4,529,543
159,559
451
2,375,913
206,344
585
3,587,227
92,535
252
1,518,611
383,681
363
2,261,628
188,172
397
2,996,468
404,759
196
1,153,325
70,817
978
6,902,399
103,763
241
1,845,266
488,478
484
3,270,376
204,128
328
2,184,753
178,125
494
3,236,129
182,459
455
3,102,552
209,348
597
3,774,749
176,008
493
3,117,959
156,358
433
2,879,631
185,266
488
3,377,883
121,511
383
2,156,967
267,803
752
4,680,982
87,314
268
1,569,958
115,188
285
2,037,035
-
Outstanding
default balance
5,867
-
PAR-30 %
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%
0.0%
0.0%
0.0%
0.0%
0.2%
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%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
28

#
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
Branch name
Dhubulia
Debogram
Lalgola
VIP Nagar
Swarupnagar Block
Kakdwip
Sarahat
Namkhana
Champahati
Munsirhat
Ghughumali
Pairadanga
Simurali
Gardenrich
BhatPara
GangadharPur
Salop
Bargachia
Bally
Amta
Lakshmikantapur
Mathurapur
Bharatpur
Sagardighi
Kharagram
Bhagabangola
Dhulian-02
Tinbatti
Duramari
Rajgunj
Belakoba
Old Malda
Mathabari
Pakua
Gazole
KaramJali(Kulpi)
Tamluk
Ambari
Panbari
Sahebbari
Md bazar
Chanchol
Ratua
Ranirhat
Sahebbagan
Dewangunj
Chilakhana
Jayenterhat
Najirhat
Hamiltonganj
Dubrajpur
Medinipur-2
Medinipur-01
Khargpur
Mankundu
Matigara
Opening
10/03/2010
10/03/2010
13/03/2010
15/03/2010
15/03/2010
15/03/2010
15/03/2010
15/03/2010
16/03/2010
19/03/2010
20/03/2010
22/03/2010
22/03/2010
24/03/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/04/2010
01/05/2010
01/05/2010
01/05/2010
01/05/2010
01/05/2010
01/05/2010
01/06/2010
01/06/2010
01/06/2010
01/06/2010
01/06/2010
01/06/2010
01/06/2010
01/06/2010
01/06/2010
01/06/2010
01/06/2010
04/08/2010
21/12/2010
# of Los
3
3
3
4
3
3
3
3
4
3
3
3
3
4
4
4
4
4
3
3
3
3
3
3
3
3
2
3
4
4
3
3
3
3
4
3
2
2
4
3
2
3
3
4
2
3
3
3
2
2
2
3
2
2
3
5
795
# of savers
507
702
726
1,102
391
322
320
244
351
604
517
623
909
566
547
347
275
387
311
117
229
98
358
254
505
146
463
770
357
385
472
341
74
328
206
121
263
31
181
254
227
101
287
277
0
88
225
168
266
31
341
148
134
106
1,294
1,599
250,030
Margin money
balance
120,704
620
3,174,525
177,091
431
2,107,585
208,855
624
3,682,920
412,539
992
7,128,165
101,694
338
1,889,521
75,446
236
1,322,210
74,412
260
777,436
84,901
279
1,528,618
95,834
303
1,712,390
179,603
446
3,307,220
160,643
411
2,889,435
156,506
436
2,857,831
292,772
721
5,384,454
170,886
453
2,895,281
130,848
428
2,482,426
138,038
347
2,644,556
83,719
197
1,638,091
91,008
220
1,759,559
114,696
285
2,103,473
29,893
73
570,202
42,303
174
802,340
25,510
91
487,273
92,732
222
1,661,923
59,933
187
1,114,447
162,268
404
3,048,243
36,935
102
658,507
124,151
361
2,347,313
177,928
500
3,307,830
107,309
265
1,998,609
407,280
257
1,725,899
131,538
383
2,443,299
92,535
239
1,789,965
16,153
39
295,888
83,325
206
1,622,774
51,414
148
1,014,327
27,184
102
512,280
75,249
196
1,454,663
7,830
23
147,311
38,806
86
760,480
56,092
155
1,076,473
56,584
160
1,106,676
22,850
68
446,633
74,362
206
1,460,802
28,514
60
573,206
0
0
45,947
113
936,481
49,985
123
1,016,541
9,751
21
201,280
0
96,474
276
1,929,121
15,414
38
318,184
19,354
46
358,734
3,349
8
69,126
616,667
1,215
4,563,859
46
430,170
1,293
6,707,083
140,190,278
223,831
1,307,945,794
2,074
Outstanding
default balance
171,444
9,490,891
PAR-30 %
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%
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%
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%
3.8%
0.0%
0.73%
29
Country Review Nigeria

Country head recently resigned; new country head to be appointed.
Business continues through NGO and MFB.
License obtained for MFB and CBN notified of operations commencing with 4 cash centers as of 1 July 2010.
Approval process for establishment of new branches and cash centres remains slow and bureaucratic.
Expatriate work permit expansion being sought for A1 Consultancy Company.

Operations
Achieved 20 branches, 99 loan officers and 16,986 borrowers at the end of August 2010.
ASIEAs average loan size is USD 193 (17% of GNI), average savings per clients is USD 23 (2% of GNI), 100%
women borrowers.
PAR > 30 day is less than 0.2%.
Expansion through MFB delayed due to bureaucratic procedures CBN.
7 expatriate Bangladeshis on station, additional ASA staff expected in September 2010.
Recent developments
Pre-approval sought to open a total of 18 new Cash Centers in FY 2010.
Application to convert NGO branches to MFB Cash Centers is being prepared for CBN and permission CBN being
sought to transfer NGOs assets and liabilities to the MFB.
Cordial relationship exists between ASA International Nigeria and CBN with CBN very supportive about
expansion of ASA operations.
Investment in Grooming
USD 200k received in September 2010, outstanding USD 150K (plus USD 450K accrued interest).
30
Key Performance Indicators Nigeria 2008-2010

Nigeria (USD)
Realized
FY 2008 A
Projections
FY 2009 A
H1 2010 A
H1 2010 E
Q3'10 E
Q4'10 E
FY 2010 E
Number of Branches
12
12
19
27
30
30
--
54-
66-
95-
135-
150-
150-
Number of Borrowers
8,914
15,313
14,250
34,750
53,500
53,500
165
232
150
257
357
357
743
1,276
750
1,287
1,783
1,783
#DIV/0! -
100-
105-
127-
130-
108-
108-
--
889,204-
1,603,835-
1,804,004-
4,508,023-
5,751,687-
5,751,687-
207,939
343,706
354,553
396,486
766,941
1,507,133
0.0%-
23.4%-
21.4%-
19.7%-
8.8%-
13.3%-
26.2%-

as % of OLP
(2,886)
(34,218)
(29,973)
(29,119)
(15,362)
(30,665)
(2,877)
221,383
365,139
372,780
449,707
815,354
1,630,200
0.0%-
24.9%-
22.8%-
20.7%-
10.0%-
14.2%-
28.3%-
as % of OLP
(75,999)
2,350
2,062
3,419
6,746
6,746
0.0%-
0.0%-
0.1%-
0.1%-
0.1%-
0.1%-
0.1%-
(52,791)
(333,555)
(339,593)
(363,772)
(312,131)
(364,155)
(1,015,879)
(60,951)
(136,041)
(65,548)
(54,986)
(38,394)
(38,394)
(142,336)
(113,742)
(469,596)
(405,141)
(418,758)
(350,525)
(402,549)
(1,158,215)
as % of OLP

as % of OLP
0.0%-
52.8%-
25.3%-
23.2%-
7.8%-
7.0%-
20.1%-
Operating profit
(143,120)
-
(260,198)
-
(35,153)
-
(47,570)
-
99,182-
412,805-
476,834-
(113,733)
(213,995)
(10,962)
(16,944)
114,544
443,470
547,052
0.0%-
-24.1%-
-0.7%-
-0.9%-
2.5%-
7.7%-
9.5%-
300,940
637,630
538,665
1,177,421
2,120,869
2,120,869
as % of OLP
0.0%-
33.8%-
39.8%-
29.9%-
26.1%-
36.9%-
36.9%-
0%
-
0%
-
0%
-
0%
-
0%
-
0%
-
0%
-

as % of OLP
Return on OLP
220,470-
1,215,470-
2,450,050-
2,450,050-
3,275,050-
3,275,050-
3,275,050-
0.0%
-24.1%
-0.7%
-0.9%
2.5%
7.7%
9.5%
-51.6%
-17.6%
-0.4%
-0.7%
3.5%
13.5%
16.7%
31
Financial Performance Nigeria 2008-2010

Nigeria (USD)
Realized
FY 2008 A
0

Credit loss expense

0

Operating profit
Profit before tax

Income tax expense
FY 2009 A
Projections
-
H1 2010 A
H1 2010 E
Q3'10 E
Q4'10 E
FY 2010 E
207,939
343,706
354,553
396,486
766,941
(2,886)
-
(34,218)
-
(29,973)
-
(29,119)
-
(15,362)
-
(30,665)
-
(75,999)
-
--
56,670-
58,568-
57,460-
99,490-
92,984-
251,042-
(2,877)
-
230,391-
372,301-
382,895-
480,615-
829,260-
1,682,175-
(9,008)
(7,162)
(10,115)
(30,907)
(13,906)
372,780
449,707
815,354
(2,877)
221,383
365,139
1,507,133
(51,975)
1,630,200
-1.8%-
15.6%-
11.5%-
12.3%-
8.5%-
12.0%-
23.9%-
(52,791)
(333,555)
(339,593)
(363,772)
(312,131)
(364,155)
(1,015,879)
(60,951)
(136,041)
(65,548)
(54,986)
(38,394)
(38,394)
(142,336)
(113,742)
-
(469,596)
-
(405,141)
-
(418,758)
-
(350,525)
-
(402,549)
-
(1,158,215)
-
(26,501)
-
(11,985)
-
4,849-
(1,592)
-
--
--
4,849-
(143,120)
-
(260,198)
-
(35,153)
-
(47,570)
-
99,182-
412,805-
476,834-
(143,120)
(260,198)
(35,153)
(47,570)
99,182
412,805
476,834
(143,120)
--
(260,198)
--
(35,153)
--
(47,570)
--
99,182-
412,805-
476,834-
21,774
315,946
1,168,108
797,198
294,363
564,043
564,043
889,204
1,603,835
1,804,004
4,508,023
5,751,687
5,751,687
Other assets
138,879
211,145
392,159
425,532
477,145
498,641
498,641
TOTAL ASSETS
160,653--
1,416,295--
3,164,102--
3,026,733--
5,279,531--
6,814,371--
6,814,371-2,120,869
Due to customer
0
0
0
300,940
637,630
538,665
1,177,421
2,120,869
Third party loans
BMGF loan
500,000
500,000
500,000

Shareholder loan
Other liabilities
TOTAL LIABILITIES
Issued capital
Retained earning
Minority interest
TOTAL EQUITY
00
Retained earnings
5,775
5,775
135,000
1,130,000
1,330,000
2,230,000
2,155,000
2,155,000
2,155,000
106,423
2,886
37,130
66,171
66,164
81,533
106,423
71,187
289,050
444,734
434,202
596,189
769,002
769,002
206,187-
1,719,990-
2,412,364-
3,202,867-
4,428,611-
5,550,646-
5,550,646-
1,120,050
220,050
1,120,050
85,470
85,470
1,120,050
1,120,050
(143,120)
(404,588)
(399,569)
(411,984)
(300,387)
112,419
112,419
12,116
15,423
31,257
15,801
31,257
31,257
31,257
(45,534)
--
(303,695)
--
751,738-
(176,133)
--
850,920-
1,263,726-
1,263,726-
3,275,050
3,275,050
3,275,050
(143,120)
220,470
1,215,470
(404,588)
2,450,050
(399,569)
2,450,050
(411,984)
(300,387)
112,419
112,419
12,116
15,423
31,257
15,801
31,257
31,257
31,257
60,951
196,992
262,540
251,978
300,934
339,327
339,327
150,417
1,023,297
2,344,278
2,305,844
3,306,854
3,758,053
3,758,053
32
Nigeria Branch Performance

#
1
2
3
4
5
6
7
8
9
10
11
12
Branch name
Agege
Isolo
Iyana Ipaja
Abule Egba
Ayobo
Ikotun
Alakuko
Ketu
Ogba
Egbeda
Ikeja
Ojota
Total
Opening
Feb-09
Feb-09
Feb-09
May-09
May-09
May-09
Aug-09
Aug-09
Aug-09
Nov-09
Nov-09
Nov-09
# of Los
# of savers
6
5
5
5
6
6
5
5
6
6
6
5
1,489
909
1,366
1,495
1,243
1,318
1,763
1,502
1,690
1,084
1,450
1,199
66
16,508
Margin money
balance
11,579,392
1,412
23,550,435
5,869,756
857
14,255,435
28
9,686,142
1,296
21,507,826
9,489,436
1,351
19,675,000
7,858,078
1,086
15,667,174
8,208,814
1,232
18,737,391
10,081,013
1,626
26,563,261
8,009,284
1,425
21,601,739
7,987,388
1,543
23,533,261
4,958,138
983
14,956,957
5,940,010
1,382
21,655,217
4,656,466
1,120
17,946,521
94,323,916
15,313
239,650,217
28
Outstanding
default balance
347,608
347,608
PAR-30 %
0.0%
2.4%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.1%
33
Country Review - Pakistan

Chief Operating Officer with 15 years microfinance experience joined recently.
5 additional ASA experts were seconded.

Operations
As of July 31, 2010, reached 50,402 clients with 298 loan officers and 69 branches.
Aggressive growth plan continued to reach 100,000 active borrowers with 100 branches by end 2010.
Par 1.4% despite political unrest, ethnic conflicts and impact flooding.
Small Business loan is introduced.
Training program is strengthened.
11 branches affected by recent flooding and loan disbursement suspended.

Funding
Increase share capital to USD 4.0m including conversion shareholder loans.
USD 3 million in BMGF funding disbursed.
PPAF approved PKR 170 million(USD 2m) with around PKR 60.0 million grant fund (USD 700K).
Next steps
Continue discussion with SECP and SBP regarding security collateral mobilization.
State Bank of Pakistan (SBP) guarantee arrangement still under discussion.
Continue to target local debt funders and MIVs.
Investigate impact on operations of establishing Microfinance Bank and start licensing process.
34
Key performance Indicators Pakistan 2008-2010

Pakistan (USD)
Realized
FY 2008 A
Number of Branches
Projections
FY 2009 A
H1 2010 A
H1 2010 E
Q3'10 E
Q4'10 E
FY 2010 E
35
68
70
80
80
80
19-
152-
291-
245-
355-
390-
390-
1,195
18,283
44,180
50,615
80,353
113,895
113,895
63
120
152
207
226
292
292
239
522
650
723
1,004
1,424
1,424
113-
78-
87-
93-
94-
91-
91-
135,608-
1,435,183-
3,849,179-
4,716,295-
7,557,117-
10,336,470-
10,336,470-
11,016
330,391
423,238
450,769
476,008
716,441
1,615,686
8.1%-
23.0%-
11.0%-
9.6%-
6.3%-
6.9%-
15.6%-

Number of Borrowers

as % of OLP

as % of OLP
(1,108)
(13,546)
(22,224)
(22,715)
(22,675)
(14,085)
8,883
307,254
369,231
389,422
420,954
680,706
1,470,891
(58,985)
6.6%-
21.4%-
9.6%-
8.3%-
5.6%-
6.6%-
14.2%-
179
8,832
1,921
4,740
9,929
9,929
0.0%-
0.0%-
0.2%-
0.0%-
0.1%-
0.1%-
0.1%-
(51,144)
(316,762)
(362,033)
(361,716)
(265,072)
(286,880)
(913,985)
(24,686)
(97,914)
(65,213)
(68,099)
(30,965)
(30,965)
(127,142)
(75,830)
(414,676)
(427,246)
(429,815)
(296,036)
(317,845)
(1,041,128)
as % of OLP

as % of OLP
55.9%-
28.9%-
11.1%-
9.1%-
3.9%-
3.1%-
10.1%-
Operating profit
(17,829)
-
(169,052)
-
(56,316)
-
(38,700)
-
124,918-
362,860-
431,463-
(68,814)
(93,876)
(35,791)
(21,159)
110,118
268,088
342,415
-50.7%-
-6.5%-
-0.9%-
-0.4%-
1.5%-
2.6%-
3.3%-
as % of OLP
0.0%-
0.0%-
0.0%-
0.0%-
0.0%-
0.0%-
0.0%-
0%
-
0%
-
0%
-
2%
-
0%
-
0%
-
0%
-

as % of OLP
275,000-
1,475,000-
3,488,113-
3,525,000-
5,525,000-
6,525,000-
6,525,000-
Return on OLP
-50.7%
-6.5%
-0.9%
-0.4%
1.5%
2.6%
3.3%
-25.0%
-6.4%
-1.0%
-0.6%
2.0%
4.1%
5.2%
35
Financial Performance Pakistan 2008-2010

Pakistan (USD)
Realized
FY 2008 A
0

Credit loss expense


Operating profit
Profit before tax

Income tax expense

Other assets
TOTAL ASSETS
Due to customer
0
0
0
FY 2009 A
Projections
-
H1 2010 A
H1 2010 E
Q3'10 E
Q4'10 E
FY 2010 E
11,016
330,391
423,238
450,769
476,008
716,441
(1,108)
-
(13,546)
-
(22,224)
-
(22,715)
-
(22,675)
-
(14,085)
-
345-
4,610-
7,833-
8,230-
7,164-
8,114-
23,110-
10,253-
321,455-
408,846-
436,283-
460,496-
710,469-
1,579,811-
(1,370)
(14,201)
(39,615)
(46,861)
(39,542)
(29,763)
8,883
307,254
369,231
389,422
420,954
680,706
1,615,686
(58,985)
-
(108,920)
1,470,891
3.6%-
17.3%-
8.0%-
7.7%-
5.1%-
6.1%-
13.2%-
(51,144)
(316,762)
(362,033)
(361,716)
(265,072)
(286,880)
(913,985)
(24,686)
(97,914)
(65,213)
(68,099)
(30,965)
(30,965)
(127,142)
(75,830)
-
(414,676)
-
(427,246)
-
(429,815)
-
(296,036)
-
(317,845)
-
(1,041,128)
-
49,118-
(61,630)
-
1,699-
1,693-
--
--
1,699-
(17,829)
-
(169,052)
-
(56,316)
-
(38,700)
-
124,918-
362,860-
431,463-
(17,829)
(169,052)
(56,316)
(38,700)
124,918
362,860
431,463
(1,867)
(3,481)
(37,475)
(108,858)
(146,334)
(19,696)
--
(169,052)
--
(56,316)
--
(42,181)
--
87,443-
254,002-
285,129-
88,137
257,706
578,318
238,235
540,861
666,782
666,782
135,608
1,435,183
3,849,179
4,716,295
7,557,117
10,336,470
10,336,470
19,758
85,055
208,050
86,302
187,946
181,725
181,725
243,503--
1,777,944--
4,635,547--
5,040,832--
8,285,924--
11,184,977--
11,184,977--
Third party loans
72,541
BMGF loan
400,000
1,300,000
1,300,000
2,800,000
4,400,000
4,400,000
2,810
10,513
10,743
17,065
31,150
31,150
Shareholder loan
1,200,000
3,213,113
10,572
11,470
35,960
147,505
233,678
467,851
253,174
284,138
284,138
Other liabilities
TOTAL LIABILITIES
35,960-
1,750,315-
4,757,304-
1,851,135-
3,070,239-
4,715,289-
4,715,289-
275,000
275,000
275,000
3,525,000
5,525,000
6,525,000
6,525,000
Retained earning
(18,588)
(187,640)
(333,542)
(270,270)
(246,100)
7,902
7,902
(48,869)
(59,731)
(63,217)
(65,033)
(63,217)
(63,217)
(63,217)
Issued capital
Minority interest
207,543-
27,629-
(121,759)
--
3,189,697-
5,215,683-
6,469,685-
6,469,685-
275,000
1,475,000
3,525,000
5,525,000
6,525,000
6,525,000
Retained earnings
(18,588)
(187,640)
(333,542)
(270,270)
(246,100)
7,902
7,902
(48,869)
(59,731)
(63,217)
(65,033)
(63,217)
(63,217)
(63,217)
TOTAL EQUITY
00

3,488,113
24,686
122,600
187,813
190,698
218,778
249,742
249,742
232,229
1,350,228
3,279,167
3,380,395
5,434,461
6,719,428
6,719,428
36
Pakistan Branch Performance

#
Branch name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
Opening
Gulberg Br.
9/3/08
Korangi 1 Br.
9/3/08
Nursarry Br.
9/3/08
Orangi Br.
9/3/08
Korangi 2 Br.
10/7/08
Agara Taj Br.
1/1/09
North Karachi
1/1/09
Old Golimar
1/1/09
Saudabad br.
1/1/09
Shireen Jinnaha Br.
1/1/09
Fateh Chowk
6/1/09
Hussaiabad
6/1/09
Latifabad
6/1/09
Liaqat Colony
6/1/09
Matli
6/1/09
totals from from original document
8/1/09
Mirpur Khas 01
8/1/09
Mirpur Khas 02
8/1/09
Tando Adam
8/1/09
8/1/09
Baldia Br.
10/1/09
Gulastan e Johar
10/1/09
Landhi Br.
10/1/09
Shafiq mor Br.
10/1/09
Shah Faisal Br.
10/1/09
Gulshan e ravi
11/1/09
Kotlakpat Br.
11/1/09
Manga Mandi Br.
11/1/09
Moro Br.
11/1/09
Mughal Pura Br.
11/1/09
Nawab Shah Br.01
11/1/09
Nawab Shah Br.02
11/1/09
11/1/09
Shadadpur Br.
11/1/09
shahderamor Br.
11/1/09
Daur
2/1/10
Digri Br
2/1/10
G.M Abad
2/1/10
Gulfisha Colony Br.
2/1/10
Gulshan colony
2/1/10
# of Los
6
6
5
7
6
5
4
5
6
5
5
5
5
5
5
4
5
5
5
5
5
4
3
4
3
4
4
5
4
5
4
5
5
5
5
3
4
3
5
4
# of savers
-
Margin money
balance
-

1,479
1,692
1,745
1,203
2,061
1,115
1,296
1,099
1,723
1,142
1,323
1,494
1,459
1,655
1,187
1,073
902
1,234
1,183
1,033
806
789
921
622
787
615
780
686
502
723
612
796
775
795
630
184
312
361
179
406
10,642,852
12,891,438
12,790,549
8,530,025
15,391,623
8,626,721
8,644,492
7,751,119
13,116,533
9,147,307
7,518,262
9,286,324
8,761,861
9,760,922
7,481,594
7,487,852
5,904,602
7,990,865
7,005,422
6,394,959
6,029,553
5,818,836
6,892,861
4,100,434
5,133,160
5,962,730
6,601,828
5,462,291
3,995,352
6,403,914
4,337,057
6,078,807
5,172,336
5,495,139
5,376,766
1,541,844
3,284,070
3,826,516
2,053,680
4,279,861
15
16
14
22
5
16
38
34
2
-
Outstanding
default balance
55,545
83,254
65,053
88,270
15,959
80,910
153,303
191,156
15,697
-
PAR-30 %
0.5%
0.6%
0.0%
0.8%
0.6%
0.0%
0.2%
1.0%
1.2%
2.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.2%
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%
37
Pakistan Branch Performance contd

#
Branch name
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
Total
Kamoka Br.
Kot Ghulam Muhammad
Murred Ke
Nasharo
Thatta br.
Warispure
Umer Kot
Dhudi wala Br.
Kandiro br.
Khairpur Br.
Mehrabpur Br.
Raiwand road Br.
Rani pur Br.
Sukkar 01 Br.
Sukkar 02 Br.
Thokar Niaz Baig
Yadgar Br.
Bank Stop Br.
Daska br.
Gakhar Br.
Gujranwala Br.
Khipro
Kunri
Mirpur sakaro Br.
Panu Aqil
Rohri
Sajawal Br.
Shalamar Br.
Opening
2/1/10
2/1/10
2/1/10
2/1/10
2/1/10
2/1/10
3/1/10
4/1/10
4/1/10
4/1/10
4/1/10
4/1/10
4/1/10
4/1/10
4/1/10
4/1/10
4/1/10
6/1/10
6/1/10
6/1/10
6/1/10
6/1/10
6/1/10
6/1/10
6/1/10
6/1/10
6/1/10
6/1/10
# of Los
4
5
4
4
4
4
4
3
4
4
4
4
3
4
4
5
4
4
4
4
3
3
3
3
0
4
3
4
291
# of savers
-
Margin money
balance
-

486
456
377
260
348
479
311
125
216
177
133
193
121
281
193
170
155
36
16
23
32
44
44
19
0
52
18
36
44,180
4,446,086
4,230,799
3,540,020
2,135,225
2,943,615
4,491,336
2,880,803
1,374,459
1,810,410
1,671,693
1,266,963
2,118,582
1,237,381
2,985,611
2,164,996
1,906,742
1,858,967
458,000
200,000
313,000
400,000
462,000
499,000
190,000
606,000
182,000
430,000
329,776,048
162
Outstanding
default balance
749,147
PAR-30 %
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%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.23%
38
Country Review the Philippines

Operations and Management
New Deputy Director and Finance Officer and Senior level ASA expert being deployed to reinforce local
operational management.
ASA expatriate staff slowly phased out in favor of local branch managers.
Operations:
Reached 93,000 clients with 96 branches and 447 loan officers. PAR decreased from 6.1% to 3.7%.
Business plan is being reviewed in connection with introduction Business loans & Small Entrepreneur loans
and increase of loan size.
Staff Training program is strengthened.
Expansion in other regions (Mindanao and Baguio) ongoing.

Recent Developments
Registration capital increase with SEC underway (increase to USD 4,3m i.e. PHP 208,070,900).
PPLCI received informal indications SEC will deny the request to use a portion of the collateral build-up
(LCBU) for lending purposes as PPLC would in effect be engaging in quasi-banking functions/activities.
PPLCI being a lending company cannot use LCBU towards its loan portfolio as it has no quasi-banking
functions.
Consider application for quasi-bank which will subject institution to stricter regulatory framework applicable
to banks and as well as supervision by the BSP.
Exploring alternatives to LCBU: (i) advance weekly amortization payment creditable against the last weeks
of the loan cycle, or (ii) increase of weekly loan amortization and simultaneous shortening of the loan cycle.
PPCLI not VAT exempt (as lending investor). Only banks, non-bank financial intermediaries and finance
companies are VAT exempt.
Funding
Additional USD 1m BMGF funding disbursed (final disbursement BMFG funds).
Symbiotics and BlueOrchard each funded equivalent in PHP of USD 1m early September 2010.
PCFC (Apex organization) to approve PHP 60m to be processed by October 2010.

Next steps
Investigate transformation into quasi-bank or microfinance-oriented thrift bank. Transformation

39
unattractive due to foreign ownership limitations (foreign residents can own up to 60% of the voting stock
and up to 100% of the non-voting stock of a thrift bank).
Key Performance Indicators Philippines 2008-2010

Philippines (USD)
Realized
FY 2008 A
Number of Branches
Number of Borrowers
Projections
FY 2009 A
H1 2010 A
H1 2010 E
Q3'10 E
Q4'10 E
FY 2010 E
35
58
96
101
126
130
130
130-
220-
447-
371-
464-
523-
523156,360
33,272
63,362
92,728
94,960
128,610
156,360
256
288
207
256
277
299
299
951
1,092
966
940
1,021
1,203
1,203
74-
67-
68-
75-
76-
71-
71-
2,458,529-
4,259,787-
6,327,721-
7,142,909-
9,767,925-
11,078,786-
11,078,786-
569,078
1,625,259
1,297,488
1,314,587
897,733
1,148,207
3,343,428
23.1%-
38.2%-
20.5%-
18.4%-
9.2%-
10.4%-
30.2%-
(273,850)


as % of OLP
(48,749)
(182,767)
(245,895)
531,484
1,356,589
1,047,247
1,118,531
800,006
937,016
2,784,269
21.6%-
31.8%-
16.6%-
15.7%-
8.2%-
8.5%-
25.1%-
as % of OLP
(299,864)
(272,026)
(700,688)
258,680
236,563
106,587
122,543
138,649
138,649
0.0%-
6.1%-
3.7%-
1.5%-
1.3%-
1.3%-
1.3%-
(762,204)
(1,434,139)
(1,080,804)
(1,087,191)
(740,323)
(844,286)
(2,665,413)
(243,980)
(264,581)
(144,966)
(149,002)
(81,856)
(81,856)
(308,678)
(1,006,184)
(1,698,721)
(1,225,770)
(1,236,193)
(822,179)
(926,142)
(2,974,091)
as % of OLP

as % of OLP
40.9%-
39.9%-
19.4%-
17.3%-
8.4%-
8.4%-
26.8%-
Operating profit
(473,164)
-
(340,118)
-
(178,719)
-
(117,768)
-
(22,173)
-
10,874-
(190,017)
-
(457,784)
(57,052)
105,128
110,147
106,287
169,334
380,750
-18.6%-
-1.3%-
1.7%-
1.5%-
1.1%-
1.5%-
3.4%-
432,208
1,138,776
1,635,138
2,159,891
2,690,076
3,670,442
3,670,442
26.7%-
25.8%-
30.2%-
27.5%-
33.1%-
33.1%-
0%
-
0%
-
0%
-
9%
-
17%
-
17%
-

as % of OLP

as % of OLP
17.6%-
0%
-
3,307,230-
3,307,230-
3,400,000-
3,307,230-
3,400,000-
3,400,000-
3,400,000-
Return on OLP
-18.6%
-1.3%
1.7%
1.5%
1.1%
1.5%
3.4%
-13.8%
-1.7%
3.1%
3.3%
3.1%
5.0%
11.2%
40
Financial Performance Philippines 2008-2010

Philippines (USD)
Realized
FY 2008 A
0

Credit loss expense

0

Operating profit
Profit before tax

Income tax expense

Other assets
TOTAL ASSETS
Due to customer
0
0
0
FY 2009 A
Projections
-
1,625,259
H1 2010 A
1,297,488
H1 2010 E
1,314,587
Q3'10 E
897,733
Q4'10 E
1,148,207
FY 2010 E
3,343,428
(48,749)
-
(299,864)
-
(272,026)
-
(273,850)
-
(182,767)
-
(245,895)
-
38,626-
129,322-
85,390-
80,739-
66,031-
66,407-
217,828-
558,955-
1,454,717-
1,110,852-
1,121,476-
780,997-
968,719-
2,860,567-
(27,471)
(98,128)
1,356,589
(63,605)
1,047,247
(2,945)
1,118,531
19,009
(31,702)
800,006
937,016
(700,688)
-
(76,298)
2,784,269
15.9%-
22.4%-
12.0%-
12.0%-
6.7%-
6.6%-
19.5%-
(762,204)
(1,434,139)
(1,080,804)
(1,087,191)
(740,323)
(844,286)
(2,665,413)
(243,980)
(264,581)
(144,966)
(149,002)
(81,856)
(81,856)
(308,678)
(1,006,184)
-
(1,698,721)
-
(1,225,770)
-
(1,236,193)
-
(822,179)
-
(926,142)
-
(2,974,091)
-
1,536-
2,014-
(196)
-
(106)
-
--
--
(196)
-
(473,164)
-
(340,118)
-
(178,719)
-
(117,768)
-
(22,173)
-
10,874-
(190,017)
-
(473,164)
(340,118)
(178,719)
(117,768)
(22,173)
10,874
(190,017)
(27,010)

569,078
531,484
(500,173)
--
3,945
(336,172)
--
11,626
(167,094)
--
(4,954)
(122,722)
--
(22,173)
--
10,874-
11,626
(178,392)
--
653,799
1,633,396
2,004,922
1,781,865
1,804,697
2,790,421
2,790,421
2,458,529
4,259,787
6,327,721
7,142,909
9,767,925
11,078,786
11,078,786
236,196
170,396
396,204
369,673
427,311
411,301
411,301
3,348,524--
6,063,579--
8,728,847--
9,294,447--
11,999,933--
14,280,508--
14,280,508--
432,208
1,138,776
1,635,138
2,159,891
2,690,076
3,670,442
3,670,442
Third party loans
900,000
1,900,000
1,900,000
BMGF loan
1,500,000
3,300,000
3,300,000
4,300,000
4,300,000
4,300,000
76,461
227,237
260,178
327,603
457,970
457,970
700,000
700,000
792,770
700,000
792,770
792,770
792,770
25,278
104,493
146,025
83,707
174,118
202,211
202,211
393,409
760,240
1,393,569
1,401,270
1,631,523
1,790,491
1,790,491
1,525,616-
4,175,477-
7,348,714-
7,821,339-
10,641,972-
12,911,673-
12,911,673-
2,607,230
2,607,230
2,607,230
2,607,230
2,607,230
2,607,230
2,607,230
(1,030,525)
(1,132,256)
(1,090,463)
(1,154,429)
(1,143,554)
(1,143,554)
(94,842)
Shareholder loan
Other liabilities
TOTAL LIABILITIES
Issued capital
Retained earning
(625,400)
(158,922)
311,396
(94,842)
(43,658)
(94,842)
(94,842)
1,822,907-
1,888,102-
1,380,131-
1,473,108-
1,357,959-
1,368,833-
1,368,833-
Minority interest
TOTAL EQUITY
00
Retained earnings
3,307,230
(625,400)
3,307,230
3,400,000
3,307,230
3,400,000
3,400,000
3,400,000
(1,030,525)
(1,132,256)
(1,090,463)
(1,154,429)
(1,143,554)
(1,143,554)
(158,922)
311,396
(94,842)
(43,658)
(94,842)
(94,842)
(94,842)
243,980
508,561
653,527
657,563
735,383
817,239
817,239
2,766,887
3,096,663
2,826,428
2,830,672
2,886,112
2,978,842
2,978,842
41
Philippines Branch Performance

#
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Branch name
Commonwealth
Novaliches
SFDM
Pasig Palengke
Pasig Rosario
Sampaloc
Western Bicutan
Paco
Central Bicutan
Valenzuela
Malibay
Paraaque
Caloocan
Las Pias -01
Alabang
Tay tay
Mexico
Imus (Bacoor)
Mandaluyong
Marikina
Las PIas -02
Dasmarias
Cainta
Antipolo
Malolos
Cavite City
Rosario Cavite
Tarlac
GMA Cavite
Angeles
San Mateo
Plaridel
Silang
Mabalacat
Cabanatuan
Langkaan
Apalit
San Pedro
Sta Rosa
Montalban
Cabuyao
Calamba
Bian
Urdaneta
Lipa
Tanauan
Dagupan
Batangas
San Carlos
Bauan
Opening
10/1/2007
10/8/2007
10/25/2007
11/19/2007
11/29/2007
2/7/2008
2/16/2008
3/1/2008
3/14/2008
4/1/2008
4/5/2008
4/10/2008
5/2/2008
5/5/2008
6/1/2008
6/4/2008
6/5/2008
6/10/2008
6/16/2008
6/20/2008
7/16/2008
8/1/2008
8/1/2008
8/5/2008
8/15/2008
2/17/2009
2/17/2009
2/20/2009
2/24/2009
2/26/2009
5/9/2009
5/16/2009
5/21/2009
6/1/2009
6/6/2009
6/19/2009
6/25/2009
7/14/2009
8/3/2009
8/7/2009
8/21/2009
9/10/2009
9/15/2009
9/16/2009
10/11/2009
10/28/2009
11/18/2009
12/1/2009
1/8/2010
1/13/2010
# of Los # of savers
10
9
8
10
8
4
10
9
8
5
9
4
6
5
6
5
5
5
5
9
6
10
4
4
10
5
8
10
5
6
5
4
5
5
4
5
4
4
5
4
5
4
4
5
5
5
5
4
4
4
3,023
3,077
2,926
2,990
2,814
1,092
2,658
2,098
3,034
1,892
2,934
995
1,295
1,313
1,395
1,561
1,426
1,048
1,115
2,071
1,527
2,685
1,428
1,487
2,218
1,534
2,020
1,529
1,556
1,425
1,522
1,406
1,168
1,130
765
1,228
1,469
1,449
1,409
1,161
1,226
1,016
1,148
816
872
984
828
946
664
659
Margin money
Outstanding
PAR-30 %
balance
default balance
3,311,943
3,005
12,279,707
74
219,315
1.8%
3,653,288
3,035
12,684,791
99
416,783
3.3%
3,736,707
2,914
13,480,734
50
192,386
1.4%
2,862,737
2,938
8,993,696
450
980,700
10.9%
2,757,876
2,785
9,976,670
184
1,054,087
10.6%
1,006,541
1,091
3,731,624
76
232,146
6.2%
3,151,210
2,610
10,418,000
12
37,739
0.4%
2,459,954
2,130
8,612,154
391
1,328,762
15.4%
3,558,969
3,001
11,851,870
9
21,565
0.2%
2,103,478
1,885
7,412,435
0.0%
3,016,145
2,926
10,553,422
165
374,396
3.5%
1,013,561
968
3,416,356
78
184,095
5.4%
1,292,409
1,294
4,382,488
173
752,227
17.2%
1,156,511
1,311
4,171,773
204
424,338
10.2%
1,485,223
1,419
4,743,375
384
1,050,249
22.1%
1,896,765
1,548
5,512,752
72
121,057
2.2%
1,145,796
1,425
4,808,646
42
95,081
2.0%
677,660
1,035
2,738,428
310
542,080
19.8%
984,981
1,104
3,700,907
216
389,820
10.5%
1,603,003
2,069
6,626,029
233
500,985
7.6%
939,472
1,521
4,065,790
446
842,106
20.7%
2,497,279
2,675
7,789,614
44
392,917
5.0%
1,269,105
1,418
4,715,870
5
9,696
0.2%
1,148,134
1,480
4,150,522
28
43,696
1.1%
1,629,901
2,208
6,282,784
79
166,437
2.6%
908,783
1,546
3,969,196
13
16,717
0.4%
1,190,786
2,008
6,330,217
40
80,478
1.3%
1,133,427
1,525
5,305,565
4
10,217
0.2%
1,134,246
1,549
4,534,174
1
3,696
0.1%
1,080,926
1,425
3,852,304
1
1,391
0.0%
1,040,779
1,520
4,233,519
23
46,954
1.1%
1,112,965
1,403
3,814,000
0.0%
1,092,653
1,161
3,419,652
1
1,087
0.0%
905,141
1,128
3,218,217
0.0%
685,142
765
2,206,826
2
4,304
0.2%
863,454
1,223
3,141,174
0.0%
1,253,403
1,466
4,047,435
0.0%
1,280,527
1,449
4,053,478
20
44,652
1.1%
1,221,978
1,404
3,544,696
2
2,652
0.1%
736,233
1,159
3,338,304
0.0%
1,053,450
1,224
3,122,261
0.0%
798,226
1,017
3,223,304
114
350,696
10.9%
811,250
1,147
3,027,739
0.0%
456,550
815
2,482,522
0.0%
467,446
872
2,403,652
0.0%
582,000
983
2,637,652
0.0%
456,700
828
2,188,174
0.0%
536,100
946
2,818,435
0.0%
283,550
664
1,719,217
0.0%
268,550
659
1,781,304
0.0%
42
Philippines Branch Performance contd

#
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
Total
Branch name
Lemery
Paniqui
Naic
San Fabian
Lingayen
San Juan
Vigan
Sta Maria
Capas
Matina
Villasis
Cabugao
Mangaldan
Pozorrubio
Narvacan
Limay
Malasiqui
Calasiao
Bayambang
Magsingal
Buhangin
Bantay
Sta Barbara
Binmaley
Manaoag
Alaminos
Tagum
Panabo
Balanga
Mecauayan
Digos
Dinalupihan
Rosario La Union
Orani
Baguio
Toril
Agoo
Rosario Batangas
Koronadal
General Santos
Kidapawan
Olongapo
Arayat
Bauang
Candon
San fernando la Union
Opening
1/22/2010
1/29/2010
2/1/2010
2/10/2010
2/13/2010
2/17/2010
2/20/2010
2/20/2010
2/22/2010
3/3/2010
3/17/2010
3/26/2010
3/29/2010
3/29/2010
3/30/2010
4/1/2010
4/5/2010
4/5/2010
4/6/2010
4/7/2010
4/12/2010
4/21/2010
4/26/2010
4/28/2010
4/29/2010
5/1/2010
5/3/2010
5/6/2010
5/12/2010
5/15/2010
5/17/2010
5/19/2010
5/19/2010
5/26/2010
5/27/2010
6/1/2010
6/4/2010
6/10/2010
6/16/2010
6/23/2010
6/23/2010
6/25/2010
6/25/2010
6/27/2010
6/28/2010
6/28/2010
4
4
4
4
5
4
3
4
5
4
4
5
4
4
4
4
4
4
4
0
4
4
4
4
4
4
4
4
4
4
4
4
4
4
2
4
4
3
4
2
0
2
2
2
0
2
459
640
682
744
647
678
700
428
542
677
628
492
459
365
413
447
79
390
408
322
414
355
337
280
309
295
347
90
218
215
97
113
57
104
45
30
93,079
Margin money
Outstanding
PAR-30 %
balance
default balance
252,900
640
1,653,087
0.0%
238,050
682
1,768,261
0.0%
310,150
744
1,875,913
0.0%
219,800
647
1,802,304
0.0%
253,650
678
1,874,174
0.0%
288,200
700
1,896,000
0.0%
154,700
428
1,160,565
0.0%
186,650
542
1,615,391
0.0%
294,900
677
2,507,522
0.0%
210,450
628
1,695,174
0.0%
159,900
492
1,524,391
0.0%
125,800
459
1,464,174
0.0%
91,550
365
1,156,348
0.0%
110,450
413
1,370,304
0.0%
116,750
447
1,473,913
0.0%
5,900
79
308,609
0.0%
120,619
390
1,083,043
0.0%
97,250
408
1,321,696
0.0%
84,000
322
1,013,609
0.0%
0.0%
95,550
414
1,355,087
0.0%
92,100
355
1,109,174
0.0%
63,000
337
1,157,087
0.0%
48,950
280
865,652
0.0%
54,450
309
1,066,130
0.0%
48,100
295
925,174
0.0%
67,650
347
1,073,174
0.0%
0.0%
8,350
90
341,913
0.0%
18,600
218
889,478
0.0%
24,850
215
776,174
0.0%
9,850
97
353,739
0.0%
9,500
113
450,739
0.0%
3,850
57
213,739
0.0%
0.0%
5,200
104
402,696
0.0%
2,250
45
181,739
0.0%
1,500
30
124,348
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
75,588,332
92,728
301,363,975
4,045
10,935,507
3.6%
43
Country Review - Ghana

Local leadership greatly improved with new team leader as of early Q1.
Mid level ASA expert deployed to ensure planned expansion.

Operations
Reached 31,389 clients with 35 branches and 136 loan officers by 31 August 2010 in greater Accra, Ashanti (7
branches) and Central Ghana (3 branches).
At least 30 loan officers completed training in Q2.
Existing skilled loan officers are given additional training for promotion to branch manager.
Default and delinquency further decreased > PAR dropped from 5% to 2.84%.
AMMS live in all branches.

Savings & Loan licence
Application of Savings & Loans licence almost finalized following further requests for information BoG.
Agreed with BoG to invest minimum capital of GHS 7 million (Business Plan remodeled accordingly)
Strengthening local board expected Q4 2010.
Transfer existing assets and liabilities from NGO to S&L company.

Funding
Gates Funding USD 1m provided per 1 September 2010.
Discussions with Symbiotics, Microvest and DWM ongoing. No proposals received.

Next steps
Finalization S&L company licence by the end of Q4 2010.
Establish additional branches in rural areas.
44
Key Performance Indicators Ghana 2008-2010

Ghana (USD)
Realized
FY 2008 A
Projections
FY 2009 A
H1 2010 A
H1 2010 E
Q3'10 E
Q4'10 E
FY 2010 E
Number of Branches
16
21
30
30
36
40
40
78-
85-
112-
112-
136-
160-
160-
Number of Borrowers
15,439
19,740
26,200
26,200
33,240
39,360
39,360
198
232
234
234
244
246
246
965
940
873
873
923
984
984
104-
162-
128-
134-
192-
198-
198-
1,598,435-
3,194,614-
3,357,199-
3,512,752-
6,366,233-
7,809,322-
7,809,322-
807,422
1,083,680
820,803
742,467
562,279
733,647
2,116,729
50.5%-
33.9%-
24.4%-
21.1%-
8.8%-
9.4%-
27.1%-
(294,601)
(605,672)
(496,040)
(524,522)
(307,505)
(420,948)
(1,224,493)
550,473
420,984
356,658
272,213
286,106
301,554
944,317
34.4%-
13.2%-
10.6%-
7.7%-
4.5%-
3.9%-
12.1%-
263,478
119,669
114,521
116,081
91,776
42,263
42,263
16.5%-
3.7%-
3.4%-
3.3%-
1.4%-
0.5%-
0.5%-
(351,557)
(595,591)
(339,724)
(421,019)
(292,506)
(330,897)
(963,127)
(109,806)
(150,116)
(86,702)
(58,439)
(26,270)
(26,270)
(139,242)
(461,363)
(745,707)
(426,426)
(479,458)
(318,776)
(357,167)
(1,102,369)

as % of OLP

as % of OLP

as % of OLP

as % of OLP
28.9%-
23.3%-
12.7%-
13.6%-
5.0%-
4.6%-
14.1%-
Operating profit
(407,188)
-
(476,208)
-
(93,340)
-
(214,499)
-
(32,670)
-
(55,613)
-
(181,623)
-
359,102
254,199
425,170
314,032
274,835
365,334
1,065,339
22.5%-
8.0%-
12.7%-
8.9%-
4.3%-
4.7%-
13.6%-
236,242
740,611
1,166,199
1,374,036
1,727,835
2,101,181
2,101,181
23.2%-
34.7%-
39.1%-
27.1%-
26.9%-
26.9%-
0%
-
0%
-
0%
-
0%
-
0%
-
0%
-

as % of OLP

as % of OLP
14.8%-
0%
-
2,500,000-
2,850,000-
2,850,000-
2,850,000-
2,850,000-
2,850,000-
2,850,000-
Return on OLP
22.5%
8.0%
12.7%
8.9%
4.3%
4.7%
13.6%
14.4%
8.9%
14.9%
11.0%
9.6%
12.8%
37.4%
45
Financial Performance Ghana 2008-2010

Ghana (USD)
Realized
FY 2008 A
0

Credit loss expense


Operating profit
Profit before tax

Income tax expense

Other assets
TOTAL ASSETS
Due to customer
0
0
0
807,422
FY 2009 A
Projections
-
1,083,680
H1 2010 A
H1 2010 E
Q3'10 E
Q4'10 E
FY 2010 E
820,803
742,467
562,279
733,647
2,116,729
(1,224,493)
-
(294,601)
-
(605,672)
-
(496,040)
-
(524,522)
-
(307,505)
-
(420,948)
-
93,822-
45,678-
37,457-
27,683-
27,901-
22,775-
88,133-
606,643-
523,686-
362,220-
245,628-
282,676-
335,474-
980,369-
(56,170)
(102,702)
550,473
420,984
(5,562)
356,658
26,585
3,430
272,213
286,106
(33,920)
(36,052)
301,554
944,317
20.1%-
10.9%-
6.6%-
4.8%-
3.6%-
3.1%-
9.8%-
(351,557)
(595,591)
(339,724)
(421,019)
(292,506)
(330,897)
(963,127)
(109,806)
(150,116)
(86,702)
(58,439)
(26,270)
(26,270)
(139,242)
(461,363)
-
(745,707)
-
(426,426)
-
(479,458)
-
(318,776)
-
(357,167)
-
(1,102,369)
-
(496,298)
-
(151,485)
-
(23,571)
-
(7,254)
-
--
--
(23,571)
-
(407,188)
-
(476,208)
-
(93,340)
-
(214,499)
-
(32,670)
-
(55,613)
-
(181,623)
-
(407,188)
(476,208)
(93,340)
(214,499)
(32,670)
(55,613)
(181,623)
(24,610)
(26,750)
(1,102)
(3,246)
(1,102)
(431,798)
--
(502,958)
--
(94,442)
--
(217,744)
--
(32,670)
--
(55,613)
--
(182,725)
--
988,872
497,652
1,353,171
1,417,391
775,158
1,080,377
1,080,377
1,598,435
3,194,614
3,357,199
3,512,752
6,366,233
7,809,322
7,809,322
151,250
177,377
669,053
713,864
702,838
716,581
716,581
2,738,557--
3,869,643--
5,379,423--
5,644,008--
7,844,228--
9,606,280--
9,606,280-2,101,181
236,242
740,611
1,166,199
1,374,036
1,727,835
2,101,181
Third party loans
BMGF loan
1,500,000
2,500,000
2,500,000

Shareholder loan
2,000,000
2,350,000
2,350,000
2,350,000
2,350,000
2,350,000
2,350,000
2,138,058
294,601
991,831
1,498,478
1,529,844
1,805,983
2,138,058
Other liabilities
520,428
1,447,933
2,191,481
2,506,619
2,627,320
3,071,640
3,071,640
2,756,670-
4,538,544-
5,707,680-
6,230,655-
8,205,155-
10,022,821-
10,022,821-
TOTAL LIABILITIES
Issued capital
Retained earning
Minority interest
TOTAL EQUITY
00
Retained earnings
500,000
500,000
500,000
(1,065,616)
500,000
(1,121,230)
500,000
(28,111)
(85,474)
204,689
(48,298)
204,689
204,689
(18,113)
--
(668,901)
--
(328,257)
--
(586,647)
--
(360,927)
--
(416,541)
--
(416,541)
--
(490,002)
(1,038,349)
500,000
(1,083,427)
2,500,000
(1,032,946)
500,000
(490,002)
(1,121,230)
204,689
2,850,000
2,850,000
2,850,000
2,850,000
2,850,000
2,850,000
(1,083,427)
(1,032,946)
(1,038,349)
(1,065,616)
(1,121,230)
(1,121,230)
(28,111)
(85,474)
204,689
(48,298)
204,689
204,689
109,806
259,922
346,624
318,361
372,894
399,164
204,689
399,164
2,091,693
1,941,021
2,368,367
2,081,713
2,361,966
2,332,623
2,332,623
46
Ghana Branch Performance

#
Branch name
Opening
1
Abeka
2/4/2008
4
2
Atico
2/4/2008
4
3
Sukura-1
2/4/2008
4
4
Bubiashie
4/1/2008
4
5
Lapaz
4/1/2008
4
6 Maamobi-1
4/1/2008
4
7
sukura-02
4/1/2008
4
8
Achimota
5/1/2008
4
9
K. Zongo
5/1/2008
4
10 Maamobi-2
5/1/2008
4
11
odorkor
5/1/2008
4
12
Alajo
8/11/2008
4
13
New Town
8/11/2008
4
14
Nungua
8/20/2008
4
15
Teshie
8/20/2008
4
16 totals from from original
8/25/2008
document 4
17
Kasoa
5/1/2009
4
18
La
5/1/2009
4
19
Madina
6/1/2009
4
20 totals from from original
7/1/2009
document 4
21
Suame
8/11/2009
4
22
Mallam
2/2/2010
4
23
Bantama
2/22/2010
4
24
Taifa
3/8/2010
4
25
Kpone
3/15/2010
4
26
Krofrom
4/20/2010
4
27
Amanfro
4/26/2010
4
28
Tafo
5/7/2010
3
29
Atonsu
6/14/2010
3
30
Kwadaaso
0
Total
114
1,408
1,355
1,459
1,327
1,267
1,094
1,374
1,287
1,388
1,184
1,379
1,131
1,322
1,177
1,334
1,445
1,263
1,002
1,194
1,313
994
471
406
355
415
554
360
210
121
0
29,589
Margin money
balance
85,598
94,475
88,193
80,849
81,535
58,860
63,364
71,075
83,405
66,166
97,176
65,853
79,469
67,724
89,702
87,921
68,902
50,351
60,774
71,756
60,649
15,286
12,654
12,206
13,122
14,301
10,104
2,215
735
0
1,654,418

1,279
1,251
1,386
1,209
1,132
944
1,153
1,148
1,247
1,053
1,281
1,005
1,229
1,041
1,244
1,280
1,131
911
1,098
1,239
906
321
291
283
321
365
138
34
0
0
25,920
269,582
249,156
278,535
206,281
225,023
185,266
212,249
191,828
301,214
179,872
220,943
168,438
198,271
209,453
279,174
249,046
191,363
168,784
186,260
198,224
136,993
91,240
71,952
78,413
87,436
100,535
40,229
8,400
4,984,159
270
12
166
132
94
117
381
211
43
146
2
1
1,575
Outstanding
default balance
30,906
1,220
17,750
11,035
12,195
11,660
51,698
19,796
5,123
10,656
213
222
172,474
PAR-30 %
11.5%
0.5%
6.4%
5.3%
5.4%
6.3%
24.4%
10.3%
1.7%
5.9%
0.1%
0.0%
0.0%
0.0%
0.1%
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%
3.46%
47
Country Review Sri Lanka

Management and Operations
Business in control by local management team.
No ASA staff on the ground due to visa issue issues.
Despite absence Bangladeshi staff and lack of further funding loan portfolio relatively stable.
No further staff unrest or outside pressure by former CEO.
Accounting and auditing processes yet to be improved.

Recent Developments
Awaiting outcome decision Controller of Exchange (CoE) following response CMI on June 7, 2010.
Delays in final determination CoE caused by former Sri Lankan directors (who delayed their response to
queries by CoE). Final outcome expected before the end of the year.
Newly incorporated 100% subsidiary of ASA International submitted application for Finance Company
licence in September.
Funding
Stromme: agreed to repayment schedule > remaining USD 50K to be repaid by Q1 2011.
Cordaid:
Payment of interest to Cordaid resumed in September 2010. New repayment schedule to be

proposed by Lak Jaya
Payment of interest and principal (Cordaid not prepared to extend maturity date of the loan)
Lak Jaya indicated to Cordaid that repayments of principal are unlikely if this would lead to reduction
of assets and deterioration of business
Etimos: loan of LKR 100m did not materialize.
No other loan funds available.

Next Steps
Secure Finance company licence.
Await decision CoE following completion investigation. Upon final determination CoE seek negotiated
settlement with CBSL & Minister of Finance, including proposal to transfer business Lak Jaya to new Finance
Company.
48
Continued political lobbying at ministerial & presidential secretariat.
Key Performance Indicators Sri Lanka 2008-2010

Sri Lanka (USD)
Realized
FY 2008 A
Number of Branches
Number of Borrowers
Projections
FY 2009 A
H1 2010 A
H1 2010 E
Q3'10 E
Q4'10 E
FY 2010 E
46
45
45
46
46
46
46
154-
94-
121-
113-
128-
138-
138-
42,571
30,522
31,137
30,583
28,772
28,164
28,164
276
325
257
271
225
204
204
925
678
692
665
625
612
612
87-
96-
85-
95-
98-
103-
103-
3,706,078-
2,917,969-
2,635,637-
2,902,321-
2,833,857-
2,914,887-
2,914,887-
1,051,847
1,118,999
487,910
471,065
228,560
247,265
963,734
28.4%-
38.3%-
18.5%-
16.2%-
8.1%-
8.5%-
33.1%-


as % of OLP
(238,778)

as % of OLP

as % of OLP
(79,174)
(70,405)
(38,293)
(43,568)
(161,036)
921,607
1,040,205
(186,093)
366,303
446,760
190,945
170,803
728,051
24.9%-
35.6%-
13.9%-
15.4%-
6.7%-
5.9%-
25.0%-
340,920
152,857
512,870
478,328
540,560
551,582
551,582
9.2%-
5.2%-
19.5%-
16.5%-
19.1%-
18.9%-
18.9%-
(962,122)
(974,238)
(432,647)
(422,486)
(209,366)
(217,012)
(859,025)
(63,896)
(69,938)
(3,020)
(14,420)
(14,487)
(14,487)
(31,994)
(1,026,017)
(1,044,176)
(435,667)
(436,906)
(223,853)
(231,500)
(891,019)
as % of OLP
27.7%-
35.8%-
16.5%-
15.1%-
7.9%-
7.9%-
30.6%-
Operating profit
(104,430)
-
(3,972)
-
(69,363)
-
9,854-
(32,908)
-
(60,697)
-
(162,968)
-
(174,183)
(19,181)
(82,520)
(7,123)
(32,908)
(60,697)
(176,125)
-4.7%-
-0.7%-
-3.1%-
-0.2%-
-1.2%-
-2.1%-
-6.0%-
1,140,408
1,355,665
1,427,519
1,278,226
1,147,283
1,064,327
1,064,327
46.5%-
54.2%-
44.0%-
40.5%-
36.5%-
36.5%-
28%
-
31%
-
28%
-
36%
-
38%
-
38%
-

as % of OLP

as % of OLP
30.8%-
53%
-
Return on OLP
1,317,681-
1,615,631-
1,615,631-
1,845,631-
1,547,681-
1,547,681-
1,547,681-
-4.7%
-0.7%
-3.1%
-0.2%
-1.2%
-2.1%
-6.0%
-13.2%
-1.2%
-5.1%
-0.4%
-2.1%
-3.9%
-11.4%
49
Financial Performance Sri Lanka 2008-2010

Sri Lanka (USD)
Realized
FY 2008 A
0

Credit loss expense


Operating profit
1,051,847
FY 2009 A
Projections
-
1,118,999
H1 2010 A
H1 2010 E
Q3'10 E
Q4'10 E
FY 2010 E
487,910
471,065
228,560
247,265
963,734
(238,778)
-
(186,093)
-
(79,174)
-
(70,405)
-
(38,293)
-
(43,568)
-
(161,036)
-
144,423-
97,728-
45,753-
47,349-
29,244-
26,585-
101,583-
957,491-
1,030,635-
454,489-
448,009-
219,511-
230,282-
904,281-
(35,884)
9,570
(88,185)
(1,249)
(28,566)
(59,479)
(176,230)
728,051
921,607
1,040,205
366,303
446,760
190,945
170,803
19.8%-
25.3%-
10.1%-
11.8%-
5.5%-
5.0%-
21.2%-
(962,122)
(974,238)
(432,647)
(422,486)
(209,366)
(217,012)
(859,025)
(63,896)
(69,938)
(3,020)
(14,420)
(14,487)
(14,487)
(31,994)
(1,026,017)
-
(1,044,176)
-
(435,667)
-
(436,906)
-
(223,853)
-
(231,500)
-
(891,019)
-
(19)
-
--
--
--
--
--
--
(104,430)
-
(3,972)
-
(69,363)
-
9,854-
(32,908)
-
(60,697)
-
(162,968)
-
(66,107)
(3,972)
(69,363)
9,854
(32,908)
(60,697)
(162,968)
Income tax expense
(108,096)
(15,209)
(13,156)
(16,977)
(13,156)
(174,203)
--
(19,181)
--
(82,520)
--
(7,123)
--
(32,908)
--
(60,697)
--
(176,125)
--
Profit before tax

Other assets
38,323
82,303
534,976
554,823
319,557
286,821
266,082
266,082
3,706,078
2,917,969
2,635,637
2,902,321
2,833,857
2,914,887
2,914,887
859,888
656,726
430,139
578,120
348,534
256,115
256,115
4,648,269--
4,109,671--
3,620,598--
3,799,998--
3,469,211--
3,437,084--
3,437,084--
1,140,408
1,355,665
1,427,519
1,278,226
1,147,283
1,064,327
1,064,327
1,950,335
812,068
815,640
814,808
1,011,179
1,112,364
1,112,364
BMGF loan
Shareholder loan
297,950
297,950
463,750
563,100
546,419
376,124
512,636
522,975
522,975
3,554,493-
3,028,783-
2,789,577-
2,767,109-
2,671,097-
2,699,666-
2,699,666-
1,317,681
1,317,681
1,547,681
1,547,681
1,547,681
1,547,681
1,547,681
TOTAL ASSETS
Due to customer
0
0
0
Third party loans
Other liabilities
TOTAL LIABILITIES
Issued capital
Retained earning
Minority interest
TOTAL EQUITY
00
Retained earnings
(170,462)
(125,093)
(749,281)
(74,444)
(135,842)
4,476
(4,559)
4,476
4,476
4,476
21,000
24,142
28,146
23,039
26,895
24,589
24,589
1,093,775-
1,080,888-
831,022-
1,032,889-
798,114-
737,417-
737,417-
1,317,681
1,615,631
1,615,631
1,845,631
1,547,681
1,547,681
1,547,681
(170,462)
(125,093)
(749,281)
(74,444)
(135,842)
63,896
133,834
136,853
1,136,671
1,488,530
1,007,679
4,476
(533,272)
(533,272)
(4,559)
(780,939)
(780,939)
(839,329)
(839,329)
(839,329)
(839,329)
4,476
4,476
4,476
148,254
151,341
165,828
165,828
1,456,054
922,559
878,656
878,656
50
Sri Lanka Branch Performance

#
Branch name
Opening
1 Rajagiriya
1-Mar-2002
2 Avissawella
1-Jan-2004
3 Dikkubura
1-Jan-2004
4 Panadura
1-Jan-2004
5 Kaluaggala
1-Jul-2006
6 Padukka
1-Jul-2006
7 Parakaduwa
1-Aug-2006
8 Raigama
1-Aug-2006
9 Angulugaha
1-Sep-2006
10 Bokundara
1-Sep-2006
11 Horana
1-Sep-2006
12 Kirindiwela
1-Oct-2006
13 Runawanenwala
1-Oct-2006
14 Akmeemana
1-Nov-2006
15 Battaramulla
1-Nov-2006
16 totals from from original1-Nov-2006
document
17 Mihiripenna
1-Jan-2007
18 Kesbewa
1-Feb-2007
19 Moronthuduwa
1-Feb-2007
20 totals from from original1-Nov-2007
document
21 Nawagamuwa
1-Dec-2007
22 Dodanduwa
1-Jan-2008
23 Baddegama
1-Feb-2008
24 Kalegana
1-Feb-2008
25 Moratuwa
1-Apr-2008
26 Athurugiriya
1-May-2008
27 Attanagalla
1-May-2008
28 Kotiyakubura
1-May-2008
29 Kuruwita
1-May-2008
30 Meegoda
1-May-2008
31 Moragahena
1-May-2008
32 Thalawathugoda
1-May-2008
33 totals from from original 1-Jun-2008
document
34 Mahawewa
1-Jun-2008
35 Nattandiya
1-Jun-2008
36 Bangadeniya
1-Jul-2008
37 Hali Ela
1-Jul-2008
38 Nagoda
1-Jul-2008
39 Nelumdeniya
1-Jul-2008
40 Badulla
1-Aug-2008
41 Hawa Eliya
1-Aug-2008
42 Keppetipola
1-Aug-2008
43 Weligama
1-Aug-2008
44 Mathugama
1-Sep-2008
45 Modara
1-Sep-2008
Total
# of Los
4
3
3
5
5
3
2
4
1
3
4
2
2
3
3
3
2
4
4
3
2
2
3
3
2
3
2
2
2
2
3
2
2
2
3
2
2
2
2
2
4
2
3
2
2
121
# of savers
1,071
1,369
725
1,359
748
741
460
621
441
743
758
1,319
612
779
965
710
461
1,138
709
988
533
556
965
790
630
793
535
496
465
329
642
783
766
755
1,037
374
723
443
457
571
1,215
812
501
297
637
32,822
Margin money
balance
6,193,378
5,114,751
3,395,551
8,284,299
3,809,216
3,385,724
2,223,224
3,180,767
1,981,640
3,979,149
3,127,293
5,332,638
2,085,283
2,730,479
4,328,167
1,814,302
2,221,204
5,683,817
3,330,082
4,607,286
2,523,562
1,989,208
3,696,557
3,095,346
2,683,506
3,385,811
2,118,326
1,896,041
1,730,414
1,565,555
2,666,520
2,708,516
2,829,100
2,983,451
3,770,619
1,723,403
2,357,831
1,493,237
1,075,080
1,963,850
5,116,928
2,140,508
1,588,825
1,087,838
2,415,145
137,413,427

1,041
716
629
1,359
793
602
365
753
411
935
841
1,017
451
709
776
535
472
1,329
1,090
1,053
493
549
917
752
605
757
483
454
425
287
625
604
733
746
1,029
361
703
438
440
551
1,119
819
503
291
576
31,137
13,211,948
8,919,231
6,598,604
18,845,680
9,804,462
6,834,036
3,991,404
8,170,314
4,454,208
12,980,424
8,185,978
11,507,620
4,961,998
7,376,454
10,202,139
4,475,384
5,115,543
16,204,204
9,715,912
11,945,063
5,473,454
4,976,896
8,003,599
7,459,895
6,222,797
8,992,306
1,167,683
4,558,625
3,840,638
3,248,058
6,238,843
7,125,882
7,208,439
9,603,087
11,839,700
4,037,645
6,602,181
4,791,241
5,168,488
4,863,412
11,309,904
7,548,142
3,922,396
3,410,817
5,374,188
336,488,922
518
17
117
1,171
192
11
10
522
112
563
325
45
24
30
251
180
86
598
564
53
22
1
1
7
45
206
5
1
1
17
4
418
4
1
147
1
6
14
1
6,291
Outstanding
default balance
7,877,137
199,335
894,522
14,480,055
2,122,872
113,120
87,468
4,587,439
740,437
3,297,557
2,322,828
194,052
146,061
262,203
2,557,939
955,980
729,481
5,571,950
3,069,768
807,668
109,505
10,125
13,667
53,666
189,138
1,510,248
59,417
3,417
17,283
167,183
16,168
4,373,199
65,000
7,812
372,967
1,688
78,353
47,334
27,854
58,141,896
PAR-30 %
59.6%
2.2%
13.6%
76.8%
21.7%
1.7%
2.2%
56.1%
16.6%
25.4%
28.4%
1.7%
2.9%
3.6%
25.1%
21.4%
14.3%
34.4%
31.6%
6.8%
2.0%
0.2%
0.2%
0.7%
3.0%
16.8%
5.1%
0.1%
0.5%
5.1%
0.3%
61.4%
0.0%
0.7%
0.0%
0.2%
0.0%
7.8%
0.0%
0.0%
0.7%
0.0%
0.0%
1.4%
0.5%
17.3%
51
Country Review - Afghanistan

New CEO from Pakistan recently appointed.
Number of ASA staff reduced.

Recent developments
Afghan Microfinance sector pushed through consolidation phase. Microfinance Investment Support Facility
for Afghanistan (MISFA), being the sole fund provider of the sector and also acting as de facto regulator,
is actively pursuing consolidation (reducing the number of partners from 16 to 12).
MISFA advised ASA Afghanistan to revisit its original Business Plan. As a result 6 branches out of 17 were
closed (5 in Kabul and 1 in Mazar-e-Sharif).
Repayment of USD 300,000 TA Fees to ASAI suspended (explicitly requested by MISFA).

Operations
Reached well over 7,000 clients with gross outstanding portfolio of over AFS 80 million.
Cost reduction strategy implemented, including reduction of local and expatriate staff.
Debt Mobilization
Following stand-off with MISFA ASA Afghanistan successfully negotiated resumption of credit line.
Terms MISFA of credit facility unchanged. Disbursement provided in smaller portions (of approx. AFS 10
each), yet AFS 74 million expected to be disbursed in 2010-11.
Next steps
ASA Afghanistan is confident it will successfully emerge from consolidation in sector.
Relationship MISFA crucial as sole funder.
52
Key Performance Indicators Afghanistan 2008-2010

Afghanistan (USD)
Realized
FY 2008 A
Projections
FY 2009 A
H1 2010 A
H1 2010 E
Q3'10 E
Q4'10 E
FY 2010 E
Number of Branches
17
22
24
24
24
--
28-
65-
76-
96-
96-
96-
Number of Borrowers
4,107
7,054
9,760
15,280
19,120
19,120
147
109
128
159
199
199
513
415
444
637
797
797
--
143-
180-
175-
192-
172-
172-
--
587,070-
1,269,150-
1,712,858-
2,931,739-
3,292,024-
3,292,024-
143,538
168,748
210,754
248,494
334,562
751,804
0.0%-
24.4%-
13.3%-
12.3%-
8.5%-
10.2%-
22.8%-
(111,073)
(32,938)
(32,418)
(17,105)
(57,479)
(107,522)
29,123
134,486
171,255
215,634
274,374
624,495
0.0%-
5.0%-
10.6%-
10.0%-
7.4%-
8.3%-
19.0%-

as % of OLP
as % of OLP
999
21,637
2,817
4,996
8,169
8,169
0.0%-
0.2%-
1.7%-
0.2%-
0.2%-
0.2%-
0.2%-
(197,223)
(223,445)
(244,453)
(208,330)
(209,822)
(641,597)
(173,438)
(79,371)
(76,979)
(41,408)
(41,408)
(162,186)
(370,661)
(302,816)
(321,432)
(249,738)
(251,230)
(803,783)
as % of OLP
as % of OLP
0.0%-
63.1%-
23.9%-
18.8%-
8.5%-
7.6%-
24.4%-
Operating profit
--
(341,360)
-
(173,297)
-
(150,177)
-
(34,103)
-
23,144-
(184,257)
-
(341,538)
(168,329)
(150,177)
(34,103)
16,201
(186,232)
0.0%-
-58.2%-
-13.3%-
-8.8%-
-1.2%-
0.5%-
-5.7%-
68,322
138,592
165,663
271,035
359,298
359,298
as % of OLP
0.0%-
11.6%-
10.9%-
9.7%-
9.2%-
10.9%-
10.9%-
0%
-
160%
-
77%
-
78%
-
85%
-
83%
-
83%
-
--

as % of OLP
200,000-
500,000-
500,000-
500,000-
500,000-
500,000-
Return on OLP
0.0%
-58.2%
-13.3%
-8.8%
-1.2%
0.5%
-5.7%
0.0%
-170.8%
-33.7%
-30.0%
-6.8%
3.2%
-37.2%
53
Financial Performance Afghanistan 2008-2010

Afghanistan (USD)
Realized
FY 2008 A
0

Credit loss expense

Projections
FY 2009 A
H1 2010 A
H1 2010 E
Q3'10 E
Q4'10 E
FY 2010 E
143,538
168,748
210,754
248,494
334,562
751,804
--
(111,073)
-
(32,938)
-
(32,418)
-
(17,105)
-
(57,479)
-
(107,522)
-
--
2,373-
4,267-
4,694-
3,102-
2,202-
9,571-
--
34,838-
140,077-
183,030-
234,491-
279,285-
653,853-
(5,715)
29,123
(5,591)
134,486
(11,775)
(18,856)
171,255
215,634
(4,911)
274,374
(29,359)
624,495
0.0%-
2.8%-
9.3%-
9.3%-
6.9%-
7.9%-
17.9%-
(197,223)
(223,445)
(244,453)
(208,330)
(209,822)
(641,597)
(173,438)
(79,371)
(76,979)
(41,408)
(41,408)
(162,186)
--
(370,661)
-
(302,816)
-
(321,432)
-
(249,738)
-
(251,230)
-
(803,783)
-

Operating profit
--
178-
(4,968)
-
--
--
--
(4,968)
-
--
(341,360)
-
(173,297)
-
(150,177)
-
(34,103)
-
23,144-
(184,257)
-
Profit before tax
(341,360)
(173,297)
(150,177)
(34,103)
23,144
(184,257)
Income tax expense
(6,943)
(6,943)
--
(341,360)
--
(173,297)
--
(150,177)
--
(34,103)
--
16,201-
(191,200)
--
442,978
62,327
41,416
67,759
89,825
89,825
587,070
1,269,150
1,712,858
2,931,739
3,292,024
3,292,024
Other assets
13,490
114,061
82,080
107,027
109,848
109,848
TOTAL ASSETS
---
1,043,538--
1,445,538--
1,836,354--
3,106,524--
3,491,697--
3,491,697--
Due to customer
0
0
0
68,322
138,592
165,663
271,035
359,298
359,298
Third party loans
938,900
977,400
1,344,523
2,488,164
2,718,813
2,718,813
BMGF loan
Shareholder loan
Other liabilities
180,947
280,104
278,379
331,987
382,046
382,046
--
1,188,169-
1,396,096-
1,788,565-
3,091,186-
3,460,157-
3,460,157-
200,000
500,000
500,000
500,000
500,000
500,000
Retained earning
(345,066)
(463,994)
(457,076)
(498,098)
(481,897)
(481,897)
435
13,434
4,866
13,434
13,434
13,434
Minority interest
--
(144,631)
--
49,440-
47,790-
15,336-
31,537-
31,537-
TOTAL LIABILITIES
Issued capital
TOTAL EQUITY
00
200,000
500,000
500,000
500,000
500,000
500,000
Retained earnings
(345,066)
(463,994)
(457,076)
(498,098)
(481,897)
(481,897)
435
13,434
4,866
13,434
13,434
13,434
173,438
252,809
250,417
294,217
335,625
335,625
28,807
302,249
298,208
309,553
367,162
367,162
54
Afghanistan Branch Performance

#
1
Qala-e-Fatallah-1
01/28/09
1,031
1,148,365
1,025
9,210,133
11
135,733
Qala-e-Fatallah-2
03/23/09
718
705,515
718
5,409,200
23,000
0.4%
Kute Sangi -3
04/01/09
216
174,050
191
1,699,600
26
208,500
12.3%
Kart-e-Naw-1
04/13/09
650
767,950
648
5,754,500
6,000
0.1%
Kart-e-Naw-2
04/13/09
399
363,850
388
3,144,300
67
339,167
10.8%
Kute Sangi -1
08/01/09
625
584,650
622
3,947,000
32
246,800
6.3%
Kute Sangi -2
08/01/09
538
466,050
538
2,966,500
0.0%
Dasht-e- Barchi-1
08/25/09
689
491,500
705
4,357,800
0.0%
Dasht-e- Barchi-2
08/25/09
690
515,510
680
4,024,100
10
Mazar-e- Sharif 1
01/31/10
288
191,500
298
2,862,800
0.0%
11
Mazar-e- Sharif 2
01/31/10
361
284,350
329
3,104,000
0.0%
12
Khair Khana 1
03/01/10
114
115,002
134
2,433,200
0.0%
13
Khair Khana 2
03/01/10
125
126,320
122
1,807,600
0.0%
14
Kart-e- Sole-1
04/01/10
249
162,450
253
2,669,000
0.0%
15
Kart-e- Sole-2
04/01/10
191
121,430
192
2,013,100
0.0%
16 totals from from original document

04/01/10
114
102,950
114
1,811,700
0.0%
3
65
81
7,079
59,450
6,380,892
97
7,054
1,808,000
59,022,533
Khair Khana 3
04/01/10
# of savers
Outstanding
default balance
Opening
17
Total
# of Los
Margin money
balance
Branch name
148
37,000
996,200
PAR-30 %
1.5%
0.9%
0.0%
1.7%
55
Country Review Cambodia

SAMIC Limited (formerly CHC Limited)
Recent Developments
Independent non executive board member appointed (NBC approval pending).

Discussions with Phillip Security Singapore still ongoing (for USD 2.5m investment).
Operations
PAR slightly decreased from 5.66% to 5.11%.

Reached 10,643 clients with USD 5.02m loan portfolio through 13 branches.
Seilanithih Ltd
Recent Developments
BoD approved appointment of independent non executive director (NBC approval pending).
Cost of branch offices drastically reduced.
Internal audit technical support received from CARD, Philippines.
Discussions with Phillips Security Singapore ongoing.
Operations
Reached 14,477 clients with USD 6.9m loan portfolio (increased with 2,000 since Q1).
A consultant from ASA is providing technical support to restructure the operations.
56
Financial Performance Cambodia 2008-2010

Cambodia (USD)
Realized
FY 2008 A
0

Credit loss expense

FY 2009 A
Projections
-
H1 2010 A
H1 2010 E
Q3'10 E
Q4'10 E
FY 2010 E
19,075
(17,906)
7,963
--
--
--
--
--
(172)
-
(172)
-
--
--
--
--
--
--
--
19,075-
(17,906)
-
--
7,963-
--
(172)
-
(172)
-
19,075
(17,906)
7,963
(172)
(172)
2.0%-
-1.9%-
0.0%-
0.6%-
0.0%-
0.0%-
0.0%-
(24,755)
(26,452)
(4,149)
(200)
(4,049)
(4,049)
(12,247)
(24,755)
-
(26,452)
-
(4,149)
-
(200)
-
(4,049)
-
(4,049)
-
(12,247)
-

Operating profit
Profit before tax

Income tax expense

Other assets
TOTAL ASSETS
Due to customer
0
0
0
--
--
--
--
--
--
--
(5,680)
-
(44,358)
-
(4,149)
-
7,763-
(4,049)
-
(4,221)
-
(12,419)
-
53,372
59,967
82,434
21,868
18,000
18,000
118,434
47,692
15,609
78,285
29,631
13,951
13,779
106,015
47,692-
15,609-
78,285-
29,631-
13,951-
13,779-
106,015-
34,380
13,611
9,462
13,411
445,010
445,789
445,789
920,691
939,241
1,572,063
1,321,552
1,530,846
1,543,846
1,543,846
955,071--
952,853--
1,581,525--
1,334,963--
1,975,856--
1,989,635--
1,989,635--
Third party loans
BMGF loan
Shareholder loan
47,762
44,690
606,139
24,576
606,139
606,139
606,139
Other liabilities
TOTAL LIABILITIES
Issued capital
Retained earning
47,762-
44,690-
606,139-
24,576-
606,139-
606,139-
606,139-
841,540
841,540
841,540
1,221,920
1,221,920
1,221,920
1,221,920
65,769
66,623
133,847
88,467
147,798
161,577
161,577
Minority interest
907,309-
908,163-
975,387-
1,310,387-
1,369,718-
1,383,497-
1,383,497-
841,540
841,540
841,540
1,221,920
1,221,920
1,221,920
1,221,920
65,769
66,623
133,847
88,467
147,798
161,577
161,577
907,309
908,163
975,387
1,310,387
1,369,718
1,383,497
1,383,497
TOTAL EQUITY
00
Retained earnings
Cambodia (CMII) includes the two investments , CHC Limited and Seilanithih
57
Cambodia Branch Performance

SAMIC
Branch name
Opening
1 Kampong Bay 1-Jan-2005

2 Kampong Trach 1-Jan-2005
3
Phnom Penh 1-Jan-2006
4
Prey Nub 1-Jan-2006
5
Siem Reap 1-Feb-2008
6
Kaep 1-May-2008
7 Sihanoukville 1-May-2008
8
Angkor Chey 1-Jun-2009
9
Mean Chey 1-Oct-2009
10
Sa Ang 1-Oct-2009
11
Angsnoul 1-Nov-2009
12 Kampong Speu 1-Nov-2009
13
Dangkor 1-Mar-2010
Total
Seilanithih
Branch name
Opening
1 Phnom Penh
1-Dec-1993
2 Pursat
1-Dec-1993
3 Sisophon
1-Dec-1993
4 Malai
1-Mar-2001
5 Battambang
1-Jul-2002
6 Siem Reap
1-Mar-2007
7 Kam Pong Cham
1-Sep-2008
8 Bakan
1-Sep-2009
9 Chamkar Leu
1-Sep-2009
10 Dangkor
1-Sep-2009
11 Kravanh
1-Sep-2009
12 Maung Russey
1-Sep-2009
13 Mokkampoul
1-Sep-2009
14 Poy Pet
1-Sep-2009
15 Preah Net Preah
1-Sep-2009
16 totals from from original1-Sep-2009
document
17 Samlot
1-Sep-2009
18 Sampov Loun
1-Sep-2009
19 Kralanh
1-Oct-2009
20 totals from from original 1-Oct-2009
document
21 Phnom Prek
1-Mar-2010
22 Thmor Kol
1-Mar-2010
23 Thmor Pouk
1-Mar-2010
Total
7
8
4
4
5
4
6
3
4
3
4
3
3
58
692
1,138
99
1,929
# of Los
6
4
4
3
5
4
4
5
4
5
4
4
4
4
4
5
5
4
4
4
1
87
Margin money
Outstanding
PAR-30 %
balance
default balance
11,550
2,254
602,980
255
59,545
9.9%
10,563
2,373
862,766
22
8,562
1.0%
242
342,592
14
14,837
4.3%
1,042
566,657
77
31,529
5.6%
751
475,471
78
9,022
1.9%
1,200
1,108
348,293
38
10,979
3.2%
978
786,387
64
26,516
3.4%
719
267,199
5
1,591
0.6%
123
200,193
1
2,500
1.2%
255
154,714
6
1,874
1.2%
499
375,409
148
91,012
24.2%
227
168,358
0.0%
434
344,672
51
32,124
9.3%
23,313
11,005
5,495,691
759
290,091
5.3%
Margin money
Outstanding
balance
default balance
506
25,390
501
307,832
12
6,153
615
19,460
585
251,955
59
44,110
891
39,132
827
559,458
4
3,219
635
32,785
628
546,108
0
615
24,034
586
349,921
24
30,471
945
21,588
920
284,464
47
53,316
705
15,684
671
251,065
8
6,751
857
26,809
809
445,125
14
9,744
1,008
18,797
989
332,360
0
468
19,474
465
287,661
42
37,604
595
16,364
592
274,319
4
2,458
543
8,777
505
157,656
0
589
21,968
573
304,066
73
65,522
550
23,179
515
305,226
4
4,359
535
11,127
475
160,281
0
749
6,615
724
116,384
35
26,257
944
44,737
914
770,286
0
893
49,045
875
850,263
0
502
6,191
499
117,854
0
564
14,106
534
217,194
1
159
155
2,107
156
42,449
0
155
1,409
152
29,346
0
36
594
35
11,211
0
14,055
449,372
13,530
6,972,485
327
290,123
# of savers
PAR-30 %
2.0%
17.5%
0.6%
0.0%
8.7%
18.7%
2.7%
2.2%
0.0%
13.1%
0.9%
0.0%
21.5%
1.4%
0.0%
22.6%
0.0%
0.0%
0.0%
0.1%
0.0%
0.0%
0.0%
4.2%
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Business Review

Board of Directors Meeting

Executive Summary (contd)

USD (in '000)

Net profit before FX

Key Performance Indicators Group 2008-2010

Number of Loan Officers (LO)

Number of Borrowers per LO

Number of Borrowers per Branch

Average Outstanding Loan Portfolio/Client

ASAI overhead expenses

Total operating expenses

Net profit before FX gains/losses and

Net operating income

Financial Performance 2008-2010

ASAI overhead expenses

Total operating expenses

Expenses from exchange rate differences

Net profit CMI for the year

Cash and cash equivalents

Loans and advances to customers

Third party loans

Key Performance Indicators per Country FY 2009 A

Number of Loan Officers (LO)

Interest and similar income

Interest and similar expense

Net operating income

Portfolio at risk > 30 days

Afghanistan Cambodia Holding Cos

Net profit before FX gains/losses and

Outstanding savings balance

Third party debt as % of OLP

Total invested capital

7,857,584- 1,215,470- 1,475,000-

Return on total invested capital

Financial Performance per Country FY 2009 A

Interest and similar expense

Total operating income

Net operating income

ASAI expatriate operating expenses

Share of profit of associate

Profit before tax

Fund mgt & operating expenses

Net profit CMI for the year

Cash and cash equivalents

Afghanistan Cambodia Holding Cos

NET PROFIT OF OPERATIONS

Income tax expense

Accrued interest on BMGF loans

Accrued interest on shareholder loans

Loans and advances to customers

Third party loans

(187,640) (1,030,525) (1,083,427)

(187,640) (1,030,525) (1,083,427)

Key Performance Indicators per Country HY1 2010 A

Afghanistan Cambodia Holding Cos

Number of Loan Officers (LO)

27,795,914- 1,603,835- 3,849,179-

Interest and similar income

Interest and similar expense

Net operating income

Portfolio at risk > 30 days

Net profit before FX gains/losses and