GRAND TWINS INTERNATIONAL Cambodia Plc Initial Public Offering

GRAND TWINS INTERNATIONAL (Cambodia) Plc. 崑洲股份有限公司（柬埔寨） Initial Public Offering 首次公開發行股票 (xx xx xxxx) Grand Twins International You Wear, We Care.

DISCLAIMER / 免責聲明 Grand Twins International You Wear, We Care. All statements made today, other than statements of historical fact, are deemed to be forward-looking statements. These statements are based on Grand Twins International’s (GTI) current plans and expectations and involve risks, uncertainties and other factors that may cause our actual results, performance or achievements to be different from any future results, performance and achievements expressed or implied by these statements. Information concerning these risks, uncertainties and other factors is contained under the headings “Risk Factors” and “Forward Looking Statements” and elsewhere in the Disclosure Document of GTI filed with the Securities and Exchange Commission of Cambodia. 今天所有的陳述，除歷史性的陳述外，被視為前瞻性陳述。 這些都是基於 崑洲股份有限公司的目前計劃、預期、相關風險、不確定性以及可能導致 公司的實際結果， 績效和成就於任何未來的結果，績效和成就所表達或隱 含所相差的其他因素。 有關這些風險，不確定性和其他因素的信息請查閱 “風險因素”及“前瞻性陳述”，或在柬埔寨證券委員會的崑洲股份有限公司 的公開說明書。 P age 2

IPO INFORMATION / IPO 信息 (1) Grand Twins International You Wear, We Care. IPO Team / Partners IPO 團隊 / 參與者 Issuer Grand Twins International (Cambodia) Plc. 發行公司 崑洲股份有限公司 Sold Underwriter Phnom Penh Securities Plc. 承銷商 金邊證券股份有限公司 Partners BDO, SOK & HENG Attorneys and Consultants, VTrust Property, Tricor, and Canadia Bank 參與者 Selling Agents 銷售代理人 Sonatra Securities Plc. , SBI Royal Securities, ACLEDA Securities, Tong Yang Securities (Cambodia) Plc. , CAB Securities Limited, RHB OSK Indochina Securities, Cana Securities Ltd. , Cambodia Vietnam Securities. P age 3

IPO INFORMATION / IPO 信息 (2) Grand Twins International You Wear, We Care. Offering Summary 發行股票摘要 No. of Offering Shares 發行股數 8, 000 Shares (Ratio: 20%) 8, 000 股 (比率: 20%) Offering Price 發行價 Tentative Timetable 預期時程表 KHR 7, 400 – 14, 000 (USD 1. 85 – 3. 50*) 7, 400 – 14, 000 柬幣 (1. 85 – 3. 50* 美金) SECC approval in principle on Disclosure Document SECC 原則批准公開說明書 XX XX XX Par Value 面� KHR 1, 000 (USD 0. 25) 1, 000 柬幣 (0. 25 美金) Book-Building 詢價圈購日期 XX XX XX P/E Ratio P/E 比率 8 times – 16 times 8 – 16 倍 Subscription 認購日提 XX XX XX Offering Amount 發行金額 KHR 59. 2 B – 112 B (USD 14. 8 M – 28 M) 592– 1120 億柬幣 (14. 8 M – 28 M 美金) Listing Date 上市日期 XX XX XX Used of Proceeds 資金用途 Total Shares Post-IPO 上市後總股數 Working capital, capital expenditure, repayment of bank borrowing, and other general corporate purposes. 運轉�金，�本支出，���行借款， 及其他一般企�用途。 40, 000 Shares (100%) 40, 000 股 (100%) * Reference exchange rate: KHR 4, 000 = USD 1 P age 4

IPO INFORMATION / IPO 信息 (3) Grand Twins International You Wear, We Care. Ownership Structure Post IPO 上市後股權結構 Lock-Up 鎖股 Number of Share 股數 % Grand Twins International (BVI) 16, 400, 000 41% 1 Year 1 年 Hope Ride Limited 3, 840, 000 9. 60% 1 Year 1 年 Shareholder 股東 Lock-up period 閉鎖期 Individual investor 其他個人 投資者 29. 40% Grand Twins International (BVI) 41. 00% Hope Ride Limited 9. 60% Other 20. 00% Potential investor 潛力投資者 40% Subscription 認購 Book 18% building 詢價圈購 42% PI: Potential Investors BB: Book-Building Investors SS: Subscription Investors P 5

COMPANY OVERVIEW / 公司概況 (1) Grand Twins International You Wear, We Care. Profile / 公司簡介 Company 公司名稱 Grand Twins International (Cambodia) Plc. 崑洲股份有限公司 （柬埔寨） Establishment 設立 1997 (年) CEO 執行長 Mr. Liao Chung-Te 廖宗德先生 Main Business 主要營業 Textile products 紡織產品 Type of Business 營業類型 ODM for World-Renowned brands, i. e. Adidas® Group 原始設計製造商給世界知名品牌, 例如 Adidas® Group Registered Capital 註冊資本 USD 8 Million (1997) 8百萬美金 (1997年) Land Size / 佔地面積 32, 341 m 2 (平方米) Total Employee 總員 人數 5, 605 people (2012) Address 地址 Phum Trapaingpoe, Sangkat Chom Chao, Khan Posenchey, Phnom Penh, Kingdom of Cambodia Website 網頁 www. grandtwins. com. kh P age 6

COMPANY OVERVIEW / 公司概況 (2) Recognition 認可 Grand Twins International You Wear, We Care. Toward the Best and Leader 向最優和領先前進 2008 -2012: (1) Appreciated by ILO for an excellent working environment . (2) obtained certificate of C-TPAT. (3) Significant revenue growth (up to 25%) and ROI reached more than 400%. （1）獲得國際勞動組織良好 作環境的讚 賞。（2）獲得C-TPAT證書。 （3）收入 增長顯著（可達 25％）和投資回報率達到 了400％以上。 2004 -2007: Fast growing period, and won ISO 14001 and OHSAS 18001. /快速增� 的� 期，并荣� ISO 14001及OHSAS 18001 1997: Established under a name “QMI Industry co. , Ltd. / 成 立 “QMI Industry co. , Ltd. 2012 -13: Changed name to Grand Twins International (Cambodia) Plc. and increased registered capital to US$ 8 m for being qualified to going public. /以便符合上市公司條件，公 司更換名稱為崑洲股份有限公司 ( 柬埔寨)， 並增加註冊資本至 8百萬 美金。 2007 -08: Became Grand Twins Co. , Ltd, and won another global certificate: ISO 9001. /成為崑洲有 限公司, 並獲得全球證書 ISO 9001 2001 -04: Recognition world-wide thanks to global awards year-over-year for both performance and quality. 由於獲 得年度全球� � 包括績效和� 量而得到 世界認可 Time 時間 P age 7

COMPANY OVERVIEW / 公司概況 (3) Grand Twins International You Wear, We Care. Board of Directors / 董事會 Name of Directors 董事名稱 Mr. Yang Shaw-Shin 楊紹欣先生 Mr. Liao Chung-Te 廖宗德先生 Oknha Ly Kunthai Position 職位 Experience 作經驗 Non-executive Chairman 非執行主席 >30 years in Garment industry 擁有製衣行業超過30年的經驗 Executive Director and CEO >20 years in Garment industry 執行董事和執行長 擁有製衣行業超過20年的經驗 Independent Director 獨立董事 Ms. Su Yu Chin 蘇玉錦小姐 Mr. Chen, Tsung-Chi 陳聰淇先生 President of Alpha Property Construction Co. , Ltd 公司的主席 Non-executive Director >20 years in Garment industry 非執行董事 擁有製衣行業超過20年的經驗 Non-executive Director >30 years in Garment industry 擁有製衣行業超過30年的經驗 非執行董事 P age 8

BUSINESS MODEL / 營業模式 (1) Grand Twins International You Wear, We Care. Who We Are & Who We Target 我們是誰，誰是我們的目標 A Leading Original Design Manufacturer (ODM) for World-Renowned brands, especially Adidas®, who stands more than 80% of our total order. 本公司是一個領先原始設計製造商給世界知名品牌, 尤其是佔有我們總訂單超過80%的 Adidas Group. 2012 11% 2% Adidas Salomon Others 87% P age 9

Grand Twins International BUSINESS MODEL / 營業模式 (2) You Wear, We Care. How We Work 作流程 Every step we work carefully for the best quality and highest satisfaction to our customers to ensure a leading position in the market. 對於每個 作步驟，我們非常仔細于保證最優質及客戶最高的滿意度以確保在市場上 的領先地位。 Cutting 切割 Surface Feature Assembly 組織表面 Stitching 拼接 Final Production 最終�品 Packaging Washing 洗條 & Warehousing 包裝及倉存 P age 10

BUSINESS MODEL / 營業模式 (3) Grand Twins International You Wear, We Care. What We Have & Produce 產品 Production Line Installed capacity 生產線 安裝容量 Sewing lines for mass production 52 production lines（�線 ） 大規模生�的縫紉線 Sewing lines for samples 13 production lines（�線） 樣品的縫紉線 Sewing machines ��机 3, 450 units （單位） Supply Capacity : 650, 000 pcs per month in 2012 (increased 8. 33% compared to 2011) 供應容量 : 2012年每個月 650, 000單位 (比 2011年增長 8. 33%) Jacket(W) Padded Vest Down Jacket 3% 1% 3% Pants(W) 6% Suit Jacket/Pants 26% Shell Pants 7% Padded Jacket 8% Other 15% Shell Jacket 9% Padded Jacket 10% Jacket(K) 12% P age 11

STRATEGIES / 戰略 (1) Grand Twins International You Wear, We Care. Why World-Renowned Brands Love GTI 為何世界知名品牌選擇崑洲 Strategic Drivers 戰略 Results for Clients 客戶效果 ü Leading Innovation 引領創新 ü Up-to-date clothes design 最新的服裝設計 ü Efficient and Effective Production 高效和有效的生產 ü Sales growth 銷售增長 ü Best Quality 最佳質量 ü Better profit margin 良好的利潤率 ü 100% excellent quality with ü Strong Client Relationship on time delivery 100％優良的品質及準時交貨 強大的客戶關係 P age 12

Grand Twins International STRATEGIES / 戰略 (2) You Wear, We Care. Why Adidas® Adores GTI 為何 Adidas® 選擇崑洲 In addition to achieving international standard of produce clothes, GTI is also qualified with strict requirements of Adidas® 除了獲得生產衣服的國際標準，崑洲也符合Adidas® 的嚴格條件 ED SS 通過 PA GTI Adidas® Requirements / 條件 q ü Non-toxic material and manufacturing under the best possible condition. 無毒材料以及在最好的可能條件下製造 ü Best employment treatment. q 最佳就業環境 q ü Excellent environment protection 優秀的環保 ü Concrete plan on health and safety q issue 健康及安全的具體計劃 P age 13

Grand Twins International PERFORMANCE / 公司績效 (1) You Wear, We Care. Rising Revenue & Return Significantly 收入和回報的增長率 $ 100, 000 $ 90, 000 ) 5%. 2 R (1 $ 80, 000 AG $ 70, 000 e Rev : C nue $ 60, 000 $ 50, 000 $ 40, 000 $ 30, 000 (25. 0%) ROI: CAGR $ 20, 000 $ 10, 000 $ 2008 2009 Revenue 2010 2011 2012 Return on Investment After Tax 2013 E 2014 E 2015 E ROI Accumulation P age 14

PERFORMANCE / 公司績效 (2) You Wear, We Care. Revenue by Brand (Million USD) 按品牌分類的收入(百萬美金) 70 60 3. 31 6. 76 50 40 Grand Twins International 1. 09 6. 13 Others 5. 04 1. 06 3. 88 Sundek 3. 66 Reebok 30 49. 66 Salomon 47. 64 20 Adidas 33. 82 10 0 2011 2012 P age 15

PERFORMANCE / 公司績效 (3) Grand Twins International You Wear, We Care. Revenue by Product (Million USD) 按產品分類的收入 (百萬美金) 70 60 50 6. 52 40 30 Other 5. 17 4. 30 1. 48 3. 21 4. 29 4. 17 20 4. 50 10 4. 81 2. 74 3. 50 4. 11 2. 65 1. 38 2. 67 4. 69 Short(W) 9. 93 5. 44 0. 70 1. 55 1. 56 3. 31 3. 89 6. 32 4. 97 6. 17 9. 18 10. 23 Pants(K) Padded Vest Jacket(W) Down Jacket Ball Fiber Jacket Pants(W) Shell Pants Shell Jacket(K) Padded Jacket 7. 93 10. 12 2010 2011 13. 61 Suit Jacket/Pants 2012 P age 16

PERFORMANCE / 公司績效 (4) Grand Twins International You Wear, We Care. Key Financial Data 主要財務數據 P age 17

PERFORMANCE / 公司績效 (5) Grand Twins International You Wear, We Care. Best Investment Option / 最好的投資選擇 (1) Outstanding performance among big listed companies (international garment factories) 在大型上市公司中表現突出 (國際服裝 廠) ü ü ü P age 18

Grand Twins International PERFORMANCE / 公司績效 (6) You Wear, We Care. Best Investment Option / 最好的投資選擇 (2) Not only best performance, but also a CHEAP stock in valuation! 不但績效最好，也是估值最便宜的股票！ The Max value (16 times) is still LOWER than the others. Having More Rooms to Rise! P/E最高� （16倍） 依然比其他公司低。 有更多的升價空間！ P/E Comparison P/E 相比 40 35 30 25 20 16 x 15 10 5 ld ** W or ia d So ut h As sh SE A an gb in N Fa st o S R ha n et a ex t T la Ec an g ilin e til TI G * Average value selected from 74 listed companies in 10 countries 平均值從 10個國家的74上市公司中選擇 ** Average value selected from 679 listed companies in 37 countries 平均值從 37個國家的679上市公司中選擇 * 0 P age 19

PROSPECTIVE / 公司遠景 (1) Grand Twins International You Wear, We Care. Market Expansion / 市場拓展 Existing Market / 現有市場 New Market / 新市場 We will benefit from the growth of sales* (15% y-o -y) of Adidas, whose revenue in 2012 was US$19. 68 B. 從Adidas的銷售增長中獲得收益* (每年 15%), 2012 年的收入為 196. 8億美. We expect to have several giant international brands by 2015 thanks to their increasing demand. 預期在 2015年獲得幾個巨頭國際品牌， 感謝對於他們的需求增長。 GTI * According to Global Industry Analyst Inc. P age 20

PROSPECTIVE / 公司遠景 (2) Grand Twins International You Wear, We Care. Fast Growing / 快速增長 Cambodia Export Vs. World Export (US$ Bn) 柬埔寨出口 Vs. 世界出口 (十億美金) 800. 00 Export 2000 2012 CAGR Cambodia 1. 06 4. 45 11. 69% World 353 708 5. 51% 600. 00 Ranking 39 18 - 500. 00 700. 00 Source: GMAC and WTO 400. 00 300. 00 200. 00 1. 06 1. 16 1. 34 1. 61 1. 98 2. 19 2. 65 2. 89 2. 98 2. 42 3. 01 4. 05 4. 45 - 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Cambodia Export (US$ Bn) 1. 06 1. 16 1. 34 1. 61 1. 98 2. 19 2. 65 2. 89 2. 98 2. 42 3. 01 4. 05 4. 45 World Export (US$ Bn) 353 342 358 406 454 481 528 586 614 527 605 711 708 Source: GMAC and WTO P age 21

Grand Twins International PROSPECTIVE / 公司遠景 (3) You Wear, We Care. Enormous Opportunity / 巨大機會 Cambodia Export (US$ Bn) 柬埔寨出口(十億美金) Global Apparel Market Size (US$ Bn) 全球服裝市場規模 (十億美金) 25. 00 2, 500 20. 00 : 4% 2, 000 3% R CAG 1 R: G CA 15. 00 1, 500 10. 00 1, 000 500 - 2010 2015 Source: Industry insider and PPS estimate 2020 2025 2010 2015 2020 2025 Source: Technopak Advisor and PPS estimate P age 22

Grand Twins International COMPETITION / 競爭 (1) You Wear, We Care. Few Players … 競爭者… Shen Zhou Cambodia Global Apparel Limited KKN Apparel Grand Twins International Sportex Industry H&L Apparel (Cambodia) Nan Kuang Garment (Cambodia) Yi Rong (Cambodia) Knitting P age 23

Grand Twins International COMPETITION / 競爭 (2) You Wear, We Care. … Not Really … 不只是 ik n L sha Fo iles t Tex KKN Apparel ai Erateks Tekstil San. Ve Tic. Ltd. Sti Exal Packaging S. A Hemie Manufacturers Huge S ky Enterpri se g agin Sangwoo (Cambodia) Co. , Ltd k Pac Exal International Safety Products ltd Asia Socks (Haining) M&V International Manufacturing Global Apparel Limited Hi Fa sh Co. Lt iopn d Chuan Mei Glove (Vietnam) Co. Ltd Uni Gear Ltd. Chuan Mei Glove (Vietnam) Co. Ltd Shen Zhou Cambodia Lawnyard Vietnam Co. Ltd Fashion Garments 2 Co. Ltd C h i T at Co mpan Co. , y Ltd nal natio Inter V g & n M cturi anufa M r rtwea r Spo 8 Sta td Co. L Forrest Enterprises, Inc. Nantai Garment Factory (Cambodia) Ltd Kanaan Saigon Co. Ltd Tripos International (Cambodia) Co. , Ltd S. A Grand Twins International Nan Kuang Garment (Cambodia ) Sportex Industry Ruby Red Garment Manufacturing SAE Dada (Dhaka) Ltd o Ltd , o. w o g C San dia) mbo (Ca E Garment Co. Ltd td ing Hs Co. , L o t n Ro e rm New Holland Ga Lingerie de Honduras Peace Glory (Cambodia) Co. , Ltd Yia-Chyns Textile Corp H&L Apparel (Cambodia) Yi Rong (Cambodia) Knitting Zhangjiagange FTZ Supertex International Textiles Co. , Ltd JIT Te Lim xtiles ited Din Han Enterprise (Cambodia) Co. , Ltd Berry Apparel (Cambodia) Co. , Ltd Chi Tat Company Co. , Ltd Yu Fa G Ind arm t n e ust rm ent a G i ta ry C Nan ) ia o d (Ca . , Lt Cambo m ( ry d to bod c Fa ia) Ltd. PPXS Garments Limited P age 24

Grand Twins International HOW WE WIN / 為何崑洲贏 You Wear, We Care. There are high barriers to compete with us and get success, and the impact is minimal. 要在競爭中獲得成功需經過很多障礙，且對本公司的影響最低 How GTI Win 為何崑洲贏 Strengths 優勢 Competitive Advantages 競爭優勢 P age 25

STRENGHS / 優勢 (1) Grand Twins International You Wear, We Care. ü ü Best Quality Commitment / 有做出最優質的決心 Trusted Manufacturer / 可信賴的製造商 Strong Management Team / 強大的管理團隊 Leading Innovation & Technology / 領先的創新和技科 P age 26

Grand Twins International STRENGHS / 優勢(2) You Wear, We Care. Best Quality Commitment / 最優質的決心 Meet specifications & requirements 符合規格和條 件 Audit twice a year by customers 由客戶每年審計 兩次 Strictly Quality Control 嚴格的質量控制 Various checks & tests at every production stage 在每個生�階段做 各項檢�和試驗 Raw material & Product Checking 原料和�品檢 � Fully trained by major customers 由主要客戶全面 訓練 P age 27

Grand Twins International STRENGHS / 優勢 (3) You Wear, We Care. Trusted Manufacturer / 可信賴的製造商 Global Recognitions 全球認可 Certificate of C-TPAT: 2010 Performance Award: 2002 ISO 9001: 2008 Quality Management System Best Quality Award: 2003 OHSAS 18001: 2007 Occupational Health and Safety Management System Best Quality Award: 2002 ISO 140001: 2004 Environmental Management System Best Quality Award: 2001 P age 28

STRENGHS / 優勢 (4) Grand Twins International You Wear, We Care. Strong Management Team 強大的管理團隊 Once again, our management team has: 我們的管理團隊： ü At least 20 years of experience in garment industry, 擁有在制服行業至少 20年的經驗 ü Deep knowledge & understanding of the material and production, and 對材料和生產有深度的知識和了解, 並 ü Well structured hierarchy compared to other garment factories. 擁有比其它制服廠的良好結構。 P age 29

STRENGHS / 優勢 (5) Grand Twins International You Wear, We Care. Leading Innovation & Technology 領先的創新和技科 To ensure the best products for our clients, we not also keep training our manpower to be more skillful, but also continue investing million dollars in technology: 為確保提供給我們客戶最優秀的產品，我們不但繼續培養人才以更熟練， 也繼續在科技投資數百萬美金： ü Three-dimension sampling program / 三維採樣方案 ü Latest technology for “Down” product / 為“Down”產品的最新技術 ü Environmental-friendly fabric / 環保面料 ü Creative clothes design / 創意服裝設計 P age 30

COMPARATIVE ADVANTAGES / 競 爭 優 勢 Internal (Local) 內部 External (Global) 外部 Grand Twins International You Wear, We Care. v v Biggest factory* / 最大 廠* On time delivery / 準時交貨 Best CSR / 最佳企業社會責任（CSR) Highest employee satisfaction (no labor disruption) and excellent salary package / 最高員 滿意度（無勞動中 斷）和最好的薪酬待遇 v Unique manufacturer for the whole MAIN products of Adidas** / 為 Adidas** 的整個主要�品的唯一製造 商 v Better price thanks to lower cost / 由於低成本，有較好的價格 v Custom exemption to Canada and European Union / 加拿大和歐盟海關 豁免 v More benefits of geographical diversification / 從地域多元化獲得更 多的益處 Source: ITMF (2012), Thai Garment Association (2011), and PPS staff estimate * No. 2 among 400 factories according to GMAC / 根據GMAC的資料，在 200 廠中的第二名 ** Adidas strictly audits any factory before having a deal with, and the whole process needs to take time between 2 -3 years. /在與 廠交易之前，Adidas有嚴格的審計，且所有程序需要大概2 -3年之間. P age 31

WAY TO PROSPERITY / 向繁榮之道 (1) Grand Twins International You Wear, We Care. Again, IPO – Coming Action 再次, IPO – 未來行動 We are on the right track, and we are quite confident to keep ourselves as the leading factory, with even bigger operational capacity for catching up the opportunity of growing market size of global apparel consumption. And this great ambition is going to happen by strategic financial increment, which is called going public or “IPO”. 我們正在正確的軌道上，且在較大的操作容量下將獲得全 球服裝消費市場規模增長的機會更大，因此我們有信心保 持自己作為領先的 廠。這個偉大的野心是由財務增資戰 略，稱為首次公開發行股票或“IPO”。 P age 32

WAY TO PROSPERITY / 向繁榮之道 (2) Grand Twins International You Wear, We Care. Expected Use of Proceeds / 預期資金用途 Why such BIG amount? 為何需要如此 龐大的金額？ Working Capital for Expansion 運轉資金用 于拓展 (58%) Other Corporate Purposes and Listing Expense 其它企業用途 及上市費用 (8%) CAPEX 資本支出 (27%) Repayment of Loan 償還貸款 (7%) P age 33

WAY TO PROSPERITY / 向繁榮之道 (3) Grand Twins International You Wear, We Care. Production Cycle: 192 days 生產週期: 192天 GTI P age 34

WAY TO PROSPERITY / 向繁榮之道 (4) Grand Twins International You Wear, We Care. Dividend Policy / 股利政策 ü Net profit after tax shall be compensated for loss occurred in previous years 稅後淨利應與前年度發生的損失想抵消. ü The remaining after distribution, 10% of net profit after tax shall be reserved for future loss 抵消後，稅後淨利的10％應儲備為未來損失。 ü After the compensation for loss and reserves the remaining profit will be distributed as below: 損失抵消及儲備後，剩餘的利潤應分配如下： Ø No more than 3% of net profit after tax will be paid as compensation for BOD. 不超過稅後淨利的3％，將付給董事作為報酬 Ø Not less than 5% of net profit after tax will be paid to employee as a bonus. 不低於稅後淨利的5％， 將支付給員 作為獎金 ü Any remaining amount following above distribution will be paid fully or partially as dividend to ordinary shareholders or reserve for other purposes as determined by the BOD. 上述分配後，剩餘的金額將由董事會決定全部或部分支付股息給普通股股東或儲備用於 其它目的。 P age 35

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