FOREWORD Samdach Akka Moha Sena Padei Techo Hun Sen

Transcription

1 ANNUAL REPORT 2016

2 FOREWORD Cambodia still maintains the economic growth rate at average about 7% in 2016 and is estimated to grow at the same pace in the following year even the global and regional economic have faced some challenges. This economic growth is contributed by the key sectors such as tourism, commerce, construction, garment, and agriculture, despite the agricultural sector, which has challenges in producing and exporting. Meanwhile, Cambodia has paid attention on developing all sectors particularly infrastructure and business environment which are the main factors in attracting local and foreign investors as well as for adapting to the ASEAN integration and strengthening macroeconomic and financial stability in accordance with the Royal Government of Cambodia s Rectangular Strategy-phase III under the wise leadership of Samdach Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia. Together with the economic growth and financial stability, local and foreign investors have expanded their investment in banking sector, which is sound and resilience. This factor stimulates the banking sector to play more important role in the national economic development by providing further financial services widely to all over the country. The National Bank of Cambodia (NBC), as a supervisory authority, has paid attention in strengthening and expanding the scope and scale of supervision on banks and financial institutions, in order to prevent and mitigate any potential risks arising from the rapid evolution of financial sector. In addition to rule-based, the NBC has gradually transformed to risks-based and forward looking supervision approach by focusing on strengthening regulations. For instance, the NBC has issued the Prakas on Liquidity Coverage Ratio and the Prakas on the minimum registered capital of banking and financial institutions. The NBC has regularly monitored and examined the capital adequacy, liquidity position, asset quality, governance, and internal control of banks and financial institutions as well as the financial market sensitivity, which could impact the operation of the institutions. At the same time, the NBC has developed the Fast and Secure Transfer System (FAST) to improve retail payment system and to provide fund to customer in timely manner. Furthermore, the NBC has also established a Central Shared Switch system to facilitate interbank transactions via the use of debit card with ATM and POS, which can further enhance the efficiency in payment transactions, promote financial inclusion, and reduce the use of cash in the market. In terms of theory and real -i-

3 practices, the NBC has carefully paid attention on strengthening the supervisor s capacity in evaluating the heath and soundness of banks and financial institutions as well as conducting appropriate and timely mechanism in order to adjust and mitigate the risks of each institution and the whole banking system. The development of the entire banking system is supported by macroeconomic, political, and social stability. At the same time, the NBC continues enhancing the effectiveness in implementing the monetary policy, maintaining price stability, ensuring financial stability, promoting financial inclusion, boosting the use of Riel, fostering consumer protection, and strengthening the public literacy on financial products and services in line with the Financial Sector Development Strategy of the Royal Government of Cambodia. I hope this report will serve as a reference document for researchers as well as an informative record for banks and financial institutions to evaluate the outcome and effectiveness of their performance. Phnom Penh, 24 th March 2017 CHEA CHANTO Governor National Bank of Cambodia -ii-

4 CONTENTS Foreword... i List of Figures and Tables... iv 1. Major Development of Banking Sector Overview of Banking and Financial Institutions Financial Position and Performance Banking Sector Performance Microfinance Sector Performance Financial Lease Sector Performance Development in Supervisory and Regulatory Frameworks Review and Issuance of Banking Regulations Prohibition of Taking Authentic Deeds as Collateral Minimum Registered Capital of Banks and Financial Institutions Implementation of Prakas on Minimum Registered Capital of Banks and Financial Institutions Provision of Credit in National Currency of Banks and Financial Institutions Supervisory Activities Promoting Financial Sector Development and Regional Integration Financial Infrastructure Development Accounting and Financial Reporting Standards Credit Bureau Cambodia Payment System Financial Inclusion Financial Literacy and Consumer Protection Agriculture Financing Real Estate Lending Microfinance Interest rate Deposit Protection Scheme Capacity Building and International Cooperation Capacity Building for Supervisors International Cooperation List of Appendixes iii-

5 List of Figures and Tables FIGURES Figure1: Structure of Cambodia s banking system... 1 Figure2: Banks-Borrowers and Depositors... 4 Figure3: Banks-Loans and Deposit to Customers... 4 Figure4: Banks-Credit Classified by Sectors... 5 Figure5: Banks- Non-Performing loan Ratio... 5 Figure6: MFIs- Growth of Total Assets... 8 Figure7: MFIs- Credit Classified by Sectors... 8 Figure8: MFIs- Loans and Deposits... 8 Figure9: MFIs- Loans Portfolio Quality... 8 Figure10: Number of offices and ATM Terminal per 100,000 People Figure11: Percentage of MFI s Female Borrowers and Depositors Figure12: Inflow of FDI into Cambodia Estate in Cambodia Figure13: Market Share Credit to Real Estate Sector Of Banks and Financial Institution Figure14: Loan to Real Estate Sector Figure15: Banking System s Earnings Figure16: Bank s Annual Interest Rates Figure17: MFI s Annual Interest Rates Tables Table1: Banking and Financial Institutions Distribution Channels: Table2: Market Shares of Banking Institutions by Ownership... 3 Table3: Bank Evolution (Y-O-Y)... 4 Table4: Financial Leasing Sector... 9 Table5: Minimum Registered Capital of Banks and Financial Institutions Table6: Investment flow in Real Estate sector in Cambodia iv-

6 All data are unaudited and as reported by Banks and Microfinance Institutions -v-

7 1. Major Developments of Banking Sector 1.1. Overview of Bank and Financial Institutions While economic growth is gradually moving forward, banking and financial system is also developing as reflected by the scope and scale of the bank and financial institutions. By the end of 2016, banking system comprised of 37 commercial banks, 15 specialized banks, 7 microfinance deposit-taking institutions, 64 microfinance institutions, 170 registered microfinance operators, 7 representative offices, 12 financial lease companies, 8 third party processors, 1 credit bureau company, and 2,247 money changers (Figure 1). Figure 1: Structure of Cambodia s Banking System THE STRUCTURE OF THE BANKING SYSTEM IN CAMBODIA NATIONAL BANK OF CAMBODIA (CENTRAL BANK) BANK INSTITUTIONS MICROFINANCE INSTITUTIONS OTHER COVERED INSTITUTIONS COMMERCIAL BANKS (37) SPECIALIZED BANKS (15) MICROFINANCE DEPOSIT TAKING INSTITUTIONS (7) MICROFINACE INSITUTIONS (64) REGISTERED MICROFINANCE OPERATORS (170) FOREIGN BANK REPRESENTATIVE OFFICES (7) FINANCIAL LEASE COMPANIES (12) THIRD PARTY PROCESSORS (8) CREDIT BUREAU COMPANY (1) MONEY CHANGERS (2,247) -1-

8 Table 1: Banking and Financial Institutions Distribution Channels: BANK GROUP COMMERCIAL BANKS LOCAL BANKS LOCAL MAJORITY OWNERSHIP NUMBER OF BANKS NUMBER OF BRANCHES NUMBER OF STAFF ATMS TERMINAL , , , , , LOCAL BANKS FOREIGN MAJORITY OWNERSHIP NUMBER OF BANKS NUMBER OF BRANCHES NUMBER OF STAFF ATMS TERMINAL , , , , , FOREIGN SUBSIDIARY BANKS NUMBER OF BANKS NUMBER OF BRANCHES NUMBER OF STAFF ATMS TERMINAL , , , , , FOREIGN BRANCHES BANKS NUMBER OF BANKS NUMBER OF BRANCHES NUMBER OF STAFF ATMS TERMINAL TOTAL COMMERCIAL BANKS NUMBER OF BANKS NUMBER OF BRANCHES NUMBER OF STAFF ATMS TERMINAL SPECIALIZED BANKS , , , ,969 1, ,569 1,260 STATE OWNED SPECIALIZED BANKS NUMBER OF BANKS NUMBER OF BRANCHES NUMBER OF STAFF LOCAL BANKS LOCAL MAJORITY OWNERSHIP NUMBER OF BANKS NUMBER OF BRANCHES NUMBER OF STAFF LOCAL BANKS FOREIGN MAJORITY OWNERSHIP NUMBER OF BANKS NUMBER OF BRANCHES NUMBER OF STAFF TOTAL SPECIALIZED BANKS NUMBER OF BANKS NUMBER OF BRANCHES NUMBER OF STAFF ,469-2-

9 BANK GROUP MICROFINANCE INSTITUTIONS MICROFINANCE DEPOSIT-TAKING INSTITUTIONS (MDIS) NUMBER OF INSTITUTIONS NUMBER OF BRANCHES NUMBER OF STAFF ATMS TERMINAL MICROFINANCE INSTITUTIONS (MFIS) NUMBER OF INSTITUTIONS NUMBER OF BRANCHES NUMBER OF STAFF TOTAL MICROFINANCE INSTITUTIONS NUMBER OF INSTITUTIONS NUMBER OF BRANCHES NUMBER OF STAFF ATMS TERMINAL REGISTERED MICROFINANCE OPERATORS NUMBER OF INSTITUTIONS NUMBER OF BRANCHES NUMBER OF STAFF LEASING COMPANIES TOTAL LEASING COMPANIES 7 1,424 10, , ,177 12, ,279 12, , ,216 15, ,383 15, ,311 4, ,694 19, ,632 20, ,186 5, ,818 26, ,715 3, ,456 19, ,698 6, ,154 26, NUMBER OF INSTITUTIONS REPRESENTATIVE OFFICES TOTAL FOREIGN BANK REPRESENTATIVE OFFICES NUMBER OF INSTITUTIONS CREDIT BUREAU COMPANY 170 2,083 3,670 NUMBER OF CREDIT BUREAU COMPANY Table 2: Market Shares of Banking Institutions by Ownership Market Share Assets Loans Deposits Capital Dec-15 Dec-16 Dec-15 Dec-16 Dec-15 Dec-16 Dec-15 Dec-16 Commercial Bank Foreign 54.29% 55.74% 51.58% 53.74% 51.44% 53.21% 60.99% 58.79% Local 44.23% 42.41% 46.76% 44.05% 48.54% 46.78% 31.44% 31.48% Specialized Bank Foreign 0.74% 1.05% 1.02% 1.49% 0.00% 0.00% 4.02% 5.55% Local 0.74% 0.79% 0.64% 0.72% 0.01% 0.01% 3.55% 4.18% Total Foreign 55.03% 56.79% 52.60% 55.23% 51.45% 53.21% 65.01% 64.33% Local 44.97% 43.21% 47.40% 44.77% 48.55% 46.79% 34.99% 35.67% Total 100% 100% 100% 100% 100% 100% 100% 100% -3-

10 262, , , , , , , ,930 10, ,997 13,135 1,067,404 13,842 17,474 1,266,412 23,354 1,488,715 1,765,267 17,479 20,974 29,370 2,259,601 In Billions of KHR 26,911 2,650,188 30,204 38,081 3,026,800 39,727 47,555 45,868 55,700 56, Financial Position and Performance Banking Sector Performance Banking sector remains dominant and plays important role in Cambodia s financial system. As of December 2016, total assets of banks increased to KHR 96,216.3 billion equal to 118.2% of GDP, while credits and deposits rose by 20.5% to KHR 56,019.1billion and 21.8% to KHR 55,699.8 billion, which equals to 68.8% and 68.4% of GDP, respectively. To accommodate the increasing demand from the public, banking institutions have highly expanded their networks by opening new 201 branches and 2,122 POS. Moreover, 142 new ATM were placed in addition to the existing 1,118 ATMs that are providing services including withdrawal, deposits, transfer and payment all over the country. By the end of 2016, 55,402 credit cards and 1,548,120 debit cards were issued by banking institutions. Table 3: Bank Evolution (Y-O-Y Growth) Bank Evolution Asset Grow th 37.30% 16.90% 27.10% 23.21% 20.90% Credit Grow th 35.10% 25.76% 27.11% 25.65% 20.52% Deposit Grow th 29.70% 12.24% 28.95% 17.38% 21.82% Asset to GDP 76.60% 82.78% 98.33% % % Credit to GDP 41.00% 47.74% 56.71% 63.46% 68.83% Deposit to GDP 47.30% 49.09% 59.16% 61.85% 68.44% Figure 2: Banks Borrowers and Depositors Figure 3: Banks Loans and Deposits to Customers Banks - Borrowers and Depositors Banks - Loans and Deposits to Customers 3,500,000 60,000 3,000,000 50,000 2,500,000 40,000 2,000,000 1,500,000 1,000,000 30,000 20, ,000 10, In number of customers Bank's Depsitors Bank's Borrowers Customers' Deposits Loans to Customers -4-

11 Figure 4: Banks Credit Classified by Sectors Credit Classified by Sectors Figure 5: Banks Non-Performing Loan Ratio Non-Performing Loan Ratio Transport and Storage 1.80% Owner- Occupied Housing only 7.80% Information Media and Telecom. 1.10% Financial Institutions 1.80% Real Estate Agriculture, Activities Forestry and 5.00% Fishing 10.80% Personal Lending 6.60% Utilities 0.60% Other Lending 1.50% Construction 8.70% Rental and Operational Leasing Activities 2.00% Other Non- Financial Services 8.00% Retail Trade 17.40% Credit Cards 0.20% Mining and Wholesale Trade 14.20% Quarrying 0.50% Hotels and Restaurants 5.10% Manufacturing 6.90% The rapid and sound growth of the banking sector as well as the introduction of new products and services to fulfill the current need of their customers have increased the public confidence in the banking system. Financial services in banking system have been widely used as reflected through the increasing number of borrowers and depositors. By the end of 2016, the number of depositors increased by 12.9% from 2,650,188 to 2,993,386, while borrowers increased by 45.7% from 512,582 to 746,930. In addition, deposits and credits increased (y-o-y) by 21.8% and 20.5%respectively. By the end of December 2016, the credit growth (y-o-y) decreased to 20.5% reflecting the banking institutions on credit management and customer selection in decision making on loan approval. However, banking institutions continue lending to key economic sectors that help supporting sustainable development including 14.2% in wholesale trade, 17.4% in retail trade, 10.8% in agriculture, forestry and fisheries, 8.0% in non-financial services and 21.5% in real estate (including 8.7% in construction, 5.0% in real estate activities, and 7.8% in owner-occupied housing) of the total loan portfolio. Meanwhile, non-performing loan ratio increased from 1.9% in 2015 to 2.4% in 2016 that requires banking institutions to pay more attention and to raise caution on risky sectors in order to strengthen the effectiveness of assets quality management. As a supervisory authority of Cambodia s banking system, the National Bank of Cambodia continues paying close attention on the evolution of non-performing loan ratio of banking institutions. Banking institutions have well managed capital and liquidity position as illustrated by the solvency ratio of 22.3% and liquidity ratio of 118.3%, which are higher than the regulatory requirement of 15% and 60%, respectively. Banking 5% 5% 4% 4% 3% 3% 2% 2% 1% 1% 0% 4.4% 1.7% 3.1% 1.4% 2.4% 2.5% 1.1% 1.1% 2.7% 1.4% 2.2% 1.1% 2.0% 1.0% 2.4% 1.3% NPL/Loans NPL Net-off S. Provision/Loans -5-

12 institutions continue complying with prudential regulations of the National Bank of Cambodia and at the same time strengthen their capital adequacy through increasing their paid-up capital in compliance with the circular No. B C.L on the Implementation of The Prakas on The Minimum Registered Capital of Banking and Financial Institutions dated 16 th June 2016 and the Prakas No. B Pro.kor on Minimum Register Capital of Banking and Financial Institutions dated 22 nd March Furthermore, banking institutions still manage to maintain their profitability with ROA and ROE around 1.8% and 10.0%, respectively Microfinance Sector Performance Microfinance operation in Cambodia has continued to flourish significantly and has actively contributed to the forward development in Cambodia. For instance, on 14 th -15 th March 2016, the National Bank of Cambodia held a national conference on microfinance sector development in Cambodia chaired by Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia. The conference was organized in the purpose of increasing the public awareness on microfinance sector development in Cambodia and the important role of this sector in contributing to the national economic development as well as the poverty reduction that are the core elements of the government s rectangular strategy phase III. The conference has been participated by all related stakeholders both local and international for more than 900 participants from senate, parliament, government, international organizations and partners, banking and financial institutions, relevant association, researchers, and educational institutions. New products and services were introduced to fulfill the current demand of people in rural areas who need source of funds for starting and expanding their small and medium sized business as well as the rural people who have no mean of access to financial services, offered by banking institutions which are parts of promoting financial inclusion and poverty reduction. Currently, microfinance deposit-taking institutions are more diversifying in their services including money transfer, moveable banking services as well as ATM services. The outcomes of growth in microfinance sector could be achieved through strengthening good governance, complying with consumer protection and transparency principle, promoting financial literacy, cooperating well between supervisory authorities and microfinance institutions, Cambodia Microfinance Association (CMA) and all relevant stakeholders as well as establishing the incentive scheme by the Royal Government of Cambodia. Interest rate per year on deposit in KHR and USD of microfinance institutions slightly declined from 6.4% and 4.9%, in 2015 to 5.9% and 4.7%, respectively, in -6-

13 2016. Microfinance deposit-taking institutions are competing to gather more local sources of funds in order to expand the scope and scale of their operations by offering high interest rate which also helps stabilizing high deposit rate. Meanwhile, interest rate per year on credits in KHR and USD also decreased from 35.9% and 28.2%, in 2015 to 34.5% and 29.6%, respectively, in The decline of interest rate on credit was contributed by various factors, such as high competition reflected by the increase in the number of microfinance institutions and credit operators as well as the increase of the operation efficiency, especially among microfinance deposit-taking institutions. For microfinance deposit-taking institutions, their operating expenses, nonperforming loan ratio, and cost of investment fund collected through local deposit have gradually declined. Although the interest rate spread between deposits and credits remains high, it does show a sign of narrowing down. The interest rate spread illustrates a high profitability in this sector that enable microfinance institutions to further expand their operation networks for delivering financial services to more people in rural areas who have not been accessed to formal financial services yet. The interest rate in this sector is expected to continue declining in the future; especially interest rate on loans in KHR when the operation of Liquidity-Providing Collateralized Operation (LPCO) is more active, the size is getting bigger, and the operation is getting more active. By the end of 2016, there are 71 microfinance institutions, of which 7 are microfinance deposit-taking institutions. With an increasing number of the institutions, the size of microfinance operation including credits and deposits has increased by 4.7% to KHR 12,661.5 billion and 12.7% to KHR 5,957.0 billion, accordingly. The decline of credit growth rate in microfinance sector to 4.7% is caused by the merging between SATHAPANA Microfinance and Maruhan Japan Bank, which then, the SATHAPANA loans have been excluded from the calculation of microfinance sector in In addition, microfinance institutions have also committed to reduce their lending. It is noting that the application of Liquidity Coverage Ratio on Microfinance deposit-taking institutions also contributes to the decline. Total assets and credit to GDP of microfinance institutions increased 19.1% and 15.6%, respectively that reflected the contribution of microfinance sector in supporting and developing national economy. MFIs loans were distributed to borrowing in various key business sectors including Agriculture 33.3%, Household 28.4%, Trade and Commerce 18.5%, Services 9.9%, construction and transportation 7.5% and others 2.4%. An average loan per borrower was KHR 6.7 million, which is higher compared to Non-performing loan ratio increased from 0.8% in 2015 to 1.4% in Meanwhile, microfinance institutions continue complying with prudential regulations by maintaining solvency and liquidity ratio at 21.69% and 185.7%, respectively, -7-

14 In Billions of KHR In Billions of KHR In Billions of KHR higher above minimum regulatory requirement of 15% and 60% as set by the National Bank of Cambodia. ROA and ROE are 3.5% and 16.4%, accordingly. By the end of 2016, microfinance institutions have 4,154 branch networks and 26,568 employees, of which 7,532 are female, who are providing services to 1,889,914 borrowers and 1,502,488 depositors all over the country. Figure 6: MFIs Growth of Total Assets Figure 7: MFIs Credit Classified by Sectors 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - MFIs - Growth of Total Assets 15,554 51% 47% 56% 12,301 70% 60% 50% 9,943 40% 39% 34% 6,364 30% 26% 24% 4,202 20% 3,025 2,051 10% 0% Total Assets Growth of Total Assets Househol d 29% Construct ion 3% Transport ation 4% Services 10% Others 2% Agricultur e 33% Trade and Commerc e 19% Figure8: MFIs Loans and Deposits Figure 9: MFIs Loans Portfolio Quality 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - MFIs - Loans and Deposits 12,661 12,244 8,219 5,957 5,262 5,301 3,539 3,621 2,591 1,725 1,245 1,094 1, Deposits Loans 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - MFIs - Loans Portfolio Quality 2.80% 12,244 12,661 8, % 1.18% 5,262 3, % 0.77% 2, % 1,725 1, % 0.29% Loans NPL Ratio 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% Financial Leasing Sector Performance Financial leasing sector had grown remarkably through the continued expansion of financial leasing services on movable assets, such as motorbike, car, agricultural machinery and construction equipment, electronic devices, furniture, household applicants, and so on. Customers' demands have helped urge financial leasing market in Cambodia to gain more attention from both local and international investors. By the end of 2016, there are 12 financial leasing companies of which their total assets increased by 52.3% to KHR billion, and total credits increased by 41.1% to KHR billion. Credit had been distributed to many key sectors, such as agriculture 23%, household 28%, trade -8-

15 and commerce14%, construction13%, others 11%, service 5%, and transportation 6%, serving up to 61,372 borrowers. Table 4: Financial Leasing Sector (In Billions of KHR) Financial Leasing company Total Asset Total Loan Non-performing Loan 0% 0% 3.16% 5.31% 5.93% Owner's Equity (1.22) Staff (persons) ,245 Customers (persons) 122 2,638 18,683 43,413 61, Development in Supervisory and Regulatory Frameworks 2.1. Review and Issuance of Banking Regulations The growth of banking system and market development required The National Bank of Cambodia (NBC) to pay more attention on the capital adequacy of banks and financial institutions which demanded institutions to increase their capital in order to strengthen capital base as well as provision of credit in national currency with the aim of promoting the use of KHR. In this prevailing context, the National Bank of Cambodia as a supervisory authority issued 4 appropriate measures in order to strengthen the capital base in the banking system and to promote provision of credit in the national currency such as: 1. Directive No. B Sor. Chor. Nor, dated 11 th March 2016, on Prohibition of taking Identity Card, Family Record, and Residence Record as guarantee for provision of credit 2. Prakas No. B Pro.Kor, dated 22 nd March 2016, on Minimum Registered Capital of Banking and Financial Institutions 3. Circular No. B C.L, dated 16 th June 2016, on Implementation of Prakas on Minimum Registered Capital of Banking and Financial Institutions and 4. Prakas No. B Pro.Kor, dated 01 st December 2016, on Provision of Credit in National Currency of Banking and Financial Institutions. Meanwhile, the National Bank of Cambodia has been preparing some draft Prakas such as: -9-

16 - Draft Prakason Liquidity Risk Management Framework for Banks and Financial institutions - Draft Prakason External Audit of Banks and Financial Institutions - Draft Prakason Credit Risk Grading and Impairment provisioning - Draft Prakason Conservation Buffer and Countercyclical in Banks and Financial Institutions - Draft Prakas on Solvency of Banks and Financial Institutions - Draft Prakas on Prompt Corrective Action for Banks and Financial Institutions Prohibition of Taking Authentic Deeds as Collateral On 11 th March 2016, the National Bank of Cambodia issued a directive on Prohibition of taking Identity card or family record or residence record as guarantee of providing loan. Based on the observation, some banks and financial institutions, especially rural credit operators, had taken authentic deeds such as Identity card, family record, and residence record as collateral, which is not proper according to civil code and existing regulations. Furthermore, authentic deeds cannot be considered as collateral or guarantee in credit operation since those are a type of document for personal identification or statistic purpose and do not have any economic value for any commercial activities Minimum Registered Capital of Banks and Financial Institutions In order to strengthen the capital base of banks and financial institutions, on 22 nd March 2016, the NBC had reviewed and adopted new Prakas to redefine minimum registered capital of banks and financial institutions. The institutions have 2 years to increase their capital to fulfill the minimum capital requirement as follow: Table5: Minimum Registered Capital of Banks and Financial Institutions Institutions Commercial bank incorporated as foreign branch whose parent bank is rated investment grade Commercial bank locally incorporated as local company or foreign subsidiary Minimum Capital Requirement 200,000,000,000 (two hundred billion riel) 300,000,000,000 (three hundred billion riel) Specialized bank locally incorporated 60,000,000,000 (sixty billion riel) Microfinance deposit taking institution 120,000,000,000 (one hundred twenty billion riel) -10-

17 Microfinance institution 6,000,000,000 (six billion riel) Implementation of Prakas on Minimum Registered Capital of Banks and Financial Institutions To facilitate the institutions in implementing the Prakas effectively, the NBC, on 16 th June 2016, issued a circulation on the implementation of Prakas on minimum registered capital of banking and financial Institutions. The circulation required the institutions under the NBC s supervisory authority to increase minimum registered capital with at least half of the additional required capital at the latest by end of March 2017, and fulfill the minimum registered capital by 22 nd March In the event that banks and financial institutions fail to comply with the provisions set out, the institution shall select one of the following solutions: - Finding new potential investors - Merging and acquisition with other institutions - Changing legal status of the institutions - Liquidating on a voluntary manner Provision of Credit in National Currency of Banks and Financial Institutions As a mean to implement monetary policy comprehensively and effectively, the NBC has been urging and promoting the use of KHR through I love Riel Campaign, as well as the issuance of the Prakas on Provision of Credit in National Currency of Banking and Financial Institutions dated 01 st December The content of this Prakas requires banks and financial institutions under the NBC s supervisory authority to have their loan in national currency at least 10% of their total loan portfolio. All institutions must fully implement the above regulation no later than 31 st December, Supervisory Activities As a supervisory authority, the NBC has supervised prudentially on banks and financial institutions, which are under the control of the National Bank of Cambodia by on-site supervision and off-site supervision, and monitoring and examining the daily report, weekly report, bi-weekly report, monthly report, and quarterly report of banks and financial institutions. The NBC has effectively supervised and monitored risks, through focusing on both macro and micro prudential analysis in order to maintain the soundness of financial status and to increase the public confidence. The NBC s supervision is based on CAMELS method and risk-based and forward looking to assess and ensure the soundness and stability of the whole banking system. These imply that -11-

18 the banking supervision has primarily concentrated on governance, internal control, asset quality, and risks, which might be a challenge for the institutions business. As a result, financial institutions are seemed to perform well reflected by their financial position, risk management, and the implementation of laws and regulations. However, few banks and financial institutions are weak, which are needed to be rehabilitated as recommended by the NBC. 3. Promoting Financial Sector Development and Regional Integration 3.1. Financial Infrastructure Development Accounting and Financial Reporting Standards In 2009, the National Accounting Council (NAC) adopted the Cambodian International Financial Reporting Standards (CIFRS), which fully complies with the International Financial Reporting Standards (IFRS), for publicly accountable entities including banks and financial institutions. However, faced by the constraints in funding, human resources, and core banking system, the majority of banks and financial institutions haven't had enough capacity to meet the deadline as set out. Understanding the essence of evaluating the readiness and challenges of banks and financial institutions in fully adapting the CIFRS, the NBC has required all banks and financial institutions to study and report about the gaps analysis and impacts assessment of CIFRS's implementation, as a baseline to assess their readiness in moving toward full compliance of the standards. Based on these reports, the banking system is seen unable to comply with the standards at the beginning of 2016 as yet. Banks and financial institutions have therefore requested and obtained the approval to postpone the implementation to During this transition period, they are required to annually report on their action plans to the NAC and the supervisory authority. The extension will enable the institutions to prepare a clear implementation plan and train their human resources, as well as giving time to the NBC and concerned stakeholders to build sufficient capacity in support of the transition towards the new standards, while maintaining the soundness and sustainability of the Cambodia s banking system. Moreover, to harmonize the inconsistency between the CIFRS and the NBC s reporting requirements and to strengthen the external audit on the banking system, the NBC is reviewing and amending regulations related to asset classification and provisioning and the responsibility of the external auditing firm that audit the banks and financial institutions Credit Bureau Cambodia As the end of 2016, the Credit Bureau Cambodia (CBC) has 132 member institutions in total including 37 commercial banks, 13 specialized banks, 7 MDIs, -12-

19 60 MFIs, 10 financial lease companies, and 5 rural credit operators. The members have the obligation to provide data and information about individual loan size, borrower, guarantor, and customers borrowers information sharing transaction etc. Total loan uploaded into the system amounted to KHR 52.8 billion (USD million) from 2.8 million borrowers while there were 0.31 million data enquiries. The NBC continues enhancing the quality and transparency of the credit information sharing system through its ongoing supervision and monitoring on the CBC as well as the member institutions. Despite the fact that the majority of the institutions has had entries and used more customer credit information, the results of the onsite examination demonstrated that the entry and the use of customer credit information report were not sufficient and comprehensive which needs further improvement. The NBC has issued some recommendations and followed up on the corrective actions in accordance with the Prakas on Credit Information Sharing. The existing credit system of the CBC contains only individual customer data, but to align with the prescribed regulations, the scope is expected to cover also the data on corporate entity Payment System The payment system plays an important role in contributing to national economic development and the regional integration by providing means of payment to facilitate the trading activities effectively, fast and, conveniently. Fast and Secure Transfer (FAST), which was launched in mid of July 2016, is a retail payment system to provide fund to customers on a real-time basis. Meanwhile, the NBC is also developing a Central Shared Switch system that assists in the interbank settlement transactions via the use of debit card with ATM and POS. Furthermore, the Central Shared Switch system is placed to be launched in early 2017 in order to enhance the efficiency in payment transactions, to promote financial conclusion, to reduce the use of cash in the market, and to correspond the demand of ASEAN integration. Additionally, the NBC has issued 2 Prakas, which are Prakas on Membership of Fast System and Central Shared Switch and Prakas on The Introduction of Rules and Procedures of The National Clearing House. The NBC is preparing to implement the regulations in issuing licenses and managing the payment system and the payment service providers to promote the efficiency and to ensure smooth process for clearing house and payment. 3.2 Financial Inclusion On14 th -15 th March, 2016, the NBC has organized a National Summit on The Development of Microfinance in Cambodia, which was highly presided by Samdach Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of -13-

20 Cambodia. The objective of the summit is to promote public awareness on the important role and the advancement of microfinance sector in contributing to economic development and poverty alleviation as a part of Royal Government of Cambodia s strategies. Microfinance has evolved remarkably for the past 10 years following the Prime Minister s declaration of 2006 as the year of microfinance in Cambodia. For the sector to grow further, the NBC, as a regulatory and supervisory authority, the NBC will continue its prioritized agenda on microfinance in line with the prime minister s wise recommendations such as (1) to issue regulatory and supervisory frameworks with balance and equity, (2) to closely monitor and firmly take actions against informal lenders, (3) to formulate policies or strategies in promoting financial inclusion and consumer protection, (4) to cooperate with other related ministries, in particularly, the Ministry of Education, Youth and Sports for including financial education into the school curriculum starting from primary or secondary education, and (5) to continue organize workshops, regional and national seminars for in order to raising the public awareness concerning microfinance operations and the potential risks from the usage of financial services. Following the dissemination of the joint statement between the Ministry of Economy and Finance and the NBC on February 02, 2015, and in accordance with the Prime Minister s recommendations during the National Microfinance Summit in 2016, the NBC has granted registration permits to 131 NGOsassociations as rural credit operators and has been screening on the pending applications. To contribute to the anti-money laundering and combating financing of terrorism, the NBC also engages the Cambodian Financial Intelligence Unit (FIU) in the on-site inspection on these NGOs-associations. Promoting financial inclusion is a priority area of the RGC where the NBC together with the relevant ministries and agencies play respective roles in the formulation and implementation of a National Financial Inclusion Strategy in line with the Financial Sector Development Strategy In this respect, an Inter-ministerial Working Group on Financial Inclusion Strategy Formulation (IMWG-FISF) was established on 31 st July, 2015 with 13 members from the National Bank of Cambodia; the Ministry of Economy and Finance; the Securities and Exchange Commission of Cambodia; the Ministry of Commerce; the Ministry of Education, Youth and Sport; the Ministry of Women s Affairs; the Ministry of Agriculture, Forestry and Fisheries; the Ministry of Planning; the Ministry of Interior; the Ministry of Posts and Telecommunications; and the Ministry of Industry and Handicraft. In collaboration with the United Nations Capital Development Funds (UNCDF), the working group has held consecutive meetings and consultations -14-

21 with stakeholders in order to monitor the progress of the National Financial Inclusion Strategy formulation. Starting from the Finscope demand-side survey, which was commenced in November 2015 and officially launched in July 2016, the preliminary findings from the supply-side survey are being put for consultation with concerned parties including the development partners. Going forward, results from the two surveys will serve as the ground to assess the gap and to develop appropriate action plan aiming at enhancing financial inclusion in Cambodia. As a member of the Alliance for Financial Inclusion (AFI), the NBC took part in the Global Policy Forum for financial inclusion with other member countries. The forum provides a platform for leaders, policy makers, central bankers, relevant agencies, development partners, working groups, and other concerned parties to discuss and share experiences on the policy adoption, risks management, and supervisory framework design for green financing and the bridging of gender gap. The NBC s designated officials have actively been participating in the 6 technical working groups namely the Financial Inclusion Strategy Peer Learning Group, Mobile Financial Services Working Group, SME Finance Working Group, Global Standards Proportionality Working Group, Consumer Empowerment and Market Conduct Working Group, and Financial Inclusion Data Working Group. Meanwhile, one senior official from the NBC is also a member of Gender and Women Financial Inclusion High Level Committee. Figure10: Number of Offices and ATM Terminal per 100,000 People (15Year-Old and Above) Numbers of Offices and ATM Terminals Per 100,000 People Bank Offices per 100,000 people MFI Offices per 100,000 people ATM Terminal per 100,000 people -15-

22 Figure11: MFI s Female Borrowers and Depositors Percentage of MFI's Female Borrowers and Depositors Borrowers Depositors 3.3 Financial Literacy and Consumer Protection The12 weeks Let s Talk Money! campaign, the campaign that the NBC organized in collaboration with Good Return, finished and received immense success in which the people who viewed and shared the content of the campaign were outnumbered than what was expected. Building on this achievement, the NBC has been working in partnerships with the Good Return and the World Bank to extend the campaign through another 6 projects. 1. Collaboration with the Good Return The NBC is producing financial education comic books based on the 6 series of the Let s Talk Money! campaign, namely 1) The Saving,2) The Bargaining, 3) No Problem, 4) Half-a-fish, 5) The Shopper, and 6) The Whisper, which will be distributed to primary school pupils. Furthermore, the NBC is also in preparation to launch a 321 service the voic -type of financial education program - where mobile phone users especially those living in the remote areas could gain knowledge on various topics regarding the usage of financial services. Furthermore, the NBC is seeking partnership to carry out the Gender Action Platform project (GAP) such as the Australian embassy s grant to support women small entrepreneurs in Cambodia via business training, accounting record system, information access in order to set up formal business, demanddriven financial access, and behavior change and women leadership in business. -16-

23 2. Collaboration with the World Bank The NBC is in the process of extending the Let s Talk Money! campaign by means of the research study to be carried out by undergraduate students from 4 main universities including the Royal University of Phnom Penh, the Royal University of Law and Economics, the Paññasastra University of Cambodia, and the CamEd Institute, at various provinces aiming to assist people in preparing family financial plan and for a better decision-making, choosing, and using financial services. The research outcome will assist the policy formulation for financial inclusion and foster the socio-economic condition and living standard of people; whereas, banks and financial institutions, particularly MFIs, can use the result as input for the institutions to develop new products or to design strategies that could fulfill their customers needs more. This project also provides an opportunity for Cambodian students to explore and absorb experiences with research activities which are very much desired in the future job market. To make the educational messages from the Let s Talk Money! campaign more effective and desirable, the NBC is producing songs and videos in addition to the radio talk shows, which aim at sharing knowledge and experiences to newgeneration youths and housewives on how to effectively manage and use money in order to promote the household condition as well as the society. In order to build on these initiatives, the NBC is making efforts to broaden the financial knowledge among the public in general and going forward, the NBC together with the line ministries look forward to incorporating the financial literacy into the national education program at the appropriate time in the future. At the same time, the NBC is working with the International Finance Corporation (IFC) to formulate financial consumer protection framework in Cambodia, starting from complaint management and resolution mechanism Agriculture Financing The Royal Government of Cambodia (RGC) has given special attention to the agricultural sector, and it is a part of the Government s Rectangular Strategy Phase III, in which enhancing value added of milled rice production and export is one among the 4 policy priorities. In 2010, the RGC adopted a policy to boost the rice production and rice export, and to set a base year (2015) in achieving the rice production to more than 4 million tons, official rice exportation at least 1 million ton, and international recognition of Cambodian rice. However, the capability to export remains low, which requires more attention from the RGC and all stakeholders. -17-

24 In 2016, banks and microfinance institutions had provided credit to agriculture sector in the amount of KHR 6,134.1 billion and KHR 4,210.6 billion accordingly, which equal to 10.8% and 33.3% of the institutions total loan portfolio. Loan provided by institutions to agricultural sector increased by 23.6% from KHR 4,977.7 billion in 2015 to KHR 6,134.1 billion at the end of Meanwhile, 35.2% of the total loan portfolio of MFIs had been given to the agriculture sector, accounted for KHR 4,314.4 billion. Study on Financing to Agriculture Sector In order to motivate financing to agriculture sector, in early 2016, the NBC had conducted a survey on agriculture financing by focusing on the provision of credit to rice sector. This study had been conducted by doing a survey to 99 farmer families, and 53 rice millers in 8 provinces which have most rice production including Battambang, Prey Veng, Kampong Cham, Kandal, Kampong Thom, Takeo, Banteay Meanchey and Siem Reap, and on-site survey to headquarters of 30 banks and MFIs. The results, obtained from the study, showed that rice sector faces some challenges including 1) farmers could not get the yield as expected since they heavily rely on weather; and 2) market and high production cost. Furthermore, 35% of rice millers, approximately, raised their concern about the lack of financial resource as the main challenge, while only small proportion of farmers has raised this concern. In addition, the difficulty in obtaining loan from banks and MFIs are caused by the lack of collateral and high interest rate. The study also requests the banks and MFIs to consider some measures such as (1) considering the ability to pay rather than collateral, (2)inventory financing, (3) warehouse financing, (4) learning more about the process and rice products, and (5) increasing the provision of credit in Khmer Riel which help facilitating the purchase of agriculture materials and inputs Financing to Real Estate Sector Real estate market in Cambodia has continued increasing significantly. Based on the data (Y-o-Y) of Ministry of Land Management, Urban Planning and Construction (MLMUPC), the number of investment projects has increased by 14% to 2,636 projects which investment capital in real estate sector has risen up by 156% approximately equals to KHR 34,341 billion. In the meantime, the International Transactions Reporting System (ITRS) shows that the flows of foreign direct investment (FDI) into Cambodia real estate sector (including all real -18-

25 in Billions of KHR estate and condominium) in 2016 were from China 60%, Singapore 30%, and other countries 10% of the total investment. Table6: Investment flow in Real Estate sector in Cambodia (in Billions of KHR) Equity investment in Cambodia Investment in real estate in Cambodia 1, ,823 6,675 4,200 4, ,781 1,539 1,296 Sources: Estimated ITRS data from National Bank of Cambodia Figure12: Inflow of FDI into Cambodia Estate in Cambodia FDI Inflow into Cambodia Real Estate as Reflected in the ITRS in 2016-Geographical Origin Corporate Non-Corporate Swiss 1% Singap ore 30% South Korea Other 1% 8% China 60% Sources: ITRS data from NBC While real estate market has been gradually increased, the banking sector also contributed in supporting the development of this sector by providing loan to private sector characterized as individual and legal entities. In addition, banks and financial institutions have provided loans by 35.5% of the total capital investment of real estate sector in Banks and financial institutions have credited to real estate sector, including real estate activities, constructions, and owner-occupied housing amounted to KHR 11,901 billion, equals to 18% of total loan portfolio, in which loans provided by banks and microfinance institutions are KHR 11,825 billion and KHR 76 billion respectively. -19-

26 in Billions of KHR Figure13: Market Share Credit To Real Estate Sector of Banks and Financial Institution Market Share Credit to Real Estate Sector of Bank and Financial Institutions Loan to other sectors 82% Bank 17% Loan to Real Estate Sector 18% MFIs 1% Banks and financial institutions have continued providing loans to this sector with care and attention, by strengthening loans quality and increasing provisioning on the non-performing loans to prevent and avoid affecting the capital in case of losses. Figure14: Loan to Real Estate Sector 14,000 12,000 10,000 Loan to Real Estate Sector Owner-Occupied Housing Construction Real Estate Activities 8,000 6,000 4,000 2, The attention has influenced the year-on-year credit growth of banks to real estate sector by the decrease from 34% in 2015 to 28% in 2016; whereas, the credit growth of microfinance institutions dropped from 25% in 2015 to 11% in Microfinance Interest Rate Interest rate is a critical element that could substantially influence the success of banks and financial institutions as effective interest rate pricing would enable the institutions to well manage their costs. Interest rate of financial products and services is driven by a number of factors including the economic condition, level -20-

27 of savings, inflation, funding cost, operational cost, profit margin, market competition, borrower s risk profile, maturity and so forth. Key components for calculating the lending interest rate of microfinance are funding cost, operation cost, loan loss provision, and profit margin. In the past, due to the difficulty in obtaining local funding, microfinance institutions had strongly depended on foreign funding source with high interest rate as the high country risk of Cambodia. Apart from high costs, this reliance exposes the institutions to external liquidity constraint. The NBC s Prakas issued in 2007, which allowed qualified MFIs to tap into deposits, has helped to reduce the dependence on foreign funding to some extent. Starting from the 4 th quarter of 2016, the NBC has been employing the Liquidity-Providing-Collateralized Operation (LPCO) as a way to broaden the liquidity window as needed to meet the demand for domestic funding. High operating cost of MFIs is caused by large number of small loan and transactions that takes place at hard-to-reach areas. Figures have shown that KHR funding cost is relatively more expensive than that of the USD s and operating cost for micro loans is relatively higher than that of the small and medium-sized loans ; these justify the higher interest rate charged on the loan in KHR and micro loans in comparison to the loan in USD and SME loans. Therefore, based on the profit margin gap that has been set out together with provisional expense, oversea funding and high operational cost could extremely affect the interest rate setting of microfinance sector. On the other hand, earnings' position of microfinance have been fairly-well maintained, reflected in a comparatively better ROE and ROA than of the banking sector. For the past 10 years, lending interest rate has seen a declining trend from 33.6% in 2008 to 26.1% in 2012 and to 23.6% in The high profit level of microfinance continues to draw investors interests, locally and oversea, which allows the operational network to extend in order to reach people in rural areas. In order to promote market competition, to contribute to poverty reduction, and to ensure consistency in microfinance pricing in line with market mechanism and international best practices, the NBC has had dialogues with MFIs to explore the possibility in reducing the interest rate by the means of (1) shifting from or reducing the reliance on foreign borrowing, (2) reducing the profit level, and (3) tapping into cheaper domestic funding via the NBC s Liquidity-Providing-Collateralized Operation. -21-

28 Figure15: Banking System s Earnings 25% 20% 15% 10% 5% 0% Dec-16 ROE-MFIs 19.67% 19.02% 12.07% 14.06% 15.10% 16.64% 16.42% 18.96% 18.76% 16.40% ROE-Banks 16.58% 13.11% 5.63% 6.63% 9.02% 9.80% 9.47% 10.43% 10.92% 10.00% ROA-MFIs 5.37% 4.59% 3.13% 3.30% 3.64% 3.63% 3.35% 3.65% 3.68% 3.47% ROA-Banks 2.83% 2.88% 1.25% 1.44% 1.89% 1.92% 1.92% 1.92% 1.96% 1.80% Figure16: Bank s Annual Interest Rates Figure17: MFI s Annual Interest Rates -22-

29 3.7 Deposit Protection Scheme Banking sector in Cambodia has evolved remarkably where its growth has brought increasing risks to the institutions and its customers, which could threaten to the financial stability. As a supervisory authority, the NBC continues paying great attention in strengthening and developing mechanism to maintain the financial safety via 1) prudential supervision, 2) lender of last resort, 3) payment system, 4) deposit protection scheme and 5) resolution framework for problem institutions. In this regard and in order to enhance public confidence in the banking system, the NBC is conducting the feasibility study in developing the deposit protection scheme based on the laws and regulations in Cambodia. In order to enhance the comprehensiveness and effectiveness of the deposit protection schemes, the NBC has consulted with and received tremendous supports from concern stakeholders including the Association of Banks in Cambodia, the Cambodian Microfinance Association, banks and financial institutions as well as the Ministry of Economy and Finance. The key components needed for the establishment of an effective deposit protection scheme are1) law and regulatory framework, 2) preconditions for the establishment of a deposit protection scheme, 3) deposit coverage, 4) seed funding and premium charge from banks and financial institutions, and 5) structure, legal form, and governance. Starting from the review of the existing laws and regulations, which are essential for the deposit protection scheme, the NBC will continue to implement the roadmap in line with the Financial Sector Development Strategy of the Royal Government of Cambodia. 4. Capacity Building and International Cooperation 4.1. Capacity Building for Supervisors In 2016, many supervisors have attended meetings and short-term trainings in local, ASEAN, Europe, and other countries such as China, Korea, Japan, Hong Kong, Mongolia, India, Nepal, Germany and Armenia. Some of them had an opportunity to take part in a 3-month secondment to the Financial Supervisory Agency of Japan and a 5-month fellowship program at the Bank of Thailand as well. For the long-term professional development, junior supervisors are currently pursuing their post-graduated study at various universities in China, Australia, New Zealand, and the U.S. More importantly, the NBC takes priority in skill specialization for supervisors where currently, all supervisors are building their supervisory expertise through the Financial Stability Institute (FSI) Connect online learning of the Bank for International Settlements (BIS), whereas some others are continuing their study in the Association of Chartered Certified Accountants -23-

30 (ACCA) program at the CamEd institute. In response to the evolving financial sector, such specialized skill will regularly be enhanced and expanded to enable the supervisors to continue strengthening their capacity International Cooperation International cooperation between the NBC and the partnership supervisory authorities, both regional and international, and other related stakeholders are continually enhanced to ensure the effective implementation as well as to share supervisory experiences. By the end of 2016, the NBC has signed MOUs with 13 supervisory partners mostly related to supervision over banking and financial institutions. Furthermore, as a member of Alliance for Financial Inclusion (AFI), the NBC has attended workshops on policy formulation to promote financial inclusion among member countries in order to study and share experiences related to policy formulation, risk management, supervisory framework establishment, green financing management, and minimization of gender's gap. The NBC also has been collaborating with the United Nations Capital Development Fund (UNCDF) in promoting the financial inclusion. Furthermore, the NBC has cooperated with the International Finance Corporation (IFC), which is a member of the World Bank Group, in order to implement the standards for corporate governance of banking sector and to prepare an action plan for strengthening the financial consumer protection. Moreover, the NBC has continued cooperating closely with the Asian Development Bank (ADB) on formulating Financial Sector Development Strategy (FSDS) as well as the US Treasury on the deposit protection scheme that plays a key role as financial safety net. In addition, the National Bank of Cambodia still continues strengthening close cooperation with SEACEN Center by sending officials to participate in the training courses to enhance the officials' capacity as well as to exchange experiences from peers, while expanding network among supervisory agencies in order to ensure the soundness of Cambodia s banking system. -24-

31 Appendix 1 Data of Banks and Microfinance Institutions in Cambodia 2016 Appendix 2 Riel and foreign currency interest rate on loans and deposits Appendix 3 The banking system in Cambodia Appendix 4 List of authorized banks and financial institutions as at

32 Number of Offices of Cambodian Banks As of December 31, 2016 Table 1 Total Phnom Phnom Penh 1 Provincial Total Penh 1 Provincial Commercial Banks 1 Acleda Bank Plc Advanced Bank of Asia Ltd Agri Bank Cambodia Branch* ANZ Royal Bank (Cambodia) Ltd Bangkok Bank Plc. Cambodia Branch* Bank for Investment and Development of Cambodia PLc Bank of China Limited Phnom Penh Branch* Bank of India Phnom Penh Branch* Booyong Khmer Bank Cambodia Asia Bank Ltd Cambodia Mekong Bank Public Ltd Cambodia Post Bank Plc Cambodian Commercial Bank Ltd Cambodian Public Bank Plc Canadia Bank Plc Cathay United Bank (Cambodia) CIMB Bank Plc First Commercial Bank, Phnom Penh Branch* Foreign Trade Bank of Cambodia Hong Leong Bank (Cambodia) Plc ICBC Limited Phnom Penh Branch* Kookmin Bank Cambodia Plc Krung Thai Bank Public Co. Ltd., P.P. Branch* Sathapana Bank Plc May Bank (Cambodia) Plc MB Bank Plc.Phnom Penh Branch* Mega International Commercial Bank Co., Ltd. P.P. Branch* Phillip Bank Plc Phnom Penh Commercial Bank RHB Indochina Bank Ltd SACOM Bank (Cambodia) Plc SHB Plc. Phnom Penh Branch Shinhan Khmer Bank Plc Taiwan Cooperative Bank P.P Branch* Union Commercial Bank Plc Vattanac Bank Sub-total Specialized Banks 37 Aeon Specialized Bank (Cambodia) Plc Anco Specialized Bank Angkor Capital Specialized Bank Asia-Pacific Development Specialized Bank Plc Cam Capital Specialized Bank CAMKO Specialized Bank Chief (Cambodia) Specialized Bank Plc First Investment Specialized Bank Khmer Specialized Bank Plc Oxley Worldbridge Specialized Bank Plc PHSME Specialized Bank Ltd Rural Development Bank Southern Capital Specialized Bank Plc Tomato Specialized Bank Wing (Cambodia) Limited Specialized Bank Sub-total Total * Foreign Branches 1 Including Head Office 2 Excluding Branches in Vietnam Note: As reported by banks (Unaudited) and excluded Kasikorn Bank -18-

33 Number of Staff As of December 31, 2016 Table % Change 2016 over 2015 Commercial Banks 1 ACLEDA Acleda Bank Plc. 12,223 11, % 2 ABA Advanced Bank of Asia Ltd. 1,678 1, % 3 AGRI Agri Bank Cambodia Branch* % 4 ANZR ANZ Royal Bank (Cambodia) Ltd % 5 BB Bangkok Bank Plc. Cambodia Branch* % 6 BIDC Bank for Investment and Development of Cambodia Plc % 7 BOC Bank of China Limited Phnom Penh Branch* % 8 BIPP Bank of India Phnom Penh Branch* % 9 BKB Booyong Khmer Bank % 10 CAB Cambodia Asia Bank Ltd % 11 CMB Cambodia Mekong Bank Public Ltd % 12 POST Cambodia Post Bank Plc. 1,182 1, % 13 CCB Cambodian Commercial Bank Ltd % 14 CPB Cambodian Public Bank Plc % 15 CNB Canadia Bank Plc. 2,545 2, % 16 CUBC Cathay United Bank (Cambodia) Corporation Limited % 17 CIMB CIMB Bank Plc % 18 FCB First Commercial Bank, Phnom Penh Branch* % 19 FTB Foreign Trade Bank of Cambodia % 20 HLB Hong Leong Bank (Cambodia) Plc % 21 ICBC ICBC Limited Phnom Penh Branch* % 22 KBC Kookmin Bank Cambodia Plc % 23 KTB Krung Thai Bank Public Co., Ltd. P.P. Branch* % 24 STP Sathapana Bank Plc. 3, % 25 MYB May Bank (Cambodia) Plc % 26 MB MB Bank Plc. Phnom Penh Branch* % 27 MEGA Mega International Commercial Bank Co., Ltd. P.P. Branch* % 28 PLB Phillip Bank Plc % 29 PPCB Phnom Penh Commercial Bank % 30 RHB RHB Indochina Bank Ltd % 31 SACOM SACOM Bank (Cambodia) Plc % 32 SHB SHB Plc. Phnom Penh Brach % 33 SKB Shinhan Khmer Bank Plc % 34 TCB Taiwan Cooperative Bank P.P Branch* % 35 UCB Union Commercial Bank Plc % 36 VB Vattanac Bank % 27,569 21, % Specialized Banks 37 AEON Aeon Specialized Bank (Cambodia) Plc % 38 ASB Anco Specialized Bank % 39 ACSB Angkor Capital Specialized Bank % 40 APD Asia-Pacific Development Specialized Bank Plc % 41 CAM Cam Capital Specialized Bank % 42 CKSB CAMKO Specialized Bank % 43 CSB Chief (Cambodia) Specialized Bank Plc % 44 FISB First Investment Specialized Bank % 45 KSB Khmer Specialized Bank Plc % 46 OWSB Oxley Worldbridge Specialized Bank Plc % 47 PHSME PHSME Specialized Bank Ltd % 48 RDB Rural Development Bank % 49 SCSB Southern Capital Specialized Bank Plc % 50 TSB Tomato Specialized Bank % 51 WING Wing (Cambodia) Limited Specialized Bank % 1, % Total 29,038 22, % * Foreign Branches Note: As reported by banks (Unaudited) and excluded Kasikorn Bank

34 Number of ATM terminals, POS**, Debit Cards, and Credit Cards AS OF DECEMBER 31, 2016 Table 3 ATM terminals POS** Debit Cards Credit Cards Commercial Banks 1 Acleda Bank Plc , ,929 11,150 2 Advanced Bank of Asia Ltd , Agri Bank Cambodia Branch* ANZ Royal Bank (Cambodia) Ltd ,846 3,679 5 Bangkok Bank Plc. Cambodia Branch* Bank for Investment and Development of Cambodia Plc ,799-7 Bank of China Limited Phnom Penh Branch* , Bank of India Phnom Penh Branch* Booyong Khmer Bank Cambodia Asia Bank Ltd , Cambodia Mekong Bank Public Ltd , Cambodia Post Bank Plc Cambodian Commercial Bank Ltd. 6-2, Cambodian Public Bank Plc ,979 5, Canadia Bank Plc ,932 7, Cathay United Bank (Cambodia) Corporation Limited ,545 5, CIMB Bank Plc , First Commercial Bank, Phnom Penh Branch* Foreign Trade Bank of Cambodia , Hong Leong Bank (Cambodia) Plc. 11-3, ICBC Limited Phnom Penh Branch* ,032 1, Kookmin Bank Cambodia Plc. 4-14, Krung Thai Bank Public Co., Ltd. P.P. Branch* Sathapana Bank Plc , May Bank (Cambodia) Plc , MB Bank Plc. Phnom Penh Branch* Mega International Commercial Bank Co., Ltd. P.P. Branch* Phillip Bank Plc. 14-7, Phnom Penh Commercial Bank 22-82, RHB Indochina Bank Ltd 33-22, SACOM Bank (Cambodia) Plc SHB Plc. Phnom Penh Brach Shinhan Khmer Bank Plc Taiwan Cooperative Bank P.P Branch* Union Commercial Bank Plc ,153 10, Vattanac Bank ,480 1,129 Sub-total 1,260 7,278 1,548,120 47,692 Specialized Banks 37 AEON Specialized Bank , Anco Specialized Bank Angkor Capital Specialized Bank Asia Pacific Development Spacialized Bank Cam Capital Specialized Bank CAMKO Specialized Bank Chief (Cambodia) Specialized Bank Plc First Investment Specialized Bank Khmer Specialized Bank Oxley Worldbridge Specialized Bank Plc PHSME Specialized Bank Ltd Rural Development Bank Southern Capital Specialized Bank Plc Tomato Specialized Bank Wing (Cambodia) Limited Specialized Bank - 4, Sub-total - 4,483-7, Total 1,260 11,761 1,548,120 55,402 * Foreign Branches ** Point of Sale terminal Note: As reported by banks (Unaudited) and excluded Kasikorn Bank

35 COMPARISON OF TOTAL ASSETS AS OF DECEMBER 31, 2016 Table 4 1 USD = 4,037 KHR (millions of KHR) Growth Rate (%) Share Share 2016 over 2015 Commercial Banks 1 Acleda Bank Plc. 18,607, % 15,577, % 19.5% 2 Advanced Bank of Asia Ltd. 4,467, % 3,282, % 36.1% 3 Agri Bank Cambodia Branch* 170, % 175, % -3.0% 4 ANZ Royal Bank (Cambodia) Ltd. 4,211, % 4,140, % 1.7% 5 Bangkok Bank Plc. Cambodia Branch* 391, % 380, % 2.8% 6 Bank for Investment and Development of Cambodia Plc. 1,883, % 1,623, % 16.0% 7 Bank of China Limited Phnom Penh Branch* 4,194, % 2,921, % 43.6% 8 Bank of India Phnom Penh Branch* 61, % 72, % -15.5% 9 Booyong Khmer Bank 177, % 173, % 2.3% 10 Cambodia Asia Bank Ltd. 596, % 510, % 16.8% 11 Cambodia Mekong Bank Public Ltd. 162, % 185, % -12.3% 12 Cambodia Post Bank Plc. 1,695, % 1,040, % 63.0% 13 Cambodian Commercial Bank Ltd. 902, % 887, % 1.7% 14 Cambodian Public Bank Plc. 6,581, % 5,896, % 11.6% 15 Canadia Bank Plc. 13,302, % 11,494, % 15.7% 16 Cathay United Bank (Cambodia) Corporation Limited 1,200, % 928, % 29.3% 17 CIMB Bank Plc. 1,901, % 1,845, % 3.0% 18 First Commercial Bank, Phnom Penh Branch* 2,300, % 1,728, % 33.1% 19 Foreign Trade Bank of Cambodia 3,508, % 3,118, % 12.5% 20 Hong Leong Bank (Cambodia) Plc. 970, % 648, % 49.5% 21 ICBC Limited Phnom Penh Branch* 3,866, % 3,707, % 4.3% 22 Kookmin Bank Cambodia Plc. 542, % 304, % 77.9% 23 Krung Thai Bank Public Co., Ltd. P.P. Branch* 743, % 556, % 33.5% 24 Sathapana Bank Plc. 3,772, % 802, % 369.9% 25 May Bank (Cambodia) Plc. 3,645, % 3,056, % 19.3% 26 MB Bank Plc. Phnom Penh Branch* 443, % 493, % -10.1% 27 Mega International Commercial Bank Co., Ltd. P.P. Branch* 1,522, % 1,338, % 13.7% 28 Phillip Bank Plc. 598, % 432, % 38.4% 29 Phnom Penh Commercial Bank 1,950, % 1,686, % 15.7% 30 RHB Indochina Bank Ltd 2,538, % 2,297, % 10.5% 31 SACOM Bank (Cambodia) Plc. 701, % 654, % 7.0% 32 SHB Plc. Phnom Penh Brach 978, % 980, % -0.2% 33 Shinhan Khmer Bank Plc. 546, % 493, % 10.8% 34 Taiwan Cooperative Bank P.P Branch* 1,202, % 775, % 55.1% 35 Union Commercial Bank Plc. 2,449, % 2,719, % -9.9% 36 Vattanac Bank 1,649, % 1,431, % 15.3% Sub-total 94,439, % 78,363, % 20.5% Specialized Banks 37 Aeon Specialized Bank (Cambodia) Plc. 168, % 0.0% 0.0% 38 Anco Specialized Bank 71, % 54, % 32.4% 39 Angkor Capital Specialized Bank 43, % 41, % 5.3% 40 Asia Pacific Development Specialized Bank 70, % 0.0% 0.0% 41 Cam Capital Specialized Bank 350, % 261, % 34.2% 42 CAMKO Specialized Bank 55, % 51, % 7.7% 43 Chief (Cambodia) Specialized Bank Plc. 163, % 127, % 44 First Investment Specialized Bank 70, % 68, % 1.8% 45 Khmer Specialized Bank Plc 97, % 0.0% 0.0% 46 Oxley Worldbridge Specialized Bank Plc. 38, % 37, % 3.2% 47 PHSME Specialized Bank Ltd. 42, % 40, % 5.2% 48 Rural Development Bank 411, % 382, % 7.6% 49 Southern Capital Specialized Bank 40, % 0.0% 0.0% 50 Tomato Specialized Bank 39, % 37, % 4.1% 51 Wing (Cambodia) Limited Specialized Bank 112, % 91, % 22.8% Sub-total 1,776, % 1,193, % 48.9% Total 96,216, % 79,557, % 20.9% * Foreign Branches Note: As reported by banks (Unaudited) and excluded Kasikorn Bank

36 SHARE OF PAID-UP CAPITAL AS OF DECEMBER 31, 2016 Table 5 1 USD = 4,037 KHR (millions of KHR) Foriegn share Cambodian share Share(%) Amount paid Share(%) Amount paid Total Paid-up Capital Market Share Commercial Banks 1 ACLEDA Acleda Bank Plc. 49.0% 608, % 633,646 1,242, % 2 ABA Advanced Bank of Asia Ltd. 10.0% 21,252 90% 191, , % 3 AGRI Agri Bank Cambodia Branch* 100.0% 157, , % 4 ANZR ANZ Royal Bank (Cambodia) Ltd. 55.0% 157, % 128, , % 5 BB Bangkok Bank Plc. Cambodia Branch* 100.0% 201, % - 201, % 6 BIDC Bank for Investment and Development of Cambodia Plc % 403, , % 7 BOC Bank of China Limited Phnom Penh Branch* 100.0% 322, , % 8 BIPP Bank of India Phnom Penh Branch* 100.0% 52, , % 9 BKB Booyong Khmer Bank 100.0% 151, , % 10 CAB Cambodia Asia Bank Ltd % 228, , % 11 CMB Cambodia Mekong Bank Public Ltd % 165, , % 12 POST Cambodia Post Bank Plc. 45.0% 69, % 84, , % 13 CCB Cambodian Commercial Bank Ltd % 232, , % 14 CPB Cambodian Public Bank Plc % 363, , % 15 CNB Canadia Bank Plc % 888, , % 16 CUBC Cathay United Bank (Cambodia) Corporation Limited 100.0% 242, , % 17 CIMB CIMB Bank Plc % 201, , % 18 FCB First Commercial Bank, Phnom Penh Branch* 100.0% 201, , % 19 FTB Foreign Trade Bank of Cambodia % 155, , % 20 HLB Hong Leong Bank (Cambodia) Plc % 151, , % 21 ICBC ICBC Limited Phnom Penh Branch* 100.0% 201, , % 22 KBC Kookmin Bank Cambodia Plc % 185, , % 23 KTB Krung Thai Bank Public Co., Ltd. P.P. Branch* 100.0% 201, , % 24 STP Sathapana Bank Plc % 484, , % 25 MYB May Bank (Cambodia) Plc % 201, , % 26 MB MB Bank Plc. Phnom Penh Branch* 100.0% 157, , % 27 Mega Mega International Commercial Bank Co., Ltd. P.P. Branch* 100.0% 201, , % 28 PLB Phillip Bank Plc % 165, , % 29 PPCB Phnom Penh Commercial Bank 100.0% 238, , % 30 RHB RHB Indochina Bank Ltd 100.0% 270, , % 31 Sacom SACOM Bank (Cambodia) Plc % 153, , % 32 SHB SHB Bank Plc. Phnom Penh Brach* 100.0% 201, , % 33 SKB Shinhan Khmer Bank Plc % 80, , % 34 TCB Taiwan Cooperative Bank P.P Branch* 100.0% 201, , % 35 UCB Union Commercial Bank Plc. 75.0% 113, % 37, , % 36 VB Vattanac Bank % 260, , % Sub Total 68.5% 6,424, % 2,949,284 9,373, % Specialized Banks 37 AEON Aeon Specialized Bank (Cambodia) Plc. 100% 40, % - 40, % 38 ASB Anco Specialized Bank % 56,922 56, % 39 ACB Angkor Capital Specialized Bank 99.95% 40, % 20 40, % 40 APD Asia Pacific Development Specialized Bank 70.0% 42, % 18,167 60, % 41 CAM Cam Capital Specialized Bank 100.0% 80, , % 42 CKSB CAMKO Specialized Bank 100.0% 52, , % 43 CSB Chief (Cambodia) Specialized Bank Plc % 156, , % 44 FISB First Investment Specialized Bank 50% 30, % 30,278 60, % 45 KHSB Khmer Specialized Bank Plc % 84,777 84, % 46 OWSB Oxley Worldbridge Specialized Bank Plc. 87% 35, % 5,248 40, % 47 PHSME PHSME Specialized Bank Ltd. 100% 31, % - 31, % 48 RDB Rural Development Bank % 187, , % 49 SCSB Southern Capital Specialized Bank 100% 40, , % 50 TSB Tomato Specialized Bank 66.5% 21, % 10,964 32, % 51 WING Wing (Cambodia) Limited Specialized Bank % 44,407 44, % Sub Total 56.6% 571, % 438,643 1,010, % Total 67.4% 6,995, % 3,387,927 10,383, % * Foreign Branches Note: As reported by banks (Unaudited) and excluded Kasikorn Bank

37 COMPARATIVE STATEMENT OF CONDITION AS OF DECEMBER 31, 2016 Table 6 1 USD = 4,037 KHR (millions of KHR) Cash, Loans, Deposits with NBC and Banks Loans and Advances to Customers Total Assets Cash Gold Deposits with NBC Due from Banks Deposits with, Loans and advances to, Banks Loans and advances to state enterprises Loans and advances to private sector Accrued interest receivable Securities Claims on goverment Prepaid Expenses Fixed assets Other assets Commercial Banks 1 Acleda Bank Plc. 18,607,978 1,125,667-4,938, ,297 16,682-11,132,460 95, , , ,201 2 Advanced Bank of Asia Ltd. 4,467, , ,644 56, ,888-3,120,638 21, ,332 55, Agri Bank Cambodia Branch* 170,609 1,458-28,344 43, , ANZ Royal Bank (Cambodia) Ltd. 4,211, , ,717 20,538 1,622,956-1,481,404 7, ,665 4,987 5 Bangkok Bank Plc. Cambodia Branch* 391,290 16, ,820 10, ,010-45, ,697 1,317 6 Bank for Investment and Development of Cambodia Plc. 1,883,572 24, ,136 52, ,392,267 38, , ,815 (262,336) 7 Bank of China Limited Phnom Penh Branch* 4,194,817 63,386-1,100, ,273 1,323,971-1,507,229 9, ,513 8,995 1,621 8 Bank of India Phnom Penh Branch* 61, , ,484-22, Booyong Khmer Bank 177,124 1,094-19, ,084-66, , Cambodia Asia Bank Ltd. 596, ,829-68, ,914 19, , ,980 8,781 3, Cambodia Mekong Bank Public Ltd. 162,441 3,086-33,396 8, , ,062 10,784 4, Cambodia Post Bank Plc. 1,695,551 42, ,997 41,397 54, ,489 9, ,251 13,018 2, Cambodian Commercial Bank Ltd. 902,385 18, , ,072 89, ,688 1, ,673 3, Cambodian Public Bank Plc. 6,581, , , ,321 1,165,078-4,010,123 23, , , Canadia Bank Plc. 13,302, ,482 3,326 2,870, , ,377-7,879, , , ,485 18, Cathay United Bank (Cambodia) Corporation Limited 1,200,929 59, ,784 30,009 54, ,488 4, ,854 25, CIMB Bank Plc. 1,901,463 89, ,840 13, ,760-1,224,376 7, ,038 10,375 4, First Commercial Bank, Phnom Penh Branch* 2,300,203 86, , ,656 54,060-1,650,441 6, ,911 5, Foreign Trade Bank of Cambodia 3,508, , , , ,436-1,905,713 16, ,693 90,554 2, Hong Leong Bank (Cambodia) Plc. 970,269 18, ,104 31,363 76, ,111 2, , ICBC Limited Phnom Penh Branch* 3,866,102 14, ,692-2,419, ,222 1, , Kookmin Bank Cambodia Plc. 542,421 11, ,231 16,760 37, ,997 8, ,177 5, Krung Thai Bank Public Co., Ltd. P.P. Branch* 743,236 3, ,395 63,280 78, ,956 1, , Sathapana Bank Plc. 3,772, , , ,134 68,580-2,434,615 28, , ,388 (11,998) 25 May Bank (Cambodia) Plc. 3,645, , ,617 18, ,307-2,210,691 11, ,130 29,600 3, MB Bank Plc. Phnom Penh Branch* 443,861 6,496-80,845 2, , ,612 1,560 17, Mega International Commercial Bank Co., Ltd. P.P. Branch* 1,522,317 59, ,149-78,332-1,109,157 3, ,348 3, Phillip Bank Plc. 598,241 19, ,844 8,962 76, ,485 3,896 4, ,991 1, Phnom Penh Commercial Bank 1,950,887 41, ,159 33, ,261-1,248,826 6, ,622 61,745 1, RHB Indochina Bank Ltd 2,538,599 27, , , ,974-1,413,631 14, ,352 13,222 3, SACOM Bank (Cambodia) Plc. 701,119 50,619 1, ,642 48, ,186 14, ,141 6, SHB Plc. Phnom Penh Brach 978,448 5, ,257 3,517 74, ,026 2, ,710 1, Shinhan Khmer Bank Plc. 546,592 21, ,979 36,580 16, ,825 1, , Taiwan Cooperative Bank P.P Branch* 1,202,436 26, ,455 46,932 98, ,753 2, , Union Commercial Bank Plc. 2,449, , , ,252 70,133-1,589,723 26, ,246 71,150 5, Vattanac Bank 1,649,915 92, , , , ,769 1, ,822 57,727 (7) Sub-Total 94,439,502 3,991,655 4,756 20,136,503 2,985,372 10,251,176-53,631, ,723 6, ,819 2,521,947 (38,304) Specialized Banks 37 AEON Specialized Bank 168, ,109-5, ,801 3, ,040 3, Anco Specialized Bank 71,730 6,787-6,491 2, ,441 2, Angkor Capital Specialized Bank 43, ,073 6, , , Asia Pacific Development Specialized Bank 70, ,407 2,177 8,344-50, ,847 4, Cam Capital Specialized Bank 350, , ,389 2, ,251 3, CAMKO Specialized Bank 55, ,734 30, ,892 13, Chief (Cambodia) Specialized Bank Plc. 163,902 1,910-18,589 13, , , First Investment Specialized Bank 70,020 6,320-18,276 35, ,179 1, , Khmer Specialized Bank 97, , , ,576 4, Oxley Worldbridge Specialized Bank Plc. 38, , , , PHSME Specialized Bank Ltd. 42,477 4,114-1, ,849 3, Rural Development Bank 411,675 5,550-28,542 18,824 86, ,412 3, , Southern Capital Specialized Bank Plc 40, ,050 2,605 11,577-23, Tomato Specialized Bank 39, ,751 2,463 11,759-15, , Wing (Cambodia) Limited Specialized Bank 112,014 5,743-8,352-50, ,353 8,986 31,336 Sub-Total 1,776,764 32, , , ,991-1,158,599 32, ,427 82,628 41,522 Total 96,216,265 4,023,915 4,756 20,264,146 3,099,693 10,425,167-54,789, ,094 6, ,246 2,604,576 3,218 * Foreign Branches Note: As reported by banks (Unaudited) and excluded Kasikorn Bank

38 Table 7 PERCENTAGE DISTRIBUTION OF ASSETS OF INDIVIDUAL BANKS AS OF DECEMBER 31, 2016 Cash, Loans, Deposits with NBC and Banks Loans and Advances to Customers Total Assets Cash Gold Deposits with NBC Due from Banks Deposits with, Loans and advances to, Banks Loans and advances to state enterprises Loans and advances to private sector Accrued interest receivable Securities Claims on goverment Prepaid Expenses Fixed assets Other assets Commercial Banks 1 Acleda Bank Plc Advanced Bank of Asia Ltd Agri Bank Cambodia Branch* ANZ Royal Bank (Cambodia) Ltd Bangkok Bank Plc. Cambodia Branch* Bank for Investment and Development of Cambodia Plc (13.9) 7 Bank of China Limited Phnom Penh Branch* Bank of India Phnom Penh Branch* Booyong Khmer Bank Cambodia Asia Bank Ltd Cambodia Mekong Bank Public Ltd Cambodia Post Bank Plc Cambodian Commercial Bank Ltd Cambodian Public Bank Plc Canadia Bank Plc Cathay United Bank (Cambodia) Corporation Limited CIMB Bank Plc First Commercial Bank, Phnom Penh Branch* Foreign Trade Bank of Cambodia Hong Leong Bank (Cambodia) Plc ICBC Limited Phnom Penh Branch* Kookmin Bank Cambodia Plc Krung Thai Bank Public Co., Ltd. P.P. Branch* Sathapana Bank Plc (0.3) 25 May Bank (Cambodia) Plc MB Bank Plc. Phnom Penh Branch* Mega International Commercial Bank Co., Ltd. P.P. Branch* Phillip Bank Plc Phnom Penh Commercial Bank RHB Indochina Bank Ltd SACOM Bank (Cambodia) Plc SHB Plc. Phnom Penh Brach Shinhan Khmer Bank Plc Taiwan Cooperative Bank P.P Branch* Union Commercial Bank Plc Vattanac Bank (0.0) Sub-Total (0.0) Specialized Banks 37 AEON Specialized Bank Anco Specialized Bank Angkor Capital Specialized Bank Asia Pacific Development Specialized Bank Cam Capital Specialized Bank CAMKO Specialized Bank Chief (Cambodia) Specialized Bank Plc First Investment Specialized Bank Khmer Specialized Bank Oxley Worldbridge Specialized Bank Plc PHSME Specialized Bank Ltd Rural Development Bank Southern Capital Specialized Bank Plc Tomato Specialized Bank Wing (Cambodia) Limited Specialized Bank Sub-Total Total * Foreign Branches Note: As reported by banks (Unaudited) and excluded Kasikorn Bank

39 Table 8 1 USD = 4,037 KHR (millions of KHR) Demand deposits Commercial Banks 1 Acleda Bank Plc. 18,607,978-1,613,090 2,410,988 1,049,899 4,167,680 5,475, ,099 27, ,629 1,242, , , ,622 2 Advanced Bank of Asia Ltd. 4,467, , ,163 1,476,820 1,434,191 33,476 11,572 83, ,520 74, , ,517 3 Agri Bank Cambodia Branch* 170, ,698 2,424 1, , , ,784 4 ANZ Royal Bank (Cambodia) Ltd. 4,211, ,297-1,970, , ,570 2,982-56, , , ,620 5 Bangkok Bank Plc. Cambodia Branch* 391, , ,227 24, , (759) 6 Bank for Investment and Development of Cambodia Plc. 1,883, ,485-91,475 9, ,430 7,474 2,105 33, , ,124 50,191 7 Bank of China Limited Phnom Penh Branch* 4,194, ,177-1,697, , ,986 4,915 4,254 98, ,960-40, ,297 8 Bank of India Phnom Penh Branch* 61, ,169 2,903 3, ,481-4, (3,033) 9 Booyong Khmer Bank 177, , , , Cambodia Asia Bank Ltd. 596,659-40,664-58,569 46, ,328 7,952-44, , , Cambodia Mekong Bank Public Ltd. 162, ,621 24, ,383 1, , (77,609) 12 Cambodia Post Bank Plc. 1,695, ,629 1,581 14,919 27, ,211 21,751-35, ,406-38,352-50, Cambodian Commercial Bank Ltd. 902,385-4, , ,114 65, ,927 12, , , Cambodian Public Bank Plc. 6,581,744-10,891-1,329,432 1,435,354 2,012,738 31,864 6, , , , ,033, Canadia Bank Plc. 13,302,384-1,561, ,762 3,356,225 5,046, ,107 62, , , , , Cathay United Bank (Cambodia) Corporation Limited 1,200, , , , ,962 6,991 6,482 25, , (10,265) 17 CIMB Bank Plc. 1,901, ,220 28, , , ,449 10,193 2,761 60, , , First Commercial Bank, Phnom Penh Branch* 2,300,203-1,296,603-50, ,091 97, ,129 32, ,850-80, , Foreign Trade Bank of Cambodia 3,508, , , ,583 1,593,343 23,486 58,378 45, , , , Hong Leong Bank (Cambodia) Plc. 970, , ,470 12, ,971 6,144 1,142 11, ,388-40,370 - (17,294) 21 ICBC Limited Phnom Penh Branch* 3,866,102-2,803, ,130 49, ,061 1, , , ,925 11, , Kookmin Bank Cambodia Plc. 542, ,405-13,209 48,463 10, , , , Krung Thai Bank Public Co., Ltd. P.P. Branch* 743,236-95, ,942 13, , , , , Sathapana Bank Plc. 3,772, , ,179 12, ,024 1,820,337 24,469 1,890 78, ,440 9,592 65,856-51, May Bank (Cambodia) Plc. 3,645, , , , ,310 1,440,250 21,371 3,986 60, , , , MB Bank Plc. Phnom Penh Branch* 443,861-76,205-88,400-13, , , ,036 3, Mega International Commercial Bank Co., Ltd. P.P. Branch* 1,522, ,709-42, ,820 75, , , ,293 76, Phillip Bank Plc. 598, ,641-73,658 15, ,678 4,044 1,057 7, , (6,577) 29 Phnom Penh Commercial Bank 1,950, , , , ,825 27,381 55,257 21, ,183 20, , RHB Indochina Bank Ltd 2,538, , , , ,946 14, , , , SACOM Bank (Cambodia) Plc. 701, ,424-16,648 65, ,574 4,136-8, , , SHB Plc. Phnom Penh Brach 978, ,003-13,939-51,615 1,312-9, , , Shinhan Khmer Bank Plc. 546, ,025-19,131 59,960 19, ,986 80, , Taiwan Cooperative Bank P.P Branch* 1,202, ,031-2,258 88,533 4, , , , Union Commercial Bank Plc. 2,449, ,992 28, , ,443 1,021,819 27,932 25,960 88, , ,439 88, (62,625) 36 Vattanac Bank 1,649,915-11, , , ,620 7,398 2,363 14, , ,230 Sub-Total 94,439, ,802,154 3,496,239 11,341,432 16,642,702 26,879, , ,209 2,205,334 9,373, , ,126 1,672,104 3,645,262 Specialized Banks 37 AEON Specialized Bank 168, , ,226 40, , Anco Specialized Bank 71, ,306 56, , Angkor Capital Specialized Bank 43, ,429 40, , Asia Pacific Development Specialized Bank 70, , ,131 60, (2,954) 41 Cam Capital Specialized Bank 350, , ,297 80,740 12,111 2,826-22, CAMKO Specialized Bank 55, ,832 52, (10,992) 43 Chief (Cambodia) Specialized Bank Plc. 163, , , , First Investment Specialized Bank 70, ,279 60, , Khmer Specialized Bank 97, , ,021 (11,610) 46 Oxley Worldbridge Specialized Bank Plc. 38, , (2,173) 47 PHSME Specialized Bank Ltd. 42, ,965 31, , Rural Development Bank 411, ,977 2, , , ,107 8,575 4,215-26, Southern Capital Specialized Bank Plc 40, , (165) 50 Tomato Specialized Bank 39, ,245 32, , Wing (Cambodia) Limited Specialized Bank 112,014-15, ,903 44, ,027 Sub-Total 1,776, , ,331 2, , , ,626 20,686 7,041 24, ,635 Total 96,216, ,934,035 3,980,570 11,344,011 16,643,452 26,881, , ,220 2,270,748 10,310, , ,167 1,696,466 3,745,897 * Foreign Branches Note: As reported by banks (Unaudited) and excluded Kasikorn Bank Total Liabilities and Equity Owed to NBC Owed to Banks COMPARATIVE STATEMENT OF CONDITION AS OF DECEMBER 31, 2016 Borrowed Funds Saving deposits Customer's deposit Fixed deposits Accrued interest payable Other deposits Other liabilities Paid up Capital Reserves Shareholder's equity Subordinated loans (after NBC's agreement) General provisions & other Retained and Current Profit/Loss

40 Table 9 Total Liabilities and Equity PERCENTAGE DISTRIBUTION OF LIABILITIES & EQUITY OF INDIVIDUAL BANKS Owed to NBC Owed to Banks Borrowed Funds AS OF DECEMBER 31, 2016 Demand deposits Saving deposits Customer's deposit Commercial Banks 1 Acleda Bank Plc Advanced Bank of Asia Ltd Agri Bank Cambodia Branch* ANZ Royal Bank (Cambodia) Ltd Bangkok Bank Plc. Cambodia Branch* (0.2) 6 Bank for Investment and Development of Cambodia Plc Bank of China Limited Phnom Penh Branch* Bank of India Phnom Penh Branch* (4.9) 9 Booyong Khmer Bank Cambodia Asia Bank Ltd Cambodia Mekong Bank Public Ltd (47.8) 12 Cambodia Post Bank Plc Cambodian Commercial Bank Ltd Cambodian Public Bank Plc Canadia Bank Plc Cathay United Bank (Cambodia) Corporation Limited (0.9) 17 CIMB Bank Plc First Commercial Bank, Phnom Penh Branch* Foreign Trade Bank of Cambodia Hong Leong Bank (Cambodia) Plc (1.8) 21 ICBC Limited Phnom Penh Branch* Kookmin Bank Cambodia Plc Krung Thai Bank Public Co., Ltd. P.P. Branch* Sathapana Bank Plc May Bank (Cambodia) Plc MB Bank Plc. Phnom Penh Branch* Mega International Commercial Bank Co., Ltd. P.P. Branch* Phillip Bank Plc (1.1) 29 Phnom Penh Commercial Bank RHB Indochina Bank Ltd SACOM Bank (Cambodia) Plc SHB Plc. Phnom Penh Brach Shinhan Khmer Bank Plc Taiwan Cooperative Bank P.P Branch* Union Commercial Bank Plc (2.6) 36 Vattanac Bank Sub-Total Specialized Banks 36 AEON Specialized Bank Anco Specialized Bank Angkor Capital Specialized Bank Asia Pacific Development Specialized Bank (4.2) 40 Cam Capital Specialized Bank CAMKO Specialized Bank (19.9) 43 Chief (Cambodia) Specialized Bank Plc First Investment Specialized Bank Khmer Specialized Bank (11.9) 44 Oxley Worldbridge Specialized Bank Plc (5.6) 47 PHSME Specialized Bank Ltd Rural Development Bank Southern Capital Specialized Bank Plc (0.4) 50 Tomato Specialized Bank Wing (Cambodia) Limited Specialized Bank Sub-Total Total Fixed deposits Accrued interest payable Other deposits Other liabilities Paid up Capital Reserves Shareholder's equity Subordinated loans (after NBC's agreement) General provisions & other Retained and Current Profit/Loss * Foreign Branches Note: As reported by banks (Unaudited) and excluded Kasikorn Bank

41 PROFIT AND LOSS STATEMENT AS AT DECEMBER 31, 2016 Table 10 1 USD = 4,037 KHR (millions of KHR) Operating Provision Expenses Gross Interest Net Interest Non Interest Expenses Profit & Loss Extra Gains or Net profit for 12 Interest Income Operating Bad & Doubtful Recoveries Profit Tax Expenses Income Income (Excluded Depreciation Before Tax Losses Months Income Debts Depreciations) 1 2 3= = = =10-11+/-12 Commercial Banks 1 Acleda Bank Plc. 1,585, ,832 1,110, ,987 1,301, ,858 52,967 51,621 5, , ,379 (777) 490,622 2 Advanced Bank of Asia Ltd. 344, , ,135 53, ,851 97,919 9,377 19, ,920 32, ,435 3 Agri Bank Cambodia Branch* 6, , ,236 3, , ,634 4 ANZ Royal Bank (Cambodia) Ltd. 138,526 18, ,187 70, ,870 73,651 8,947 (146) - 108,417 23,089 (1,292) 84,036 5 Bangkok Bank Plc. Cambodia Branch* 4,282 2,420 1,863 2,005 3,868 3, (711) (750) 6 Bank for Investment and Development of Cambodia Plc. 136,302 72,696 63,606 10,024 73,630 48,899 3,134 31,640 7,374 (2,669) 1,135 (267) (4,071) 7 Bank of China Limited Phnom Penh Branch* 91,777 26,669 65,107 31,652 96,759 21,371 1, ,935 17,196 (1) 55,739 8 Bank of India Phnom Penh Branch* 2, , ,501 2,122-3,204 - (2,825) - - (2,825) 9 Booyong Khmer Bank 9, , ,144 2, ,547 - (0) 7, Cambodia Asia Bank Ltd. 17,053 9,186 7,867 21,972 29,839 24,223 1,354 3,332 3,287 4,216 2, , Cambodia Mekong Bank Public Ltd. 6, ,382 (1,173) 4,208 14,246 2,078 2,576 - (14,692) 111 (54) (14,858) 12 Cambodia Post Bank Plc. 142,300 64,948 77,352 6,655 84,007 36,521 2,285 5, ,042 8,009 (8) 32, Cambodian Commercial Bank Ltd. 23,148 1,812 21,336 7,198 28,534 7, ,863 4,388 1,522 16, Cambodian Public Bank Plc. 375, , ,247 66, ,121 77,523 12,405 4,403 8, ,456 50,126 (67) 192, Canadia Bank Plc. 734, , ,903 85, , ,763 22,278 35,727 55, , , Cathay United Bank (Cambodia) Corporation Limited 63,239 15,369 47,870 13,009 60,879 29,002 2,897 19, ,792 4, , CIMB Bank Plc. 91,250 34,340 56,910 15,907 72,816 33,155 4,283 2,215-33,163 6,622 (699) 25, First Commercial Bank, Phnom Penh Branch* 104,979 16,742 88,237 10,141 98,378 33, ,496-58, , Foreign Trade Bank of Cambodia 200,228 82, ,437 35, ,950 34,325 2,116 93,566 9,283 32,226 - (1) 32, Hong Leong Bank (Cambodia) Plc. 43,875 19,989 23,886 4,817 28,703 19,658 4,849 2,868-1, ICBC Limited Phnom Penh Branch* 127,285 40,575 86,711 14, ,098 21, (7,964) - 87,374 17,964-69, Kookmin Bank Cambodia Plc. 17,697 3,162 14,535 4,914 19,449 11,527 2,774 3,039 4,376 6,485 2,387 (2) 4, Krung Thai Bank Public Co., Ltd. P.P. Branch* 15,695 2,510 13,185 6,982 20,167 5, ,317 2, , Sathapana Bank Plc. 412, , ,395 24, , ,071 11,396 27, ,776 13,423 (18,080) 34, May Bank (Cambodia) Plc. 179,031 68, ,554 27, ,641 60,241 10,877 20,883 6,459 52,100 11, , MB Bank Plc. Phnom Penh Branch* 16,643 4,245 12,398 1,762 14,159 6, ,565 11, Mega International Commercial Bank Co., Ltd. P.P. Branch* 73,121 8,041 65,080 9,876 74,955 18,924 1,582 2,139-52,311 12,470-39, Phillip Bank Plc. 31,729 14,564 17,164 2,925 20,090 14,744 1,797 1,616-1, (9) 1, Phnom Penh Commercial Bank 115,354 59,063 56,291 16,350 72,641 48,581 4,883 5,596-13,581 6, , RHB Indochina Bank Ltd 132,172 58,734 73,438 10,765 84,203 26,234 3,482 20,503-33,984 6, , SACOM Bank (Cambodia) Plc. 33,695 12,602 21,092 6,070 27,162 16,444 1,409 1,989-7,320 1, , SHB Plc. Phnom Penh Brach 49,850 22,236 27,614 1,243 28,856 9,408 1,202 7,072-11, (71) 10, Shinhan Khmer Bank Plc. 31,353 5,107 26,246 4,152 30,398 12, (5,305) - 22,691 4,871 (126) 17, Taiwan Cooperative Bank P.P Branch* 47,706 5,820 41,886 2,393 44,279 13,684 1,901 4,710-23,985 1,075-22, Union Commercial Bank Plc. 151,870 80,009 71,860 16,864 88,724 47,856 5, , (83,555) (766) 32 (82,756) 36 Vattanac Bank 62,953 22,982 39,971 13,143 53,114 29,144 4,758 (335) ,445 4,298 1,046 17,192 Sub total 5,620,921 1,991,774 3,629, ,468 4,419,615 1,780, , , ,173 2,064, ,543 (16,808) 1,686,556 Specialized Banks 37 AEON Specialized Bank 34,318 1,840 32,479 2,108 34,587 23,585 5,342 5, (33) Anco Specialized Bank 8, , ,992 4, ,084 - (1,656) 84 - (1,740) 39 Angkor Capital Specialized Bank 4,140-4, ,113 1, , , Asia Pacific Development Spacialized Bank 1, , ,840 3, (2,935) 19 (0) (2,954) 41 Cam Capital Specialized Bank 46,321 14,874 31,446 4,121 35,567 15,773 1, ,630 3, , CAMKO Specialized Bank 2,023-2, ,113 1, (1,564) - 1, (1) 1, Chief (Cambodia) Specialized Bank Plc. 10,347-10, ,257 5, ,155 1,338-3, First Investment Specialized Bank 3,044-3,044 1,162 4,205 1, (272) - 2,287 - (38) 2, Khmer Specialized Bank 3, , ,680 7,290 4, (8,365) 37 - (8,402) 46 Oxley Worldbridge Specialized Bank Plc. 2,373-2, ,393 1, (165) - - (165) 47 PHSME Specialized Bank Ltd. 4, , ,381 1, ,467 2,631 1, (8) 1, Rural Development Bank 16,415 1,964 14,451 1,306 15,758 8, , , (205) 2, Southern Capital Specialized Bank Plc (165) - - (165) 50 Tomato Specialized Bank 3,195-3, ,448 (2,082) 55 2,203-3, , Wing (Cambodia) Limited Specialized Bank ,647 64,647 41,214 2, , ,135 Sub total 139,941 19, ,497 77, , ,215 16,231 20,816 3,046 46,650 8,195 (280) 38,175 Total 5,760,862 2,011,218 3,749, ,837 4,617,482 1,897, , , ,219 2,111, ,738 (17,089) 1,724,731 * Foreign Branches Note: As reported by banks (Unaudited) and excluded Kasikorn Bank

42 NET PROFITS AS AT DECEMBER 31, 2016 Table 11 1 USD = 4,037 KHR (millions of KHR) Net profit Total Assets As Percentage of Assets Loans 1 As Percentage of Loans Commercial Banks 1 Acleda Bank Plc. 490,622 18,607, % 11,269, % 2 Advanced Bank of Asia Ltd. 113,435 4,467, % 3,144, % 3 Agri Bank Cambodia Branch* 2, , % 96, % 4 ANZ Royal Bank (Cambodia) Ltd. 84,036 4,211, % 1,541, % 5 Bangkok Bank Plc. Cambodia Branch* (750) 391, % 45, % 6 Bank for Investment and Development of Cambodia Plc. (4,071) 1,883, % 1,460, % 7 Bank of China Limited Phnom Penh Branch* 55,739 4,194, % 1,517, % 8 Bank of India Phnom Penh Branch* (2,825) 61, % 26, % 9 Booyong Khmer Bank 7, , % 66, % 10 Cambodia Asia Bank Ltd. 2, , % 192, % 11 Cambodia Mekong Bank Public Ltd. (14,858) 162, % 95, % 12 Cambodia Post Bank Plc. 32,025 1,695, % 998, % 13 Cambodian Commercial Bank Ltd. 16, , % 329, % 14 Cambodian Public Bank Plc. 192,263 6,581, % 4,060, % 15 Canadia Bank Plc. 361,273 13,302, % 8,186, % 16 Cathay United Bank (Cambodia) Corporation Limited 5,180 1,200, % 816, % 17 CIMB Bank Plc. 25,842 1,901, % 1,232, % 18 First Commercial Bank, Phnom Penh Branch* 58,624 2,300, % 1,661, % 19 Foreign Trade Bank of Cambodia 32,225 3,508, % 1,939, % 20 Hong Leong Bank (Cambodia) Plc , % 645, % 21 ICBC Limited Phnom Penh Branch* 69,411 3,866, % 602, % 22 Kookmin Bank Cambodia Plc. 4, , % 265, % 23 Krung Thai Bank Public Co., Ltd. P.P. Branch* 11, , % 386, % 24 Sathapana Bank Plc. 34,273 3,772, % 2,482, % 25 May Bank (Cambodia) Plc. 40,369 3,645, % 2,272, % 26 MB Bank Plc. Phnom Penh Branch* , % 337, % 27 Mega International Commercial Bank Co., Ltd. P.P. Branch* 39,840 1,522, % 1,112, % 28 Phillip Bank Plc. 1, , % 363, % 29 Phnom Penh Commercial Bank 7,251 1,950, % 1,256, % 30 RHB Indochina Bank Ltd 27,037 2,538, % 1,456, % 31 SACOM Bank (Cambodia) Plc. 6, , % 480, % 32 SHB Plc. Phnom Penh Brach 10, , % 772, % 33 Shinhan Khmer Bank Plc. 17, , % 344, % 34 Taiwan Cooperative Bank P.P Branch* 22,909 1,202, % 869, % 35 Union Commercial Bank Plc. (82,756) 2,449, % 1,725, % 36 Vattanac Bank 17,192 1,649, % 726, % Sub total 1,686,556 94,439, % 54,780, % Specialized Banks 37 AEON Specialized Bank , % 142, % 38 Anco Specialized Bank (1,740) 71, % 69, % 39 Angkor Capital Specialized Bank 1,942 43, % 21, % 40 Asia Pacific Development Spacialized Bank (2,954) 70, % 50, % 41 Cam Capital Specialized Bank 13, , % 340, % 42 CAMKO Specialized Bank 1,904 55, % 38, % 43 Chief (Cambodia) Specialized Bank Plc. 3, , % 126, % 44 First Investment Specialized Bank 2,249 70, % 8, % 45 Khmer Specialized Bank (8,402) 97, % 53, % 46 Oxley Worldbridge Specialized Bank Plc. (165) 38, % 34, % 47 PHSME Specialized Bank Ltd. 1,233 42, % 39, Rural Development Bank 2, , % 274, % 49 Southern Capital Specialized Bank Plc (165) 40, % 23, % 50 Tomato Specialized Bank 2,595 39, % 15, % 51 Wing (Cambodia) Limited Specialized Bank 21, , % - - Sub total 38,175 1,776, % 1,238, % Total 1,724,731 96,216, % 56,019, % * Foreign Branches 1 Gross Loans (excluding loans to government & banks) Note: As reported by banks (Unaudited) and excluded Kasikorn Bank

43 Table 12 1 USD = 4,037 KHR (millions of KHR) Growth Rate (%) Share Share 2016 over 2015 Commercial Banks 1 Acleda Bank Plc. 10,821, % 9,388, % 15.3% 2 Advanced Bank of Asia Ltd. 3,258, % 2,427, % 34.2% 3 Agri Bank Cambodia Branch* 8, % 13, % -38.5% 4 ANZ Royal Bank (Cambodia) Ltd. 3,273, % 3,421, % -4.3% 5 Bangkok Bank Plc. Cambodia Branch* 189, % 177, % 6.8% 6 Bank for Investment and Development of Cambodia Plc. 426, % 457, % -6.7% 7 Bank of China Limited Phnom Penh Branch* 2,694, % 2,214, % 21.7% 8 Bank of India Phnom Penh Branch* 7, % 11, % -32.1% 9 Booyong Khmer Bank 2, % 2, % 1.6% 10 Cambodia Asia Bank Ltd. 255, % 285, % -10.5% 11 Cambodia Mekong Bank Public Ltd. 72, % 79, % -8.8% 12 Cambodia Post Bank Plc. 1,002, % 448, % 123.7% 13 Cambodian Commercial Bank Ltd. 635, % 674, % -5.7% 14 Cambodian Public Bank Plc. 4,815, % 4,141, % 16.3% 15 Canadia Bank Plc. 9,573, % 8,147, % 17.5% 16 Cathay United Bank (Cambodia) Corporation Limited 807, % 642, % 25.6% 17 CIMB Bank Plc. 1,435, % 1,164, % 23.3% 18 First Commercial Bank, Phnom Penh Branch* 583, % 512, % 13.9% 19 Foreign Trade Bank of Cambodia 2,843, % 2,432, % 16.9% 20 Hong Leong Bank (Cambodia) Plc. 523, % 255, % 104.8% 21 ICBC Limited Phnom Penh Branch* 472, % 303, % 55.3% 22 Kookmin Bank Cambodia Plc. 72, % 74, % -2.0% 23 Krung Thai Bank Public Co., Ltd. P.P. Branch* 222, % 138, % 60.7% 24 Sathapana Bank Plc. 2,237, % 336, % 564.3% 25 May Bank (Cambodia) Plc. 2,675, % 2,059, % 29.9% 26 MB Bank Plc. Phnom Penh Branch* 101, % 77, % 31.3% 27 Mega International Commercial Bank Co., Ltd. P.P. Branch* 414, % 433, % -4.3% 28 Phillip Bank Plc. 297, % 174, % 70.3% 29 Phnom Penh Commercial Bank 1,310, % 1,137, % 15.3% 30 RHB Indochina Bank Ltd 1,214, % 887, % 36.8% 31 SACOM Bank (Cambodia) Plc. 277, % 218, % 27.3% 32 SHB Plc. Phnom Penh Brach 66, % 85, % -21.9% 33 Shinhan Khmer Bank Plc. 99, % 113, % -12.3% 34 Taiwan Cooperative Bank P.P Branch* 94, % 83, % 14.3% 35 Union Commercial Bank Plc. 1,587, % 1,774, % -10.5% 36 Vattanac Bank 1,315, % 1,067, % 23.2% Sub-total 55,693, % 45,863, % 21.4% Specialized Banks 37 AEON Specialized Bank % % 0.0% 38 Anco Specialized Bank % % - 39 Angkor Capital Specialized Bank % % -61.7% 40 Asia Pacific Development Spacialized Bank % % 0.0% 41 Cam Capital Specialized Bank % % - 42 CAMKO Specialized Bank % % -89.6% 43 Chief (Cambodia) Specialized Bank Plc % % - 44 First Investment Specialized Bank % % - 45 Khmer Specialized Bank % % 0.0% 46 Oxley Worldbridge Specialized Bank Plc % % - 47 PHSME Specialized Bank Ltd % % 1.9% 48 Rural Development Bank 5, % 4, % 16.3% 49 Southern Capital Specialized Bank Plc % % - 50 Tomato Specialized Bank % % 378.4% 51 Wing (Cambodia) Limited Specialized Bank % % - Sub-total 5, % 5, % 9.2% Total 55,699, % 45,868, % 21.4% * Foreign Branches 1 Excluded deposits from Banks and Other Financial Institutions (OFIs), both local and abroad. Note: As reported by banks (Unaudited) and excluded Kasikorn Bank COMPARISON OF TOTAL DEPOSITS 1 AS OF DECEMBER 31, 2016

44 TOTAL DEPOSITS CLASSIFIED BY CUSTOMER TYPE AS OF DECEMBER 31, 2016 Table 13 1 USD = 4,037 KHR (millions of KHR) Total Deposits Government State Enterprise Bank Incorporated in Camobodia Other Local Financial Institutions Business Enterprises Individuals Non-profit Organizations Bank Incorporated Abroad Other Financial Institutions Abroad Commercial Banks 1 Acleda Bank Plc. 12,431, , , , ,858 2,029,477 7,754,974 39,688 43,834 29, ,002-2 Advanced Bank of Asia Ltd. 3,490, ,480 60, ,283 2,408, ,872 11,572 3 Agri Bank Cambodia Branch* 8, ,101 2, ,480-4 ANZ Royal Bank (Cambodia) Ltd. 3,488,317-4, , ,467 1,367,464 1,635,092 70, , ,080 5 Bangkok Bank Plc. Cambodia Branch* 189, ,220 65, ,674-6 Bank for Investment and Development of Cambodia Plc. 1,388, ,034 41, , , ,746-15,799-7 Bank of China Limited Phnom Penh Branch* 2,764, ,755-1,834, , ,262-8 Bank of India Phnom Penh Branch* 7, , Booyong Khmer Bank 2, ,507 1, Cambodia Asia Bank Ltd. 296, ,614 5,050 33, , , Cambodia Mekong Bank Public Ltd. 72, ,753 37, , Cambodia Post Bank Plc. 1,350, ,926 15,221 32, , , Cambodian Commercial Bank Ltd. 639, , ,366 72,189 9, , Cambodian Public Bank Plc. 4,826,726-1,641 10,891-1,603,777 2,932,268 81, , Canadia Bank Plc. 10,557, , ,506 2,814 3,384,301 5,448,269-1,964 66, , , Cathay United Bank (Cambodia) Corporation Limited 810, , , , , CIMB Bank Plc. 1,585, ,778 18, , ,173 5, , , First Commercial Bank, Phnom Penh Branch* 1,047, , , , Foreign Trade Bank of Cambodia 2,951,765 92, ,303 90,446 17, ,454, , ,195 58, Hong Leong Bank (Cambodia) Plc. 672,374 2, ,759 2, , , ,292 1, ICBC Limited Phnom Penh Branch* 1,155, ,736 9, , , Kookmin Bank Cambodia Plc. 204, ,337 21,725 24,027 44, , Krung Thai Bank Public Co., Ltd. P.P. Branch* 318, ,690 47,667 4,955 95,308-23, Sathapana Bank Plc. 2,381, ,536 44, ,828 1,772, , May Bank (Cambodia) Plc. 2,880, ,576-1,088,022 1,404, , MB Bank Plc. Phnom Penh Branch* 177, , ,185 77, Mega International Commercial Bank Co., Ltd. P.P. Branch* 524, , ,908 71, , Phillip Bank Plc. 432, ,617 7,830 34, ,994 46, ,445 13,711 1, Phnom Penh Commercial Bank 1,617, ,049 30, , , , RHB Indochina Bank Ltd 2,151, ,139 2, , , , , SACOM Bank (Cambodia) Plc. 522, ,596-29, , ,828-10, SHB Plc. Phnom Penh Brach 150,808-1,373 83,942-7,035 58, Shinhan Khmer Bank Plc. 388, ,870 4,483 54,472 17,952 1, ,663-25, Taiwan Cooperative Bank P.P Branch* 950, ,898-21,188 51, ,133-21, Union Commercial Bank Plc. 1,600, ,705 2, , , , Vattanac Bank 1,327,074 37,955 59,101 8,200 3, , ,978 5, Sub total 65,367, , ,685 5,991,974 1,042,921 15,935,456 33,395, ,500 2,482, ,240 3,313, ,902 Specialized Banks 37 AEON Specialized Bank Anco Specialized Bank Angkor Capital Specialized Bank Asia Pacific Development Specialized Bank Cam Capital Specialized Bank CAMKO Specialized Bank Chief (Cambodia) Specialized Bank Plc First Investment Specialized Bank Khmer Specialized Bank Oxley Worldbridge Specialized Bank Plc PHSME Specialized Bank Ltd Rural Development Bank 5, ,802 3, Southern Capital Specialized Bank Plc Tomato Specialized Bank Wing (Cambodia) Limited Specialized Bank Sub total 5, ,058 3, Total 65,373, , ,685 5,992,163 1,042,933 15,937,514 33,399, ,500 2,482, ,240 3,313, ,929 As Percentage of Total deposits 100.0% 1.5% 1.0% 9.2% 1.6% 24.4% 51.1% 1.5% 3.8% 0.2% 5.1% 0.7% * Foreign Branches Note: As reported by banks (Unaudited) and excluded Kasikorn Bank Non- Resident Others

45 LOANS AND NON-PERFORMING LOANS (NPLs) AS OF DECEMBER 31, 2016 Table 14 1 USD = 4,037 KHR (millions of KHR) Dec-16 Dec-15 Loans 1 NPLs NPL/Loans Loans 1 NPLs NPL/Loans Commercial Banks 1 Acleda Bank Plc. 11,269,698 78, % 10,004,111 36, % 2 Advanced Bank of Asia Ltd. 3,144,672 7, % 1,902,287 2, % 3 Agri Bank Cambodia Branch* 96, % 86,355 3, % 4 ANZ Royal Bank (Cambodia) Ltd. 1,541,408 65, % 1,871, , % 5 Bangkok Bank Plc. Cambodia Branch* 45, % 4, % 6 Bank for Investment and Development of Cambodia Plc. 1,460, , % 1,318,371 94, % 7 Bank of China Limited Phnom Penh Branch* 1,517, % 1,161,844 3, % 8 Bank of India Phnom Penh Branch* 26,437 7, % 29, % 9 Booyong Khmer Bank 66,619 4, % 41, % 10 Cambodia Asia Bank Ltd. 192,443 6, % 187,559 7, % 11 Cambodia Mekong Bank Public Ltd. 95, % 119,762 5, % 12 Cambodia Post Bank Plc. 998,873 4, % 718,422 1, % 13 Cambodian Commercial Bank Ltd. 329, % 288, % 14 Cambodian Public Bank Plc. 4,060,035 47, % 3,888,532 41, % 15 Canadia Bank Plc. 8,186, , % 6,949, , % 16 Cathay United Bank (Cambodia) Corporation Limited 816,672 25, % 590,087 15, % 17 CIMB Bank Plc. 1,232,459 2, % 1,078, % 18 First Commercial Bank, Phnom Penh Branch* 1,661,599 11, % 1,250,977 9, % 19 Foreign Trade Bank of Cambodia 1,939,331 20, % 1,586,879 25, % 20 Hong Leong Bank (Cambodia) Plc. 645, % 381, % 21 ICBC Limited Phnom Penh Branch* 602, % 1,333, % 22 Kookmin Bank Cambodia Plc. 265,402 18, % 190,156 14, % 23 Krung Thai Bank Public Co., Ltd. P.P. Branch* 386,082 6, % 335,289 6, % 24 Sathapana Bank Plc. 2,482,006 41, % 289,937 2, % 25 May Bank (Cambodia) Plc. 2,272,193 85, % 1,977,773 75, % 26 MB Bank Plc. Phnom Penh Branch* 337,813 19, % 411,082 28, % 27 Mega International Commercial Bank Co., Ltd. P.P. Branch 1,112, % 900, % 28 Phillip Bank Plc. 363,118 7, % 273,050 6, % 29 Phnom Penh Commercial Bank 1,256,891 3, % 914, % 30 RHB Indochina Bank Ltd 1,456,746 45, % 1,380,125 14, % 31 SACOM Bank (Cambodia) Plc. 480,126 10, % 460,373 8, % 32 SHB Plc. Phnom Penh Brach 772,698 14, % 840, % 33 Shinhan Khmer Bank Plc. 344,158 8, % 307,082 15, % 34 Taiwan Cooperative Bank P.P Branch* 869, % 420, % 35 Union Commercial Bank Plc. 1,725, , % 1,732,236 12, % 36 Vattanac Bank 726, % 761, % Sub total 54,780,333 1,276, % 45,987, , % Specialized Banks 37 AEON Specialized Bank 142,562 6, % % 38 Anco Specialized Bank 69,010 19, % 55,619 11, % 39 Angkor Capital Specialized Bank 21, % 19, % 40 Asia Pacific Development Spacialized Bank 50, % % 41 Cam Capital Specialized Bank 340, % 252, % 42 CAMKO Specialized Bank 38,826 18, % 36,336 19, % 43 Chief (Cambodia) Specialized Bank Plc. 126, % 101, % 44 First Investment Specialized Bank 8,655 1, % 22,157 1, % 45 Khmer Specialized Bank 53, % % 46 Oxley Worldbridge Specialized Bank Plc. 34, % 16, % 47 PHSME Specialized Bank Ltd. 39,212 5, % 33,057 3, % 48 Rural Development Bank 274,228 13, % 227,591 12, % 49 Southern Capital Specialized Bank Plc 23, % % 50 Tomato Specialized Bank 15,973 1, % 25,172 6, % 51 Wing (Cambodia) Limited Specialized Bank % % Sub total 1,238,721 68, % 789,271 55, % 56,019,054 1,345, % 46,777, , % * Foreign Branches 1 Gross Loans (excluding loans to government and financial institutions) Note: As reported by banks (Unaudited) and excluded Kasikorn Bank

46 Table 15 1 USD = 4,037 KHR (millions of KHR) Growth Rate (%) Share Share 2015 over 2014 Type of Industries 1 Wholesale Trade 8,078, % 8,312, % -2.8% 2 Retail Trade 9,949, % 7,688, % 29.4% 3 Other Non-Financial Services 4,549, % 4,088, % 11.3% 4 Agriculture, Forestry and Fishing 6,134, % 4,977, % 23.2% 5 Manufacturing 3,937, % 3,716, % 6.0% 6 Construction 4,962, % 3,740, % 32.7% 7 Hotels and Restaurants 2,904, % 2,828, % 2.7% 8 Mortgages, Owner-Occupied Housing only 4,437, % 3,469, % 27.9% 9 Personal Consumption 3,791, % 2,656, % 42.7% 10 Information Media and Telecommunocations 615, % 469, % 31.1% 11 Real Estate Activities 2,838, % 2,348, % 20.9% 12 Financial Institutions 1,008, % 1,313, % -23.3% 13 Other Lending 880, % 1,015, % -13.3% 14 Transport and Storage 1,051, % 642, % 63.5% 15 Rental and Operational Leasing Activities 1,095, % 848, % 29.0% 16 Utilities 368, % 413, % -11.0% 17 Mining and Quarrying 294, % 255, % 15.3% 18 Credit Cards 130, % 82, % 58.7% Total 57,027, % 48,868, % 16.7% Note: As reported by banks (Unaudited) and excluded Kasikorn Bank including loan to government and financial institutions TOTAL CREDITS CLASSIFIED BY SECTOR AS OF DECEMBER 31, 2016

47 TOTAL CREDITS CLASSIFIED BY SECTOR AS OF DECEMBER 31, 2016 Table 16 1 USD = 4,037 KHR (millions of KHR) Total Financial Institutions Agriculture, Forestry and Fishing Mining and Quarrying Utilities Manufacturing Construction Wholesale Trade Retail Trade Hotels and Restaurants Transport and Storage Information media & Telecom. Rental and Operational Leasing Activities Real Estate Activities Other Non- Financial Services Personal Essentials Other Lending Commercial banks 1 Acleda Bank Plc. 11,282,341 12,643 2,243, ,136 35, ,936 1,631,632 2,785, , , ,989 59,727 1,708,741 1,685,624 26,032 2 Advanced Bank of Asia Ltd. 3,207,930 63, , ,544 36,714 97, , , , ,688 3,466 71, , , ,262-3 Agri Bank Cambodia Branch* 96, ,102-2,405 14,900-5, ,729-4 ANZ Royal Bank (Cambodia) Ltd. 1,541,408-39, ,794 8,579 4, ,601 57,135-43,916 1, , ,522-5 Bangkok Bank Plc. Cambodia Branch* 45, ,030-3,577 5,604-8, Bank for Investment and Development of Cambodia Plc. 1,460, , ,411 7,610 28, , ,811 94, , ,157 57,715 7 Bank of China Limited Phnom Penh Branch* 1,551,809 34,026 11, , , ,395 3,872 49,688 15,303 12, ,050 82,459 49,204 6, ,862 8 Bank of India Phnom Penh Branch* 26, , , ,118-9 Booyong Khmer Bank 66, , , Cambodia Asia Bank Ltd. 192, , , ,489 38, Cambodia Mekong Bank Public Ltd. 95,142-11, ,463 8, ,300 29, , Cambodia Post Bank Plc. 998, , ,458 2, ,897 45, ,797 9, , , ,632 46,887 76,579 6, Cambodian Commercial Bank Ltd. 329,623-6, ,894 61, , Cambodian Public Bank Plc. 4,064,070 4,035 95, ,961 47, , ,656 1,101, , ,622 10, , , , , , Canadia Bank Plc. 8,231,598 44, ,438 19, ,336 19,215 1,346,151 1,360,943 1,519, , , , , , , ,301 3, Cathay United Bank (Cambodia) Corporation Limited 839,455 22,783 1,852-12,598-83, , , ,501 4, CIMB Bank Plc. 1,237,164 4,706 7, ,043 3,370 71, , ,599 46,241 12,856 10,623 12,139 66,169 55, , First Commercial Bank, Phnom Penh Branch* 1,715,517 53,918 21, ,627-88, , , ,394 7,549 5, , ,722 6,988 77, Foreign Trade Bank of Cambodia 1,960,798 21, ,396 24,248 52,316 56, , ,939 4,444 37, ,752 23, ,651 91, ,341 17, Hong Leong Bank (Cambodia) Plc. 645, ,924-7, , ,600 6,016 14,762 7,061 3,918-52, , ICBC Limited Phnom Penh Branch* 1,144, , ,175-60,588 91,657 12, ,900-86,153-31, Kookmin Bank Cambodia Plc. 269,459 4,057 1,322-2,848-28,023 95,023 1,703 14, ,263 58, Krung Thai Bank Public Co., Ltd. P.P. Branch* 391,472 5, , , Sathapana Bank Plc. 2,493,780 11, ,712 21, ,559 8,177 46, , ,047 63,829 94, ,988 25, , ,063 1, May Bank (Cambodia) Plc. 2,272,193-20, ,664 23, , , , ,094 38,200 2,167 29,928 39, , , MB Bank Plc. Phnom Penh Branch* 337, ,328 1,889 7,256 9,049 29,121 1,155 5, , ,799 11, Mega International Commercial Bank Co., Ltd. P.P. Branch* 1,132,607 20,185 3,988-70,164 17,181 99,309 26,557 28,397 33,722 34, ,817 2, , Phillip Bank Plc. 383,099 19,981 3, ,324 3,453 35,569 57,766 47,460 5,723 4,425-38,813 18,588 7,775 63,294 57, Phnom Penh Commercial Bank 1,268,050 11,159 5,514 32,781 88,293 13, , , , ,349 11, ,772 81,416 28,074 39, RHB Indochina Bank Ltd 1,460,293 3, , ,913 13,786 86, , , ,637 22,569 5, ,037 77,298 95, ,078 9, SACOM Bank (Cambodia) Plc. 480,126-24, ,373 6,144 1,427 58,052 36,368 46,330 6,647 1, ,741 2,021 49,764 44, SHB Plc. Phnom Penh Brach 772, ,924-8,159 3,186 53,191 24,959 3,248 4,743 1,567 80,794 2, ,769-41,438 15, Shinhan Khmer Bank Plc. 360,342 16,184 9,880-48,916 1,614 65,347 36,172 50,549 49,412 8, ,284 29,299 42, Taiwan Cooperative Bank P.P Branch* 904,642 34,986 44,828-45,785 8, , ,852 53,283 63,681 9, ,602 11,413 2,309 13,338 1, Union Commercial Bank Plc. 1,754,015 28, ,582 3, ,055 54, , , ,579 85,465 11,621 2,557 6,123 91, , ,995 1, Vattanac Bank 750,447 24,346 8,935-60,249-73,424 91,640 99, ,193 9,632 1, ,356 92,644 25, Sub total 55,764, ,405 5,775, ,395 3,933, ,744 4,814,368 8,069,686 9,736,788 2,893,113 1,050, ,750 1,089,277 2,753,287 4,542,696 8,025, ,678 Specialized banks 37 AEON Specialized Bank 142,562-18, , Anco Specialized Bank 69,010-2,762-1, ,476-25, ,276-28, Angkor Capital Specialized Bank 21,498-7, ,309 7, ,326 1,236 1, Asia Pacific Development Spacialized Bank 50, ,083-18, Cam Capital Specialized Bank 340,879-1, , , ,943-93,198 3, CAMKO Specialized Bank 38, , ,468-26, Chief (Cambodia) Specialized Bank Plc. 126,116-2, , , , ,650 46, First Investment Specialized Bank 8, , , Khmer Specialized Bank 53,390-41, , , Oxley Worldbridge Specialized Bank Plc. 34, , ,919-12,493 3, PHSME Specialized Bank Ltd. 39,212-9,797-1, , , ,526 3, Rural Development Bank 293,946 19, , Southern Capital Specialized Bank Plc 23, ,010-5,542 4,135 9, , Tomato Specialized Bank 20,019 4, ,476 4,251 4, , Wing (Cambodia) Limited Specialized Bank Sub total 1,262,486 23, ,938-4,676 1, ,219 8, ,160 10, ,351 5,899 84,912 6, ,406 53,680 Total 57,027,223 1,008,170 6,134, ,395 3,937, ,187 4,962,587 8,078,570 9,949,948 2,904,066 1,051, ,101 1,095,176 2,838,198 4,549,513 8,359, , % 1.8% 10.8% 0.5% 6.9% 0.6% 8.7% 14.2% 17.4% 5.1% 1.8% 1.1% 1.9% 5.0% 8.0% 14.7% 1.5% * Foreign Branches Note: As reported by banks (Unaudited) and excluded Kasikorn Bank excluding loan to governement and financial institutions

48 LOANS AS PERCENTAGE OF DEPOSITS AS OF DECEMBER 31, 2016 Table 17 1 USD = 4,037 KHR (millions of KHR) Deposits 1 Loans 2 Loans to deposits ratio Deposits 1 Loans 2 Loans to deposits ratio Commercial Banks 1 Acleda Bank Plc. 10,821,360 11,269, % 9,388,259 10,004, % 2 Advanced Bank of Asia Ltd. 3,258,222 3,144,672 97% 2,427,122 1,902,287 78% 3 Agri Bank Cambodia Branch* 8,510 96, % 13,841 86, % 4 ANZ Royal Bank (Cambodia) Ltd. 3,273,020 1,541,408 47% 3,421,267 1,871,215 55% 5 Bangkok Bank Plc. Cambodia Branch* 189,405 45,419 24% 177,414 4,012 2% 6 Bank for Investment and Development of Cambodia Plc. 426,497 1,460, % 457,078 1,318, % 7 Bank of China Limited Phnom Penh Branch* 2,694,980 1,517,784 56% 2,214,289 1,161,844 52% 8 Bank of India Phnom Penh Branch* 7,690 26, % 11,318 29, % 9 Booyong Khmer Bank 2,604 66, % 2,563 41, % 10 Cambodia Asia Bank Ltd. 255, ,443 75% 285, ,559 66% 11 Cambodia Mekong Bank Public Ltd. 72,650 95, % 79, , % 12 Cambodia Post Bank Plc. 1,002, , % 448, , % 13 Cambodian Commercial Bank Ltd. 635, ,623 52% 674, ,067 43% 14 Cambodian Public Bank Plc. 4,815,835 4,060,035 84% 4,141,130 3,888,532 94% 15 Canadia Bank Plc. 9,573,602 8,186,694 86% 8,147,789 6,949,828 85% 16 Cathay United Bank (Cambodia) Corporation Limited 807, , % 642, ,087 92% 17 CIMB Bank Plc. 1,435,848 1,232,459 86% 1,164,620 1,078,628 93% 18 First Commercial Bank, Phnom Penh Branch* 583,775 1,661, % 512,453 1,250, % 19 Foreign Trade Bank of Cambodia 2,843,565 1,939,331 68% 2,432,578 1,586,879 65% 20 Hong Leong Bank (Cambodia) Plc. 523, , % 255, , % 21 ICBC Limited Phnom Penh Branch* 472, , % 303,899 1,333, % 22 Kookmin Bank Cambodia Plc. 72, , % 74, , % 23 Krung Thai Bank Public Co., Ltd. P.P. Branch* 222, , % 138, , % 24 Sathapana Bank Plc. 2,237,706 2,482, % 336, ,937 86% 25 May Bank (Cambodia) Plc. 2,675,597 2,272,193 85% 2,059,414 1,977,773 96% 26 MB Bank Plc. Phnom Penh Branch* 101, , % 77, , % 27 Mega International Commercial Bank Co., Ltd. P.P. Branch 414,213 1,112, % 433, , % 28 Phillip Bank Plc. 297, , % 174, , % 29 Phnom Penh Commercial Bank 1,310,953 1,256,891 96% 1,137, ,301 80% 30 RHB Indochina Bank Ltd 1,214,460 1,456, % 887,752 1,380, % 31 SACOM Bank (Cambodia) Plc. 277, , % 218, , % 32 SHB Plc. Phnom Penh Brach 66, , % 85, , % 33 Shinhan Khmer Bank Plc. 99, , % 113, , % 34 Taiwan Cooperative Bank P.P Branch* 94, , % 83, , % 35 Union Commercial Bank Plc. 1,587,407 1,725, % 1,774,251 1,732,236 98% 36 Vattanac Bank 1,315, ,101 55% 1,067, ,997 71% Sub-total 55,693,992 54,780, % 45,863,078 45,987, % Specialized Banks 37 AEON Specialized Bank - 142,562 0% - - 0% 38 Anco Specialized Bank - 69, , Angkor Capital Specialized Bank , % , % 40 Asia Pacific Development Spacialized Bank - 50,249 0% - - 0% 41 Cam Capital Specialized Bank - 340, , CAMKO Specialized Bank 6 38, % 56 36, % 43 Chief (Cambodia) Specialized Bank Plc , , First Investment Specialized Bank - 8, , Khmer Specialized Bank - 53,390 0% - - 0% 46 Oxley Worldbridge Specialized Bank Plc. - 34,508-16, PHSME Specialized Bank Ltd , % , % 48 Rural Development Bank 5, , % 4, , % 49 Southern Capital Specialized Bank Plc - 23, % 50 Tomato Specialized Bank 27 15, % 6 25, % 51 Wing (Cambodia) Limited Specialized Bank Sub-total 5,788 1,238, % 5, , % Total 55,699,779 56,019, % 45,868,379 46,777, % * Foreign Branches 1 Excluding deposits from Banks and Other Financial Institutions (OFIs), both local and abroad. 2 Gross Loans (excluding loans to government & banks) Note: As reported by banks (Unaudited) and excluded Kasikorn Bank

49 Billions of KHR 120, ,000 80,000 60,000 40,000 20, % 0% 23% 20,830 24% 24% 25,888 Growth of Total Assets 32,091 37% 43,566 17% 50,929 27% 66,025 21% 21% 79,557 96, Total Assets Growth of Total Assets FOREIGN AND CAMBODIAN SHARE OF PAID-UP CAPITAL 71% 73% 70% 73% 69% 70% 70% 69% 29% 27% 30% 27% 31% 30% 30% 31% Foreign Share (%) Cambodian Share (%) 40% 30% 20% 10% 0% Billions of KHR Billions of KHR Total Deposits 1 and Deposits Growth 60,000 35% 32% 50,000 26% 40,000 20% 28% 21% 15% 30,000 12% 20,000 10, Deposits Growth rate 60, % 13,842 17,479 20,974 26,911 30,204 39,727 45,868 55, % 40, % 2.4% 2.7% 2.2% 2.4% 2.0% 20,000-10,467 13,135 17,474 23,354 29,370 38,081 46,777 56, , % 30% 20% 10% 0% Loans and Non-Performing Loans (NPLs) Loans NPLs NPLs/Loans 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Millions of KHR 2,000,000 1,800,000 1,600,000 1,400,000 1,200,000 1,000, , , , , % 263,108 Net Profits 62% 42% 38% 30% 25% 17% 9% 374, , , ,422 1,269,839 1,588,487 1,724, % 60% 40% 20% 0% -20% -40% -60% Billions of KHR 60,000 50,000 40,000 30,000 20,000 10,000 - Total Credits and Credits Growth 57,027 34% 48,868 30% 34% 26% 38,839 25% 29,840 23,762 26% 17,680 10,540 13,221 17% 7% % 30% 20% 10% 0% Net profits Percentage changes Total credits Growth rate

50 Number of Offices and Operation Areas of Microfinance Institutions AS OF DECEMBER 31, 2016 Table 18 Province District Commune Village Microfinance Deposit Taking Institutions (MDIs) 1 AMK Co., Ltd ,605 12,513 2 Amret Co., Ltd ,569 12,396 3 Hattha Kaksekar Limited ,674 10,991 4 Kredit Microfinance Institution Plc ,163 6,996 5 LOLC (Cambodia) PLc ,671 10,784 6 Prasac Microfinance Institution Limited ,611 13,640 7 Visionfund (Cambodia) Ltd ,579 8,783 Total MDIs 173 1,283 10,872 76,103 Microfinance Institutions (MFIs) 8 Active People's Microfinance Institution Plc Apple Finance Plc Bamboo Finance Plc BAYON Credit Limited BORIBO Microfinance Institution Plc Camma Microfinance Limited Cellcard Finance Plc Century Cambo Development Plc Chamroeun Microfinance Limited , City Microfinance Plc Delta Microfinance Plc , Entean Akpevath Pracheachun Limited Farmer Finance Ltd Atom Capital Microfinance Institution First Finance Plc Green Central Microfinance Ltd Intean Poalroath Rongroeurng Ltd BNKC (Cambodia) Microfinance Institution Plc KEY Microfinance Institution Plc Khemarak Microfinance Institution Limited LY HOUR Microfinance Institution Plc , Maxima Mikroheranhvatho Plc Microfinance Amatak Capital Plc Mohanokor Microfinance Plc ,032 4, Nirorn Microfinance Plc ,315 6, Oro Microfinance Plc Piphup Thmey Microfinance Plc Prime MF Microfinance Institution Ltd Prince Finance Plc Royal Microfinance Plc Sachak Microfinance Plc Sahakrunpheap S.T Microfinance Plc Sambat Finance Plc SAMIC Microfinance Institution Plc , Samporn Samakum Sahakreas Thuntoch Neung Matjum Kampuchea Plc Samrithisak Microfinance Limited Seilanithih Limited Sonatra Microfinance Institution Plc Srey Oudom Microfinance Plc Taca Microfinance Plc TBB (Cambodia) Microfinance Institution Plc Woori Finance Cambodia Plc YCP Microfinance Limited Samaky Micrifinance Plc Collective Win Cambodia Plc Funan Microfinance Plc ,152 4, Futaba Microfinace Plc Mothers Financial Japan Plc Chokchey Plc Sabay Credit Commercial PLC Sahaka Plc Cambodia Labor Care Plc Idemitsu Saison Microfinance (Cambodia) Plc Golden Cash Plc LED Plc JET's Cash Box Finance Plc Asia Pacific Finance Plc PRASETHPHEAP Finance Plc T&GO Finance Plc GROW Plc LBP Microfinance Plc ANAKUT Microfinance Institute Plc Total MFIs 382 2,316 10,651 38,896 Total MDIs and MFIs 555 3,599 21, ,999 Note: AEON, ANGKOR ACE and SATHAPANA transformed into banks in 2016

51 Number of staff AS OF DECEMBER 31, 2016 Table Change%16-15 Microfinance Deposit Taking Institutions (MDIs) 1 AMK AMK Co., Ltd. 2,349 2, % 2 AMRET Amret Co., Ltd 4,109 3, % 3 HATHA KAKSEKAR Hattha Kaksekar Limited 2,325 2, % 4 KREDIT Kredit Microfinance Institution Plc 1,680 1, % 5 LOLC LOLC (Cambodia) PLc 1,873 1, % 6 PRASAC Prasac Microfinance Institution Limited 6,162 5, % 7 VISION FUND Visionfund (Cambodia) Ltd 1,489 1, % Total Staff of MDIs 19,987 17, % Microfinance Institutions (MFIs) 8 ACTIVE PEOPLE Active People's Microfinance Institution Plc % 9 APPLE Apple Finance Plc BAMBOO Bamboo Finance Plc BAYON BAYON Credit Limited % 12 BORRIBO BORIBO Microfinance Institution Plc % 13 CAMMA Camma Microfinance Limited % 14 CELLCARD Cellcard Finance Plc CENTURY Century Cambo Development Plc 4 5 (0.20) 16 CHAMROEUN Chamroeun Microfinance Limited % 17 CITY City Microfinance Plc % 18 DELTA Delta Microfinance Plc % 19 EAP Entean Akpevath Pracheachun Limited % 20 FARMER FINANCE Farmer Finance Ltd % 21 FUDF Atom Capital Microfinance Institution 6 8 (0.25) 22 FIRST FINANCE First Finance Plc % 23 GREEN Green Central Microfinance Ltd % 24 IPR Intean Poalroath Rongroeurng Ltd % 25 KBSC BNKC (Cambodia) Microfinance Institution Plc KEY KEY Microfinance Institution Plc % 27 KHEMARAK Khemarak Microfinance Institution Limited % 28 LY HOUR LY HOUR Microfinance Institution Plc % 29 MAXIMA Maxima Mikroheranhvatho Plc % 30 AMATAK Microfinance Amatak Capital Plc % 31 MOHANOKOR Mohanokor Microfinance Plc NIRON Nirorn Microfinance Plc 1,018 1, % 33 ORO Oro Microfinance Plc % 34 PIPHUP THMEY Piphup Thmey Microfinance Plc (0.29) 35 PRIME Prime MF Microfinance Institution Ltd % 36 PRINCE Prince Finance Plc ROYAL Royal Microfinance Plc SACHAK Sachak Microfinance Plc SAHAKRINPHEAP Sahakrunpheap S.T Microfinance Plc (0.41) 40 SAMBAT Sambat Finance Plc SAMIC SAMIC Microfinance Institution Plc % 42 FASMEC Samporn Samakum Sahakreas Thuntoch Neung Matjum Kampuchea Plc SAMRITHISAK Samrithisak Microfinance Limited % 44 SEILANITHIH Seilanithih Limited % 45 SONATRA Sonatra Microfinance Institution Plc % 46 SEREY OUDOM Srey Oudom Microfinance Plc TACA Taca Microfinance Plc % 48 TBB TBB (Cambodia) Microfinance Institution Plc WOORI Woori Finance Cambodia Plc % 50 YCP YCP Microfinance Limited % 51 SAMAKY Samaky Micrifinance Plc COLLECTIVE WIN Collective Win Cambodia Plc FUNAN Funan Microfinance Plc FUTABA Futaba Microfinace Plc MOTHER Mothers Financial Japan Plc CHOKCHEY Chokchey Plc SABAY CREDIT Sabay Credit Commercial PLC SAHAKA Sahaka Plc CAMBODIA LABOR CARECambodia Labor Care Plc IDEMITSU Idemitsu Saison Microfinance (Cambodia) Plc GOLDEN CASH Golden Cash Plc LED LED Plc JET's CASH JET's Cash Box Finance Plc ASIA PACIFIC Asia Pacific Finance Plc PRASETHPHEAP PRASETHPHEAP Finance Plc T&GO T&GO Finance Plc GROW GROW Plc LBP LBP Microfinance Plc ANAKUT ANAKUT Microfinance Institute Plc Total Staff of MFIs 6,581 5, % Total 26,568 22, % Note: AEON, ANGKOR ACE and SATHAPANA transformed into banks in 2016

52 COMPARISION OF TOTAL ASSETS AS OF DECEMBER 31, 2016 Table 20 1 USD = 4,037 KHR (millions of KHR) Microfinance Deposit Taking Institutions (MDIs) Growth Rate (%) Amount Share Amount Share 2016/ AMK Co., Ltd. 861, % 645, % 33.5% 2 Amret Co., Ltd 2,632, % 1,939, % 35.8% 3 Hattha Kaksekar Limited 2,368, % 1,806, % 31.1% 4 Kredit Microfinance Institution Plc 708, % 604, % 17.3% 5 LOLC (Cambodia) PLc 1,021, % 900, % 13.4% 6 Prasac Microfinance Institution Limited 5,048, % 4,241, % 19.0% 7 Visionfund (Cambodia) Ltd 672, % 590, % 13.9% Total MDIs 13,314, % 10,728, % 24.1% Microfinance Institutions (MFIs) 8 Active People's Microfinance Institution Plc 111, % 85, % 30.2% 9 Apple Finance Plc 4, % 3, Bamboo Finance Plc 8, % 4, BAYON Credit Limited 11, % 9, % 16.0% 12 BORIBO Microfinance Institution Plc 13, % 12, % 11.2% 13 Camma Microfinance Limited 31, % 26, % 18.5% 14 Cellcard Finance Plc 4, % 2, Century Cambo Development Plc 1, % 1, (0.12) 16 Chamroeun Microfinance Limited 47, % 48, % -1.7% 17 City Microfinance Plc 36, % 21, % 67.6% 18 Delta Microfinance Plc 49, % 35, % 40.3% 19 Entean Akpevath Pracheachun Limited 20, % 19, % 5.1% 20 Farmer Finance Ltd 1, % 1, % 8.7% 21 Atom Capital Microfinance Institution 24, % 8, % 203.8% 22 First Finance Plc 109, % 95, % 15.5% 23 Green Central Microfinance Ltd 43, % 36, % 20.3% 24 Intean Poalroath Rongroeurng Ltd 54, % 50, % 8.2% 25 BNKC (Cambodia) Microfinance Institution Plc 37, % 18, KEY Microfinance Institution Plc 6, % 7, % -9.7% 27 Khemarak Microfinance Institution Limited 9, % 9, % -2.8% 28 LY HOUR Microfinance Institution Plc 192, % 159, % 20.6% 29 Maxima Mikroheranhvatho Plc 45, % 34, % 31.2% 30 Microfinance Amatak Capital Plc 13, % 10, % 28.0% 31 Mohanokor Microfinance Plc 80, % 46, Nirorn Microfinance Plc 97, % 87, % 10.6% 33 Oro Microfinance Plc 75, % 106, % -29.3% 34 Piphup Thmey Microfinance Plc 315, % 240, Prime MF Microfinance Institution Ltd 36, % 30, % 17.5% 36 Prince Finance Plc 56, % 11, Royal Microfinance Plc 16, % 8, Sachak Microfinance Plc 13, % 8, % 62.5% 39 Sahakrunpheap S.T Microfinance Plc 4, % 5, (0.23) 40 Sambat Finance Plc 17, % 14, SAMIC Microfinance Institution Plc 67, % 61, % 8.5% 42 Samporn Samakum Sahakreas Thuntoch Neung Matju 8, % 6, Samrithisak Microfinance Limited 47, % 34, % 36.2% 45 Sonatra Microfinance Institution Plc 54, % 33, % 63.1% 46 Srey Oudom Microfinance Plc 23, % 20, Taca Microfinance Plc 6, % 4, % 46.5% 48 TBB (Cambodia) Microfinance Institution Plc 39, % 40, (0.01) 49 Woori Finance Cambodia Plc 102, % 73, % 40.4% 50 YCP Microfinance Limited 26, % 17, % 53.8% 51 Samaky Micrifinance Plc 7, % Collective Win Cambodia Plc 8, % Funan Microfinance Plc. 50, % Futaba Microfinace Plc. 30, % Mothers Financial Japan Plc 10, % Chokchey Plc 6, % Sabay Credit Commercial PLC 20, % Sahaka Plc 8, % Cambodia Labor Care Plc 4, % Idemitsu Saison Microfinance (Cambodia) Plc 46, % Golden Cash Plc 7, % LED Plc 4, % JET's Cash Box Finance Plc % Asia Pacific Finance Plc 4, % PRASETHPHEAP Finance Plc 15, % T&GO Finance Plc 12, % GROW Plc 1, % LBP Microfinance Plc 4, % ANAKUT Microfinance Institute Plc 3, % Total MFIs 2,239, % 1,572, % 42.4% Total 15,553, % 12,300, % 26.45% Note: AEON, ANGKOR ACE and SATHAPANA transformed into banks in

53 Table 21 Microfinance Deposit Taking Institutions (MDIs) SHARE OF PAID-UP CAPITAL AS OF DECEMBER 31, USD = 4,037 KHR (millions of KHR) Foreign share Cambodian share Total Paid-up Market Share(%) Amount paid Share(%) Amount paid Capital Share 1 AMK Co., Ltd. 97.0% 34, % 1,058 35, % 2 Amret Co., Ltd 96.8% 11, % , % 3 Hattha Kaksekar Limited 100.0% 27, % - 27, % 4 Kredit Microfinance Institution Plc 100.0% 23, % - 23, % 5 LOLC (Cambodia) PLc 97.0% 22, % , % 6 Prasac Microfinance Institution Limited 89.0% 395, % 48, , % 7 Visionfund (Cambodia) Ltd 100.0% 52, % - 52, % Total MDIs 566,343 50, , % Microfinance Institutions (MFIs) 8 Active People's Microfinance Institution Plc 100.0% 40, , % 9 Apple Finance Plc % 4,037 4, % 10 Bamboo Finance Plc 50.0% 2, % 2,019 4, % 11 BAYON Credit Limited % 6,056 6, % 12 BORIBO Microfinance Institution Plc % 7,267 7, % 13 Camma Microfinance Limited % 8,490 8, % 14 Cellcard Finance Plc % 4,320 4, % 15 Century Cambo Development Plc 56.0% % 711 1, % 16 Chamroeun Microfinance Limited 89.0% 4, % 530 4, % 17 City Microfinance Plc 80.0% 6, % 1,615 8, % 18 Delta Microfinance Plc % 10,075 10, % 19 Entean Akpevath Pracheachun Limited % 15,139 15, % 20 Farmer Finance Ltd 100.0% % 21 Atom Capital Microfinance Institution 90.0% 1, % 120 1, % 22 First Finance Plc 90.9% 13, % 1,330 14, % 23 Green Central Microfinance Ltd 100.0% 14, , % 24 Intean Poalroath Rongroeurng Ltd 33.7% 4, % 8,273 12, % 25 BNKC (Cambodia) Microfinance Institution Plc % 40,370 40, % 26 KEY Microfinance Institution Plc % 6,742 6, % 27 Khemarak Microfinance Institution Limited % 10,093 10, % 28 LY HOUR Microfinance Institution Plc 49.0% 31, % 32,942 64, % 29 Maxima Mikroheranhvatho Plc 50.4% 10, % 10,201 20, % 30 Microfinance Amatak Capital Plc % 6,056 6, % 31 Mohanokor Microfinance Plc % 60,555 60, % 32 Nirorn Microfinance Plc % 35,840 35, % 33 Oro Microfinance Plc 100.0% 28, , % 34 Piphup Thmey Microfinance Plc % 39,563 39, % 35 Prime MF Microfinance Institution Ltd 100.0% 12, % - 12, % 36 Prince Finance Plc % 20,185 20, % 37 Royal Microfinance Plc % 16,148 16, % 38 Sachak Microfinance Plc % 6,056 6, % 39 Sahakrunpheap S.T Microfinance Plc % 6,000 6, % 40 Sambat Finance Plc % 13,233 13, % 41 SAMIC Microfinance Institution Plc 74.8% 9, % 3,048 12, % 42 Samporn Samakum Sahakreas Thuntoch Neung Matjum Kampuchea Plc % 4,037 4, % 43 Samrithisak Microfinance Limited % 10,093 10, % 44 Seilanithih Limited % 4,037 4, % 45 Sonatra Microfinance Institution Plc 30.0% 3, % 7,065 10, % 46 Srey Oudom Microfinance Plc % 8,074 8, % 47 Taca Microfinance Plc % 4,037 4, % 48 TBB (Cambodia) Microfinance Institution Plc 100.0% 40, , % 49 Woori Finance Cambodia Plc 100.0% 12, , % 50 YCP Microfinance Limited % 2,019 2, % 51 Samaky Micrifinance Plc % 8,074 8, % 52 Collective Win Cambodia Plc 10.0% % 1,090 1, % 53 Funan Microfinance Plc % 32,296 32, % 54 Futaba Microfinace Plc % 28, % - 28, % 55 Mothers Financial Japan Plc 100.0% 6, % - 6, % 56 Chokchey Plc % 4,037 4, % 57 Sabay Credit Commercial PLC % 20,185 20, % 58 Sahaka Plc 51.0% % 593 1, % 59 Cambodia Labor Care Plc 78.0% 2, % 459 3, % 60 Idemitsu Saison Microfinance (Cambodia) Plc 100.0% 40, % - 40, % 61 Golden Cash Plc % 2,019 2, % 62 LED Plc % 2,422 2, % 63 JET's Cash Box Finance Plc % 1,009 1, % 64 Asia Pacific Finance Plc 85.0% 3, % 606 4, % 65 PRASETHPHEAP Finance Plc % 4,037 4, % 66 T&GO Finance Plc 80.0% 1, % 404 2, % 67 GROW Plc % 2,019 2, % 68 LBP Microfinance Plc % 4,037 4, % 69 ANAKUT Microfinance Institute Plc % 4,037 4, % Total MFIs 317, , , % Total 61.4% 884, % 554,667 1,438, % Note: AEON, ANGKOR ACE and SATHAPANA transformed into banks in 2016

54 COMPARATIVE STATEMENT OF CONDITION AS OF DECEMBER 31, 2016 Table 22 1 USD = 4,037 KHR (millions of KHR) Cash and Balance with NBC and Other Banks Loans and Advances to Customers Prepayment and short term Receiable Long Term Investment Property and Equipment Other Assets Total Assets Microfinance Deposit Taking Institutions (MDIs) 1 AMK Co., Ltd. 214, ,811 10, , ,359 2 Amret Co., Ltd 311,051 2,274,726 21, ,990 4,958 2,632,987 3 Hattha Kaksekar Limited 523,232 1,806,198 13, ,231 3,759 2,368,466 4 Kredit Microfinance Institution Plc 114, ,799 5, , ,587 5 LOLC (Cambodia) PLc 110, ,096 10, , ,021,965 6 Prasac Microfinance Institution Limited 831,354 4,151,168 32, ,704 1,269 5,048,164 7 Visionfund (Cambodia) Ltd 73, ,708 4, , ,522 Sub Total 2,178,471 10,886,506 98, ,738 10,537 13,314,051 Microfinance Institutions (MFIs) 8 Active People's Microfinance Institution Plc 16,288 89, ,107 1, ,859 9 Apple Finance Plc 305 4, , Bamboo Finance Plc 1,264 6, , BAYON Credit Limited 1,050 9, , BORIBO Microfinance Institution Plc , , Camma Microfinance Limited , , Cellcard Finance Plc 2,686 1, , Century Cambo Development Plc , Chamroeun Microfinance Limited 13,347 33, , City Microfinance Plc 1,031 34, , , Delta Microfinance Plc 10,624 36, ,934-49, Entean Akpevath Pracheachun Limited 4,713 14, , Farmer Finance Ltd 89 1, , Atom Capital Microfinance Institution , , First Finance Plc 29,769 78,330 1, , Green Central Microfinance Ltd 6,101 34, ,603-43, Intean Poalroath Rongroeurng Ltd 7,360 46, , BNKC (Cambodia) Microfinance Institution Plc 23,968 11, ,455-37, KEY Microfinance Institution Plc 969 2,582-2, , Khemarak Microfinance Institution Limited 7,528 1, , LY HOUR Microfinance Institution Plc 18, ,575 2,575-3, , Maxima Mikroheranhvatho Plc 5,357 39, , Microfinance Amatak Capital Plc , , Mohanokor Microfinance Plc 5,930 68, ,632-80, Nirorn Microfinance Plc 8,003 43,637 3,949-2,604 38,993 97, Oro Microfinance Plc 5,357 62,329 6,105-1, , Piphup Thmey Microfinance Plc 18, , , , Prime MF Microfinance Institution Ltd 1,366 33, , , Prince Finance Plc 6,787 44, ,569 1,325 56, Royal Microfinance Plc 4,315 11, , Sachak Microfinance Plc 597 8, ,317-13, Sahakrunpheap S.T Microfinance Plc 361 3, , Sambat Finance Plc 1,863 14, , SAMIC Microfinance Institution Plc 4,783 58, , , Samporn Samakum Sahakreas Thuntoch Neung Matjum Kampu 240 7, , Samrithisak Microfinance Limited 2,306 43, , , Seilanithih Limited , , Sonatra Microfinance Institution Plc , ,644-54, Srey Oudom Microfinance Plc 3,525 19, , Taca Microfinance Plc 424 5, , TBB (Cambodia) Microfinance Institution Plc 10,428 28, , Woori Finance Cambodia Plc 5,747 91, ,284 1, , YCP Microfinance Limited 1,860 23, ,324-26,735

55 51 Samaky Micrifinance Plc 2,042 1,497 3, , Collective Win Cambodia Plc 331 7, , Funan Microfinance Plc. 7,840 38, , , Futaba Microfinace Plc. 2,328 25, , , Mothers Financial Japan Plc 2,808 6, , Chokchey Plc 234 5, , Sabay Credit Commercial PLC 11,968 8, , Sahaka Plc 1,632 6, , Cambodia Labor Care Plc 2,807 1, , Idemitsu Saison Microfinance (Cambodia) Plc 8,291 35, , , Golden Cash Plc 758 5, ,156 7, LED Plc 137 4, , JET's Cash Box Finance Plc Asia Pacific Finance Plc 637 2, , , PRASETHPHEAP Finance Plc 3,481 11, , T&GO Finance Plc 8,744 1, ,680 12, GROW Plc , LBP Microfinance Plc 260 3, , ANAKUT Microfinance Institute Plc 1,292 2, ,629 Sub Total 295,196 1,795,268 27,778 8,022 64,715 48,908 2,239,887 TOTAL 2,473,667 12,681, ,716 8, ,452 59,444 15,553,937 Note: As reported by MFIs (Unaudited).

56 Table 23 PERCENTAGE DISTRIBUTION OF ASSETS OF INDIVIDUAL MFIs AS OF DECEMBER 31, 2016 Microfinance Deposit Taking Institutions (MDIs) Cash and Balance with NBC and Other Banks Loans and Advances to Customers Prepayment and short term Receivable Long Term Investment Property and Equipment Other Assets Total Assets 1 AMK Co., Ltd Amret Co., Ltd Hattha Kaksekar Limited Kredit Microfinance Institution Plc LOLC (Cambodia) PLc Prasac Microfinance Institution Limited Visionfund (Cambodia) Ltd Sub Total Microfinance Institutions (MFIs) 8 Active People's Microfinance Institution Plc Apple Finance Plc Bamboo Finance Plc BAYON Credit Limited BORIBO Microfinance Institution Plc Camma Microfinance Limited Cellcard Finance Plc Century Cambo Development Plc Chamroeun Microfinance Limited City Microfinance Plc Delta Microfinance Plc Entean Akpevath Pracheachun Limited Farmer Finance Ltd Atom Capital Microfinance Institution First Finance Plc Green Central Microfinance Ltd Intean Poalroath Rongroeurng Ltd BNKC (Cambodia) Microfinance Institution Plc KEY Microfinance Institution Plc Khemarak Microfinance Institution Limited LY HOUR Microfinance Institution Plc Maxima Mikroheranhvatho Plc Microfinance Amatak Capital Plc Mohanokor Microfinance Plc Nirorn Microfinance Plc Oro Microfinance Plc Piphup Thmey Microfinance Plc Prime MF Microfinance Institution Ltd Prince Finance Plc Royal Microfinance Plc Sachak Microfinance Plc Sahakrunpheap S.T Microfinance Plc Sambat Finance Plc SAMIC Microfinance Institution Plc Samporn Samakum Sahakreas Thuntoch Neung Matjum Kampu Samrithisak Microfinance Limited Seilanithih Limited Sonatra Microfinance Institution Plc Srey Oudom Microfinance Plc Taca Microfinance Plc TBB (Cambodia) Microfinance Institution Plc Woori Finance Cambodia Plc YCP Microfinance Limited

57 51 Samaky Micrifinance Plc Collective Win Cambodia Plc Funan Microfinance Plc Futaba Microfinace Plc Mothers Financial Japan Plc Chokchey Plc Sabay Credit Commercial PLC Sahaka Plc Cambodia Labor Care Plc Idemitsu Saison Microfinance (Cambodia) Plc Golden Cash Plc LED Plc JET's Cash Box Finance Plc Asia Pacific Finance Plc PRASETHPHEAP Finance Plc T&GO Finance Plc GROW Plc LBP Microfinance Plc ANAKUT Microfinance Institute Plc Sub Total Total Note: AEON, ANGKOR ACE and SATHAPANA transformed into banks in 2016

58 Table 24 Microfinance Deposit Taking Institutions (MDIs) Compulsory Saving Voluntary Saving Interest Payable Accountpayable and Others Liabilities Accrued Expenses and Provision Loans Payable Deferred Revenue Suspense Clearing and interbranch Account Other Liabilities Paid up Capital Premium on Share Capital 1 USD = 4,037 KHR Shareholder's Equity 1 AMK Co., Ltd ,405 10,027 18,400 8, , ,373 35, ,414 89, ,359 2 Amret Co., Ltd - 1,146,437 30,943 31,360 28, ,077-2,510 1,905 11,379 5,536 24,338 13, ,490 2,632,987 3 Hattha Kaksekar Limited - 1,453,688 34,226 4,651 33, , ,551 77,036 99,832 6, ,653 2,368,466 4 Kredit Microfinance Institution Plc - 277,744 8,864 1,964 9, , ,476 11,246 12,498 9,317 51, ,587 5 LOLC (Cambodia) PLc - 78,123 1,318 3,523 34, , ,368-48,444 4, ,685 1,021,965 6 Prasac Microfinance Institution Limited - 2,499,101 62,144 19,256 88,254 1,476,008 - (13) 5, , ,433 9, ,432 5,048,164 7 Visionfund (Cambodia) Ltd - 145,642 4,325 13,604 7, ,365 1,587 1,581-52, , ,522 Sub Total 0.2 5,955, ,847 92, ,133 4,553,507 1,815 5,372 18, ,317 93, ,545 60,080 1,161,324 13,314,051 Microfinance Institutions (MFIs) Customer's deposit COMPARATIVE STATEMENT OF CONDITION AS OF DECEMBER 31, Active People's Microfinance Institution Plc , , ,588 40, (7,406) 111,859 9 Apple Finance Plc , , (1,095) 4, Bamboo Finance Plc , , (753) 8, BAYON Credit Limited ,674 - (1) 154 6, ,265 11, BORIBO Microfinance Institution Plc , , , Camma Microfinance Limited , , ,998 31, Cellcard Finance Plc , , (2,671) 4, Century Cambo Development Plc , (365) 1, Chamroeun Microfinance Limited , (27) 4, , , City Microfinance Plc , , ,020 36, Delta Microfinance Plc , , , ,861 49, Entean Akpevath Pracheachun Limited , ,639 20, Farmer Finance Ltd ,210 - (28) (97) 1, Atom Capital Microfinance Institution , , ,124 24, First Finance Plc ,204 81, ,541 3, , , Green Central Microfinance Ltd ,148-4, , ,394 43, Intean Poalroath Rongroeurng Ltd ,730 25, , ,485 54, BNKC (Cambodia) Microfinance Institution Plc , (3,374) 37, KEY Microfinance Institution Plc , (1,186) 6, Khemarak Microfinance Institution Limited , (1,013) 9, LY HOUR Microfinance Institution Plc , , ,134 64, , , Maxima Mikroheranhvatho Plc , ,570 6, ,494 45, Microfinance Amatak Capital Plc , , ,101 13, Mohanokor Microfinance Plc , , , ,320 80, Nirorn Microfinance Plc ,078 3,074 13, , ,865 97, Oro Microfinance Plc ,147 39, ,204 28, ,827 75, Piphup Thmey Microfinance Plc , , ,563-24,222-37, , Prime MF Microfinance Institution Ltd , , ,344 36, Prince Finance Plc , , (2,354) 56, Royal Microfinance Plc , , (1,232) 16, Sachak Microfinance Plc , , , Sahakrunpheap S.T Microfinance Plc , (2,909) 4, Sambat Finance Plc , , (2,504) 17, SAMIC Microfinance Institution Plc ,589 44, , ,715 67, Samporn Samakum Sahakreas Thuntoch Neung Matju , , , Samrithisak Microfinance Limited ,184 29, , ,138 47, Seilanithih Limited , (20) 4,037-1,881 1,133 (1,903) 18, Sonatra Microfinance Institution Plc , , , , Srey Oudom Microfinance Plc , , ,361 23, Taca Microfinance Plc , , , TBB (Cambodia) Microfinance Institution Plc , (533) 39, Woori Finance Cambodia Plc ,361 80, , , , YCP Microfinance Limited , ,019-2,019-4,583 26, Samaky Micrifinance Plc , (143) 7, Collective Win Cambodia Plc , , , Funan Microfinance Plc , , , Futaba Microfinace Plc , ,236 28, (2,411) 30, Mothers Financial Japan Plc , , (3,922) 10,502 Hybrid Capital Investment Reserves and Appropriations Retained and Current Profit/Loss (millions of KHR) Total Liabilities and Equity

59 56 Chokchey Plc , , (47) 6, Sabay Credit Commercial PLC , , Sahaka Plc , , (425) 8, Cambodia Labor Care Plc , , (696) 4, Idemitsu Saison Microfinance (Cambodia) Plc , , (2,753) 46, Golden Cash Plc , , , LED Plc , , (159) 4, JET's Cash Box Finance Plc , (466) Asia Pacific Finance Plc (65) 5, , (4,980) 4, PRASETHPHEAP Finance Plc , , , ,193 15, T&GO Finance Plc , , (354) 12, GROW Plc , (224) 1, LBP Microfinance Plc , (698) 4, ANAKUT Microfinance Institute Plc (0) 4, (438) 3,629 Sub Total 1, ,222 31,031 1,110, ,406 13, ,676 10,310 31,974 2,191 98,477 2,239,887 TOTAL 1,770 5,955, , , ,164 5,663,809 2,754 19,778 31,304 1,438, , ,519 62,271 1,259,801 15,553,937 Note: As reported by MFIs (Unaudited).

60 Table 25 Microfinance Deposit Taking Institutions (MDIs) Compulsory Saving Voluntary Saving Interest Payable Accountpayable and Others Liabilities Accrued Expenses and Provision Loans Payable 1 AMK Co., Ltd Amret Co., Ltd Hattha Kaksekar Limited Kredit Microfinance Institution Plc LOLC (Cambodia) PLc Prasac Microfinance Institution Limited (0.0) Visionfund (Cambodia) Ltd Sub Total Microfinance Institutions (MFIs) Customer's deposit PERCENTAGE DISTRIBUTION OF LIABILITIES AND EQUITY OF INDIVIDUAL MFIs AS OF DECEMBER 31, Active People's Microfinance Institution Plc (6.6) Apple Finance Plc (23.33) Bamboo Finance Plc (8.91) BAYON Credit Limited (0.01) BORIBO Microfinance Institution Plc Camma Microfinance Limited Cellcard Finance Plc (55.89) Century Cambo Development Plc (26.60) Chamroeun Microfinance Limited (0.06) City Microfinance Plc Delta Microfinance Plc Entean Akpevath Pracheachun Limited Farmer Finance Ltd (1.45) (5.09) Atom Capital Microfinance Institution First Finance Plc Green Central Microfinance Ltd Intean Poalroath Rongroeurng Ltd BNKC (Cambodia) Microfinance Institution Plc (9.1) KEY Microfinance Institution Plc (18.5) Khemarak Microfinance Institution Limited (11.1) LY HOUR Microfinance Institution Plc Maxima Mikroheranhvatho Plc Microfinance Amatak Capital Plc Mohanokor Microfinance Plc Nirorn Microfinance Plc Oro Microfinance Plc Piphup Thmey Microfinance Plc Prime MF Microfinance Institution Ltd Prince Finance Plc (4.1) Royal Microfinance Plc (7.6) Sachak Microfinance Plc Sahakrunpheap S.T Microfinance Plc (63.3) Sambat Finance Plc (14.6) SAMIC Microfinance Institution Plc Samporn Samakum Sahakreas Thuntoch Neung Matju Samrithisak Microfinance Limited Seilanithih Limited (0.11) (10.2) Sonatra Microfinance Institution Plc Srey Oudom Microfinance Plc Taca Microfinance Plc TBB (Cambodia) Microfinance Institution Plc (1.3) Woori Finance Cambodia Plc YCP Microfinance Limited Deferred Revenue Suspense Clearing and interbranch Account Other Liabilities Paid up Capital Premium on Share Capital Shareholder's Equity Hybrid Capital Investment Reserves and Appropriations Retained and Current Profit/Loss TOTAL Liabilities and Equity

61 51 Samaky Micrifinance Plc (1.80) Collective Win Cambodia Plc Funan Microfinance Plc Futaba Microfinace Plc (7.90) Mothers Financial Japan Plc (37.35) Chokchey Plc (0.75) Sabay Credit Commercial PLC Sahaka Plc (4.76) Cambodia Labor Care Plc (15.89) Idemitsu Saison Microfinance (Cambodia) Plc (5.92) Golden Cash Plc LED Plc (3.25) JET's Cash Box Finance Plc (72.39) Asia Pacific Finance Plc (1.35) (103.28) PRASETHPHEAP Finance Plc T&GO Finance Plc (2.79) GROW Plc (11.76) LBP Microfinance Plc (16.17) ANAKUT Microfinance Institute Plc (0.00) (12.07) 100 Sub Total Total Note: AEON, ANGKOR ACE and SATHAPANA transformed into banks in 2016

62 PROFIT AND LOSS STATEMENT AS AT DECEMBER 31, 2016 Table 26 1 USD = 4,037 KHR (millions of KHR) Interest income Interest Expenses Net Interest Income Non-interest income Foreign Exchage Gain Other Income Operation income Program Expense General adminitrative Expensen Taxes Others Charge Loan and Interest loss Provision (Net) Profit from operation Grant Income Extraordinary Item Profit before Taxes Tax on profit Net Profit &Loss for 12 months 1 2 3= = = = =16-17 Microfinance Deposit Taking Institutions (MDIs) 1 AMK Co., Ltd. 193, , , , (831.43) , , , , , , , ,775 2 Amret Co., Ltd 445, , , , (263.42) , , , , , , , , ,125 3 Hattha Kaksekar Limited 323, , , , , , , , , , , ,601 4 Kredit Microfinance Institution Plc 125, , , , , , , , , , , ,319 5 LOLC (Cambodia) PLc 225, , , , , , , , , , ,995 6 Prasac Microfinance Institution Limited 766, , , , , , , , , , , , ,926 7 Visionfund (Cambodia) Ltd 146, , , (8.17) (843.75) 1, , , , , , , , ,962 Sub Total 2,227, ,827 1,453,616 45,467 1,580 4,200 1,504, ,267 8,632 2,865 70, ,256 2,070 1, , , ,704 Microfinance Institutions (MFIs) 8 Active People's Microfinance Institution Plc 19, , , , , , , , ,742 9 Apple Finance Plc 1, , , , (696.19) - - (696.19) (709) 10 Bamboo Finance Plc 1, , , , (704.67) - - (704.67) - (705) 11 BAYON Credit Limited 2, , (45.20) , , BORIBO Microfinance Institution Plc 2, , , , Camma Microfinance Limited 5, , , (4.75) - 4, , , , , Cellcard Finance Plc (0.14) , (1,278.94) - - (1,278.94) (1,289) 15 Century Cambo Development Plc (200.08) - - (200.08) - (200) 16 Chamroeun Microfinance Limited 14, , , , (78.00) , , City Microfinance Plc 4, , , , , , (48.99) 1, Delta Microfinance Plc 8, , , , , , Entean Akpevath Pracheachun Limited 2, , (3.00) - 2, , , Farmer Finance Ltd Atom Capital Microfinance Institution 1, , , First Finance Plc 15, , , , , , , , , Green Central Microfinance Ltd 7, , (157.81) (1.01) , , , , , Intean Poalroath Rongroeurng Ltd 11, , , , , , , , BNKC (Cambodia) Microfinance Institution Plc 1, , (0.11) , , (1,784.48) - - (1,784.48) 9.84 (1,794) 26 KEY Microfinance Institution Plc , (1,171.61) - - (1,171.61) 6.08 (1,178) 27 Khemarak Microfinance Institution Limited LY HOUR Microfinance Institution Plc 31, , , (47.06) , , , , , , Maxima Mikroheranhvatho Plc 7, , (552.38) , , , , , Microfinance Amatak Capital Plc 2, , (1.42) , , Mohanokor Microfinance Plc 19, , (0.07) 20, , , , , , Nirorn Microfinance Plc 34, , , , , , , , , , , , Oro Microfinance Plc 13, , , , , , , , , , Piphup Thmey Microfinance Plc 76, , , (493.11) (30.49) - 52, , , , , , , , Prime MF Microfinance Institution Ltd 6, , , , (2.90) - 5, , , , , Prince Finance Plc 4, , , , Royal Microfinance Plc 1, , , , (180.18) - - (180.18) (196) 38 Sachak Microfinance Plc 2, , , Sahakrunpheap S.T Microfinance Plc 1, , , , (2,470.78) - - (2,470.78) (2,491) 40 Sambat Finance Plc 3, , , , (1,492.51) - - (1,492.51) (1,530) 41 SAMIC Microfinance Institution Plc 16, , , , , , , , Samporn Samakum Sahakreas Thuntoch Neung Mat 1, (0.22) - 1, Samrithisak Microfinance Limited 7, , , (4.51) , , , , , Seilanithih Limited 4, , , (3.88) (1.63) 3, , (690.60) (682.61) (732) 45 Sonatra Microfinance Institution Plc 5, , , (194.53) , , Srey Oudom Microfinance Plc 3, , (1.42) - 3, , , , , Taca Microfinance Plc 2, , , , TBB (Cambodia) Microfinance Institution Plc 2, , , , (132.79) - - (132.79) - (133) 49 Woori Finance Cambodia Plc 14, , , , , , , , , YCP Microfinance Limited 6, , , , , , , Samaky Micrifinance Plc (78.17) - - (78.17) 4.21 (82) 52 Collective Win Cambodia Plc 2, , (1.41) , , , , , Funan Microfinance Plc. 18, , , , , , Futaba Microfinace Plc. 1, , (4.97) (0.10) - 1, , (2,396.20) - - (2,396.20) (2,411) 55 Mothers Financial Japan Plc (0.11) , (2,817.86) - - (2,817.86) 3.67 (2,822) 56 Chokchey Plc (42.60) - - (42.60) 4.87 (47) 57 Sabay Credit Commercial PLC Sahaka Plc (418.41) - - (418.41) 6.38 (425) 59 Cambodia Labor Care Plc (630.14) - - (630.14) - (630) 60 Idemitsu Saison Microfinance (Cambodia) Plc 1, , (9.90) , , (2,405.19) - - (2,405.19) - (2,405) 61 Golden Cash Plc 1, (8.67) LED Plc (154.84) - - (154.84) 4.47 (159) 63 JET's Cash Box Finance Plc (2.55) (259.51) - - (259.51) - (260) 64 Asia Pacific Finance Plc , (3,078.20) - - (3,078.20) 1.23 (3,079) 65 PRASETHPHEAP Finance Plc 2, , , , T&GO Finance Plc (353.92) - - (353.92) - (354) 67 GROW Plc (224.28) - - (224.28) - (224) 68 LBP Microfinance Plc (682.45) - - (682.45) (698) 69 ANAKUT Microfinance Institute Plc (0.09) (437.50) - - (437.50) 0.67 (438) Sub Total 404,620 77, ,291 14,892 (316) 3, , ,842 2,604 6,515 28,756 76, ,110 17,306 59,804 Total 2,632, ,156 1,780,907 60,359 1,264 7,558 1,850,088-1,051,109 11,236 9,380 99, ,765 2,671 1, , , ,508 Note: AEON, ANGKOR ACE and SATHAPANA transformed into banks in 2016

63 Net Profit AS AT DECEMBER 31, 2016 Table 27 1 USD = 4,037 KHR (millions of KHR) 2016 Microfinance Deposit Taking Institutions (MDIs) Net profit Total Assets As percentage of Assets Loans 1 As percentage of Loans 1 AMK Co., Ltd. 26, , % 610, % 2 Amret Co., Ltd 103,125 2,632, % 2,258, % 3 Hattha Kaksekar Limited 52,601 2,368, % 1,797, % 4 Kredit Microfinance Institution Plc 10, , % 574, % 5 LOLC (Cambodia) PLc 54,995 1,021, % 886, % 6 Prasac Microfinance Institution Limited 217,926 5,048, % 4,161, % 7 Visionfund (Cambodia) Ltd 13, , % 580, % Sub Total 479,704 13,314, % 10,868, % Microfinance Institutions (MFIs) 8 Active People's Microfinance Institution Plc 5, , % 87, % 9 Apple Finance Plc (709) 4, % 4, % 10 Bamboo Finance Plc (705) 8, % 7, % 11 BAYON Credit Limited , % 10, % 12 BORIBO Microfinance Institution Plc , % 12, % 13 Camma Microfinance Limited 1,237 31, % 29, % 14 Cellcard Finance Plc (1,289) 4, % 1, % 15 Century Cambo Development Plc (200) 1, % % 16 Chamroeun Microfinance Limited , % 33, % 17 City Microfinance Plc 1,716 36, % 34, % 18 Delta Microfinance Plc , % 36, % 19 Entean Akpevath Pracheachun Limited , % 15, % 20 Farmer Finance Ltd 62 1, % 1, % 21 Atom Capital Microfinance Institution , % 23, % 22 First Finance Plc 1, , % 79, % 23 Green Central Microfinance Ltd 2,461 43, % 34, % 24 Intean Poalroath Rongroeurng Ltd 2,777 54, % 45, % 25 BNKC (Cambodia) Microfinance Institution Plc (1,794) 37, % 11, % 26 KEY Microfinance Institution Plc (1,178) 6, % 3, % 27 Khemarak Microfinance Institution Limited 74 9, % 1, % 28 LY HOUR Microfinance Institution Plc 4, , % 165, % 29 Maxima Mikroheranhvatho Plc 1,500 45, % 39, % 30 Microfinance Amatak Capital Plc , % 12, % 31 Mohanokor Microfinance Plc 4,087 80, % 68, % 32 Nirorn Microfinance Plc 4,865 97, % 44, % 33 Oro Microfinance Plc 2,399 75, % 67, % 34 Piphup Thmey Microfinance Plc 29, , % 290, % 35 Prime MF Microfinance Institution Ltd 1,242 36, % 32, % 36 Prince Finance Plc 46 56, % 44, % 37 Royal Microfinance Plc (196) 16, % 11, % 38 Sachak Microfinance Plc , % 8, % 39 Sahakrunpheap S.T Microfinance Plc (2,491) 4, % 3, % 40 Sambat Finance Plc (1,530) 17, % 14, % 41 SAMIC Microfinance Institution Plc 2,251 67, % 58, % 42 Samporn Samakum Sahakreas Thuntoch Neung Matjum 524 8, % 7, % 43 Samrithisak Microfinance Limited 1,817 47, % 43, % 44 Seilanithih Limited (732) 18, % 17, % 45 Sonatra Microfinance Institution Plc , % 49, % 46 Srey Oudom Microfinance Plc 1,084 23, % 19, % 47 Taca Microfinance Plc 163 6, % 5, % 48 TBB (Cambodia) Microfinance Institution Plc (133) 39, % 28, % 49 Woori Finance Cambodia Plc 4, , % 90, % 50 YCP Microfinance Limited 2,530 26, % 24, % 51 Samaky Micrifinance Plc (82) 7, % 1, % 52 Collective Win Cambodia Plc 1,044 8, % 7, % 53 Funan Microfinance Plc , % 39, % 54 Futaba Microfinace Plc. (2,411) 30, % 25, % 55 Mothers Financial Japan Plc (2,822) 10, % 6, % 56 Chokchey Plc (47) 6, % 5, % 57 Sabay Credit Commercial PLC , % 8, % 58 Sahaka Plc (425) 8, % 6, % 59 Cambodia Labor Care Plc (630) 4, % 1, % 60 Idemitsu Saison Microfinance (Cambodia) Plc (2,405) 46, % 34, % 61 Golden Cash Plc 119 7, % 5, % 62 LED Plc (159) 4, % 4, % 63 JET's Cash Box Finance Plc (260) % % 64 Asia Pacific Finance Plc (3,079) 4, % 2, % 65 PRASETHPHEAP Finance Plc , % 12, % 66 T&GO Finance Plc (354) 12, % 1, % 67 GROW Plc (224) 1, % % 68 LBP Microfinance Plc (698) 4, % 3, % 69 ANAKUT Microfinance Institute Plc (438) 3, % 2, % Sub Total 59,804 2,239, % 1,793, % Total 539,508 15,553, % 12,661, % 1-Loan and Advance to Customers Note: AEON, ANGKOR ACE and SATHAPANA transformed into banks in 2016

64 COMPARISION OF TOTAL DEPOSITS AS OF DECEMBER 31, 2016 Table 28 1 USD = 4,037 KHR (millions of KHR) Change Share Share 2016/2015 Microfinance Deposit Taking Institutions (MDIs) 1 AMK Co., Ltd. 354, % 261, % 35.3% 2 Amret Co., Ltd 1,146, % 813, % 40.9% 3 Hattha Kaksekar Limited 1,453, % 964, % 50.7% 4 Kredit Microfinance Institution Plc 277, % 217, % 27.8% 5 LOLC (Cambodia) PLc 78, % 1, % Prasac Microfinance Institution Limited 2,499, % 1,893, % 32.0% 7 Visionfund (Cambodia) Ltd 145, % 95, % 53.0% Sub Total 5,955, % 4,246, % 40.2% Microfinance Institutions (MFIs) 8 Active People's Microfinance Institution Plc Apple Finance Plc Bamboo Finance Plc BAYON Credit Limited BORIBO Microfinance Institution Plc Camma Microfinance Limited Cellcard Finance Plc Century Cambo Development Plc Chamroeun Microfinance Limited % % 17 City Microfinance Plc Delta Microfinance Plc Entean Akpevath Pracheachun Limited Farmer Finance Ltd Atom Capital Microfinance Institution First Finance Plc Green Central Microfinance Ltd Intean Poalroath Rongroeurng Ltd BNKC (Cambodia) Microfinance Institution Plc KEY Microfinance Institution Plc Khemarak Microfinance Institution Limited LY HOUR Microfinance Institution Plc Maxima Mikroheranhvatho Plc Microfinance Amatak Capital Plc Mohanokor Microfinance Plc Nirorn Microfinance Plc Oro Microfinance Plc Piphup Thmey Microfinance Plc Prime MF Microfinance Institution Ltd Prince Finance Plc Royal Microfinance Plc Sachak Microfinance Plc Sahakrunpheap S.T Microfinance Plc Sambat Finance Plc SAMIC Microfinance Institution Plc Samporn Samakum Sahakreas Thuntoch Neung Matjum Samrithisak Microfinance Limited Seilanithih Limited % % 45 Sonatra Microfinance Institution Plc Srey Oudom Microfinance Plc Taca Microfinance Plc TBB (Cambodia) Microfinance Institution Plc Woori Finance Cambodia Plc YCP Microfinance Limited Samaky Micrifinance Plc Collective Win Cambodia Plc Funan Microfinance Plc Futaba Microfinace Plc Mothers Financial Japan Plc Chokchey Plc Sabay Credit Commercial PLC Sahaka Plc Cambodia Labor Care Plc Idemitsu Saison Microfinance (Cambodia) Plc Golden Cash Plc LED Plc JET's Cash Box Finance Plc % Asia Pacific Finance Plc PRASETHPHEAP Finance Plc T&GO Finance Plc GROW Plc LBP Microfinance Plc ANAKUT Microfinance Institute Plc Sub Total 1, % 1, % 5.7% Total 5,957, % 4,248, % 40.2% Note: AEON, ANGKOR ACE and SATHAPANA transformed into banks in 2016

65 Table 29 Saving deposits Demand deposits Term deposits Other deposit Interest payable TOTAL DEPOSITS Microfinance Deposit Taking Institutions (MDIs) 1 AMK Co., Ltd , , , ,432 2 Amret Co., Ltd - 290, , ,943 1,177,381 3 Hattha Kaksekar Limited - 154, ,298, ,226 1,487,913 4 Kredit Microfinance Institution Plc - 29, , ,416 8, ,608 5 LOLC (Cambodia) PLc - 7, , ,318 79,441 6 Prasac Microfinance Institution Limited - 248, ,250, ,144 2,561,245 7 Visionfund (Cambodia) Ltd - 25, , , ,967 Sub Total ,104-5,070,620 19, ,847 6,106,987 Microfinance Institutions (MFIs) 8 Active People's Microfinance Institution Plc Apple Finance Plc Bamboo Finance Plc BAYON Credit Limited BORIBO Microfinance Institution Plc Camma Microfinance Limited Cellcard Finance Plc Century Cambo Development Plc Chamroeun Microfinance Limited , City Microfinance Plc Delta Microfinance Plc Entean Akpevath Pracheachun Limited Farmer Finance Ltd Atom Capital Microfinance Institution First Finance Plc Green Central Microfinance Ltd Intean Poalroath Rongroeurng Ltd BNKC (Cambodia) Microfinance Institution Plc KEY Microfinance Institution Plc Khemarak Microfinance Institution Limited LY HOUR Microfinance Institution Plc Maxima Mikroheranhvatho Plc Microfinance Amatak Capital Plc Mohanokor Microfinance Plc Nirorn Microfinance Plc Oro Microfinance Plc Piphup Thmey Microfinance Plc Prime MF Microfinance Institution Ltd Prince Finance Plc Royal Microfinance Plc Sachak Microfinance Plc Sahakrunpheap S.T Microfinance Plc Sambat Finance Plc SAMIC Microfinance Institution Plc Samporn Samakum Sahakreas Thuntoch Neung Matju Samrithisak Microfinance Limited Seilanithih Limited Sonatra Microfinance Institution Plc Srey Oudom Microfinance Plc Taca Microfinance Plc TBB (Cambodia) Microfinance Institution Plc Woori Finance Cambodia Plc YCP Microfinance Limited Samaky Micrifinance Plc Collective Win Cambodia Plc Funan Microfinance Plc Futaba Microfinace Plc Mothers Financial Japan Plc Chokchey Plc Sabay Credit Commercial PLC Sahaka Plc Cambodia Labor Care Plc Idemitsu Saison Microfinance (Cambodia) Plc Golden Cash Plc LED Plc JET's Cash Box Finance Plc Asia Pacific Finance Plc PRASETHPHEAP Finance Plc T&GO Finance Plc GROW Plc LBP Microfinance Plc ANAKUT Microfinance Institute Plc Sub Total 1, ,301 Total 1, ,104-5,070,620 19, ,262 6,109,288 As Percentage of Total Deposits 0.0% 14.2% 0% 83.0% 0.3% 2.5% 100% Note: AEON, ANGKOR ACE and SATHAPANA transformed into banks in 2016 TOTAL DEPOSITS CLASSIFIED BY TYPE OF ACCOUNTS AS OF DECEMBER 31, USD = 4,037 KHR 2016 Compusary Voluntary Saving Saving (millions of KHR)

66 Table 30 LOAN AND NON-PERFORMING LOANS ( NPLS) AS OF DECEMBER 31, USD = 4,037 KHR 2016 (millions of KHR) 2015 NPLs Loans NPLs Ratio NPLs Loans NPLs Ratio Microfinance Deposit Taking Institutions (MDIs) 1 AMK Co., Ltd. 7, , % 2, , % 2 Amret Co., Ltd 8,996 2,258, % 2,863 1,666, % 3 Hattha Kaksekar Limited 11,158 1,797, % 1,195 1,472, % 4 Kredit Microfinance Institution Plc 6, , % 3, , % 5 LOLC (Cambodia) PLc 12, , % 1, , % 6 Prasac Microfinance Institution Limited 48,082 4,161, % 10,235 3,469, % 7 Visionfund (Cambodia) Ltd 9, , % 3, , % Sub Total 103,447 10,868, % 24,441 8,922, % Microfinance Institutions (MFIs) 8 Active People's Microfinance Institution Plc 12,925 87, % 33,869 73, % 9 Apple Finance Plc 238 4, Bamboo Finance Plc 1,677 7, % 144 3, BAYON Credit Limited , % 698 8, % 12 BORIBO Microfinance Institution Plc 64 12, % 48 10, % 13 Camma Microfinance Limited , % , % 14 Cellcard Finance Plc 14 1, , Century Cambo Development Plc Chamroeun Microfinance Limited 1,513 33, % 1,040 35, % 17 City Microfinance Plc , % , % 18 Delta Microfinance Plc 6,035 36, % , % 19 Entean Akpevath Pracheachun Limited 1,630 15, % , % 20 Farmer Finance Ltd 66 1, % 67 1, % 21 Atom Capital Microfinance Institution - 23, , First Finance Plc 3,592 79, % 3,158 86, % 23 Green Central Microfinance Ltd , % , % 24 Intean Poalroath Rongroeurng Ltd , % , % 25 BNKC (Cambodia) Microfinance Institution Plc - 11, , KEY Microfinance Institution Plc 2,562 3, % 1,806 4, % 27 Khemarak Microfinance Institution Limited 633 1, % 635 3, % 28 LY HOUR Microfinance Institution Plc , % , % 29 Maxima Mikroheranhvatho Plc , % , % 30 Microfinance Amatak Capital Plc 90 12, % 30 9, % 31 Mohanokor Microfinance Plc 2,538 68, % 1,540 38, Nirorn Microfinance Plc 4,507 44, % 3,785 45, % 33 Oro Microfinance Plc 15,267 67, % 9,345 94, Piphup Thmey Microfinance Plc 9, , % 1, , Prime MF Microfinance Institution Ltd , % , % 36 Prince Finance Plc - 44, , Royal Microfinance Plc - 11, % 32 2, % 38 Sachak Microfinance Plc 19 8, % - 4, Sahakrunpheap S.T Microfinance Plc 434 3, % 927 5, Sambat Finance Plc , % 2 12, SAMIC Microfinance Institution Plc 1,807 58, % 1,110 56, % 42 Samporn Samakum Sahakreas Thuntoch Neung Matjum Kam - 7, , Samrithisak Microfinance Limited , % , % 44 Seilanithih Limited , % , % 45 Sonatra Microfinance Institution Plc - 49, , Srey Oudom Microfinance Plc 22 19, , Taca Microfinance Plc 219 5, % 59 3, % 48 TBB (Cambodia) Microfinance Institution Plc - 28, , Woori Finance Cambodia Plc 65 90, % 80 64, % 50 YCP Microfinance Limited 1,289 24, % , % 51 Samaky Micrifinance Plc 83 1, % Collective Win Cambodia Plc 181 7, % Funan Microfinance Plc. 3,507 39, % Futaba Microfinace Plc. - 25, % Mothers Financial Japan Plc 19 6, % Chokchey Plc 150 5, % Sabay Credit Commercial PLC - 8, % Sahaka Plc - 6, % Cambodia Labor Care Plc - 1, % Idemitsu Saison Microfinance (Cambodia) Plc - 34, % Golden Cash Plc 177 5, % LED Plc 372 4, % JET's Cash Box Finance Plc % Asia Pacific Finance Plc - 2, % PRASETHPHEAP Finance Plc , % T&GO Finance Plc - 1, % GROW Plc % LBP Microfinance Plc - 3, % ANAKUT Microfinance Institute Plc - 2, % Sub Total 78,670 1,793, % 63,523 1,297, % Total 182,116 12,661, % 87,964 10,219, % Note: AEON, ANGKOR ACE and SATHAPANA transformed into banks in 2016

67 Table 31 1 USD = 4,037 KHR (millions of KHR) Type of Businesses TOTAL LOANS CLASSIFIED BY TYPE OF BUSINESSES AS OF DECEMBER 31, 2016 Growth Rate (%) Amount Share Amount Share 2016/ Agriculture 4,210, % 4,314, % -2.4% 2 Trade and Commerce 2,346, % 2,369, % -1.0% 3 Services 1,250, % 1,304, % -4.2% 4 Transportation 543, % 419, % 29.6% 5 Construction 406, % 458, % -11.4% 6 Household 3,600, % 3,210, % 12.1% 7 Others 304, % 166, % 82.3% Total 12,661, % 12,244, % 3.4% Note: AEON, ANGKOR ACE and SATHAPANA transformed into banks in

68 Table 32 Microfinance Deposit Taking Institutions (MDIs) Agriculture Trade and Commerce 1 USD = 4,037 KHR Service Transportation Contruction Household Others Total 1 AMK Co., Ltd. 306, ,052 25,403 5, ,552 30,108 2, ,179 2 Amret Co., Ltd 973, , , ,918 88, ,362 26,766 2,258,282 3 Hattha Kaksekar Limited 455, , ,480 93,955 70, ,666-1,797,449 4 Kredit Microfinance Institution Plc 151, ,321 90, ,581 90, ,556 5 LOLC (Cambodia) PLc 461, ,625 87,941 2,865 15, ,002 12, ,278 6 Prasac Microfinance Institution Limited 1,227, , , ,142 34,589 1,352,275-4,161,665 7 Visionfund (Cambodia) Ltd 337,077 56,441 47,528 17, ,065 2, ,072 Sub Total 3,913,498 2,077,924 1,104, , ,230 2,815, ,907 10,868,481 Microfinance Institutions (MFIs) 8 Active People's Microfinance Institution Plc 25, ,389 27,625 87,688 9 Apple Finance Plc 1, , , Bamboo Finance Plc , ,938 2,315 7, BAYON Credit Limited 2,724 2, , , BORIBO Microfinance Institution Plc ,164 5,544 1, , Camma Microfinance Limited 959 6,706 3, ,314 2,222 29, Cellcard Finance Plc ,447-1, Century Cambo Development Plc Chamroeun Microfinance Limited 7,417 16,289 6, , , City Microfinance Plc ,456 34, Delta Microfinance Plc 2,784 12, ,836 6,165 9, , Entean Akpevath Pracheachun Limited 882 6,814 1, ,219 4,182-15, Farmer Finance Ltd ,586-1, Atom Capital Microfinance Institution 7,220 16, , First Finance Plc ,504-79, Green Central Microfinance Ltd - 11, , , Intean Poalroath Rongroeurng Ltd 45, , BNKC (Cambodia) Microfinance Institution Plc - 2,667 6, ,385 11, KEY Microfinance Institution Plc , , Khemarak Microfinance Institution Limited , LY HOUR Microfinance Institution Plc 51,162 17,025 7,066 3,889 1,516 84, , Maxima Mikroheranhvatho Plc 6,607 6,514 5,643 7,404 6,743 1,456 5,297 39, Microfinance Amatak Capital Plc 168 3,309 5, , , Mohanokor Microfinance Plc 17,329 15,047 1,993 1,281 1,433 27,432 3,930 68, Nirorn Microfinance Plc 10,473 3,719 6, ,547 3,496 44, Oro Microfinance Plc 32,883 7,595 1, ,400-67, Piphup Thmey Microfinance Plc , , Prime MF Microfinance Institution Ltd 62 17, ,325 12, , Prince Finance Plc ,109 6,913 1,213 8,772 13,786 1,854 44, Royal Microfinance Plc ,913 11, Sachak Microfinance Plc 8, , Sahakrunpheap S.T Microfinance Plc 1, , , Sambat Finance Plc 1,077 1, , , SAMIC Microfinance Institution Plc 20,151 8,301 3,440 3,388 11,346 11, , Samporn Samakum Sahakreas Thuntoch Neung 4,276 1,250 1, , Samrithisak Microfinance Limited 1,114 16,480 2, ,005 4,308 16,441 43, Seilanithih Limited 6,212 8,002 3, , Sonatra Microfinance Institution Plc - - 2, ,551-49, Srey Oudom Microfinance Plc 245 4, ,674 1,036 10, , Taca Microfinance Plc 564 1,146 2, , TBB (Cambodia) Microfinance Institution Plc ,869 28, Woori Finance Cambodia Plc 3,949 13,729 62,322 3,609 2,492 1,388 3,210 90, YCP Microfinance Limited , ,107 11, , Samaky Micrifinance Plc - 1, , Collective Win Cambodia Plc - 5, ,021 7, Funan Microfinance Plc. 12,581 6,188 2, ,876 5,722 9,710 39, Futaba Microfinace Plc. 96 5, ,147 15,903-25, Mothers Financial Japan Plc ,489-6, Chokchey Plc - 5, , Sabay Credit Commercial PLC , , Sahaka Plc - 3, , , Cambodia Labor Care Plc ,338 1, Idemitsu Saison Microfinance (Cambodia) Plc 18,219 6, ,028 7,951 34, Golden Cash Plc 1, ,546 5, LED Plc - 1, ,442 4, JET's Cash Box Finance Plc Asia Pacific Finance Plc ,384 1,015 2, PRASETHPHEAP Finance Plc 943 3, , , T&GO Finance Plc , GROW Plc LBP Microfinance Plc - 1, , , ANAKUT Microfinance Institute Plc , ,026 Sub Total 297, , ,738 44,370 81, , ,518 1,793,006 Total 4,210,614 2,346,323 1,250, , ,062 3,600, ,425 12,661,487 As Percentage of Total Loans 33.3% 18.5% 9.9% 4.3% 3.2% 28.4% 2.4% 100% Note: AEON, ANGKOR ACE and SATHAPANA transformed into banks in 2016 LOANS CLASSIFIED BY TYPE OF BUSINESSES AS OF DECEMBER 31, 2016 (millions of KHR)

69 LOANS AS PERCENTAGE OF DEPOSIT AS OF DECEMBER 31, 2016 Table 33 1 USD = 4,037 KHR (millions of KHR) Type of Businesses Loans Deposits Microfinance Deposit Taking Institutions (MDIs) Loans to Deposit Ratio Loans Deposits Loans to Deposit Ratio 1 AMK Co., Ltd. 610, , % 519, , % 2 Amret Co., Ltd 2,258,282 1,146, % 1,666, , % 3 Hattha Kaksekar Limited 1,797,449 1,453, % 1,472, , % 4 Kredit Microfinance Institution Plc 574, , % 520, , % 5 LOLC (Cambodia) PLc 886,278 78, % 762,837 1, Prasac Microfinance Institution Limited 4,161,665 2,499, % 3,469,199 1,893, % 7 Visionfund (Cambodia) Ltd 580, , % 511,645 95, % Sub Total 10,868,481 5,955, % 8,922,509 4,246, % Microfinance Institutions (MFIs) 8 Active People's Microfinance Institution Plc 87, , Apple Finance Plc 4, Bamboo Finance Plc 7, , BAYON Credit Limited 10, , BORIBO Microfinance Institution Plc 12, , Camma Microfinance Limited 29, , Cellcard Finance Plc 1, , Century Cambo Development Plc Chamroeun Microfinance Limited 33, % 35, % 17 City Microfinance Plc 34, , Delta Microfinance Plc 36, , Entean Akpevath Pracheachun Limited 15, , Farmer Finance Ltd 1, , Atom Capital Microfinance Institution 23, , First Finance Plc 79, , Green Central Microfinance Ltd 34, , Intean Poalroath Rongroeurng Ltd 45, , BNKC (Cambodia) Microfinance Institution Plc 11, , KEY Microfinance Institution Plc 3, , Khemarak Microfinance Institution Limited 1, , LY HOUR Microfinance Institution Plc 165, , Maxima Mikroheranhvatho Plc 39, , Microfinance Amatak Capital Plc 12, , Mohanokor Microfinance Plc 68, , Nirorn Microfinance Plc 44, , Oro Microfinance Plc 67, , Piphup Thmey Microfinance Plc 290, , Prime MF Microfinance Institution Ltd 32, , Prince Finance Plc 44, , Royal Microfinance Plc 11, , Sachak Microfinance Plc 8, , Sahakrunpheap S.T Microfinance Plc 3, , Sambat Finance Plc 14, , SAMIC Microfinance Institution Plc 58, , Samporn Samakum Sahakreas Thuntoch Neung Matjum Kam 7, , Samrithisak Microfinance Limited 43, , Seilanithih Limited 17, % 14, % 45 Sonatra Microfinance Institution Plc 49, , Srey Oudom Microfinance Plc 19, , Taca Microfinance Plc 5, , TBB (Cambodia) Microfinance Institution Plc 28, , Woori Finance Cambodia Plc 90, YCP Microfinance Limited 24, , Samaky Micrifinance Plc 1, Collective Win Cambodia Plc 7, Funan Microfinance Plc. 39, Futaba Microfinace Plc. 25, Mothers Financial Japan Plc 6, Chokchey Plc 5, Sabay Credit Commercial PLC 8, Sahaka Plc 6, Cambodia Labor Care Plc 1, Idemitsu Saison Microfinance (Cambodia) Plc 34, Golden Cash Plc 5, LED Plc 4, JET's Cash Box Finance Plc % Asia Pacific Finance Plc 2, PRASETHPHEAP Finance Plc 12, T&GO Finance Plc 1, GROW Plc LBP Microfinance Plc 3, ANAKUT Microfinance Institute Plc 2, Sub Total 1,793,006 1, % 1,297,131 1, % Total 12,661,487 5,957, % 10,219,640 4,248, % Note: AEON, ANGKOR ACE and SATHAPANA transformed into banks in 2016

70 in Billion of KHR 60,000 50,000 40,000 30,000 20,000 10,000-83% 87% 76% 75% 13,842 10,467 Loans to Deposits Ratio 17,479 13,135 20,974 17,474 26,911 23,354 97% 96% 30,204 29,370 39,727 38, % 101% 45,868 46,777 55,700 56, Deposits Loans Loans to Deposits Ratio 120% 100% 80% 60% 40% 20% 0% in Billion of KHR % 42% Net Profit 70% 48% 39% 39% 0% % 70% 60% 50% 40% 30% 20% 10% 0% 30,000 25,000 20,000 15,000 10,000 5, % 50% 0% Total Employees of All MFIs 55% 60% 50% 32% 40% 22% 23% 30% 25% 16% 20% 17% 6,330 7,715 10,150 15,708 19,590 22,704 26,568 10% 0% FOREIGN AND CAMBODIAN SHARE OF PAID UP CAPITAL 23% 25% 25% 24% 25% 23% 32% 39% 77% 75% 75% 76% 75% 77% 68% 61% Foreign share % Cambodian share % in Billion of KHR 15,000 10,000 5,000 - Others Household Construction Transportati Services Trade and Agriculture 1, % 2,591 Loans and NPLs Ratio 0.2% 0.3% 3,460 5, % 0.6% 8,219 10, % 12, Loans ,000 1,250 1,305 1,500 2,000 2,346 2,370 2,500 3,000 3,211 3,500 3,600 4, % 1.4% 1.5% 4, % 0.5% 0.0% Total Loans Classified by Type of Businesses In Billion of KHR 4,211 4,314