12 July 2019
Daiwa PI Partners Co. Ltd.
Daiwa Corporate Investment Co., Ltd.

Establishment of “DAIWA Myanmar Growth Fund”
Daiwa PI Partners Co. Ltd. (“DPI”) and Daiwa Corporate Investment Co., Ltd. (“DCI”) as
Co-General Partners are pleased to announce the establishment of "DAIWA Myanmar
Growth Fund". (The “Fund”)
Total capital commitment of the Fund is USD 30million, contributed by Co-General
Partners and Taiyo Life Insurance Company. The Fund will invest primarily in unlistedcompanies operating in Myanmar, where is expected to achieve strong economicgrowth over the next decades. The Fund aims to provide growth-capital as well asactive hands-on supports to fast-growing companies in Myanmar to contribute theincrease of their corporate value and vitalization of the country’s economy.

1. Purpose
Myanmar is expected to continue its sustainable high economic growth driven by
expansion of domestic consumption along with the rise of middle income class in thelarge population of over 50million (average age of 28 years) and the surge of theimportance as a destination for foreign direct investment (“FDI”) and favorable export
condition.
Since the new government took office in 2011, when the military government’s control
was over, Myanmar government has initiated a process of extensive political andeconomic structural reform. In recent years, international community has witnessed
many positive changes in Myanmar, especially the efforts to open up its economy toglobal market by enforcing the new Foreign Investment Law and Myanmar Companies
Law, as well as the positive impact from lifting of economic sanction. With thecountry’s plentiful resources, geographical advantage and the input of foreigninvestment, Myanmar is now ready to pursue stronger economic growth with more

international exposure.
Since June 2017, DPI has been expanding its private equity investment in Myanmar,
so-called “the last frontier of Asia” through its own principal capital.
To further capture the opportunities of high potential of economic growth in Myanmar,
DPI and DCI have decided to establish the Fund dedicated mainly to the privatecompanies actively operating in Myanmar.
We strongly believe that the Fund, by supporting the growth of portfolio companies,
will be able to contribute to the better quality of life of people in Myanmar through theimprovement of relevant social infrastructure and life convenience.

2. Investment Strategy of the Fund
The Fund’s investment focus areas are consumer goods & services-related sector,
where strong growth is expected, driven by attractive demographics, rapid
urbanization, rise of middle income class and changes in life style, andtelecommunication & logistics Infrastructure sector, that are essential to the rapid
economic and social development.
In order to secure a meaningful influence on the corporate governance of each
investee companies and encourage enhancing their value, the Fund intends to make asignificant minority with an ownership of 10% to 30% and take appropriate board seatsof each investee companies as well as providing growth-capital.
Key Terms of the FundName:

: DAIWA Myanmar Growth Fund L.P.

Total Fund Commitment:: USD 30 million

General Partners:: Daiwa PI Partners Co. Ltd. andDaiwa Corporate Investment Co., Ltd.

Fund Maturity:: 12 years (Investment period: 5years)

3. Contact
Daiwa PI Partners Co. Ltd.
TEL: +81-3-5555-6001
Daiwa Corporate Investment Co., Ltd.
TEL: +81-3-5555-6300