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ACLEDA Bank Was Selected for the 10^th Anniversary of Triodos Doen Award

June 16, 2004

Mr. In Channy, General Manager of ACLEDA Bank receives Award from Madame Marilou van Golstein Brouwers, Senior Fund Manager of Triodos Doen

On the occasion of the 10^th Anniversary of Triodos Doen, Mr. In Channy, ACLEDA Bank General Manager, Mr. Chhay Soeun, ACLEDA Bank Finance Department Manager, and Mr. Prom Visoth, ACLEDA Bank Company Secretary and Legal Team Leader are invited to participate which was held on June 16, 2004 in the Zeist, the Netherlands.

Within the occasion Mr. In Channy was invited to give a short speech to the invited guests of Triodos Doen that open an opportunity for him to express his regards to Madame Marilou van Golstein Brouwers, Senior Fund Manager, Madame Metchel, Senior Manager of Triodos Doen; distinguished guests, ladies and gentlemen, and friends and colleagues those who participated in the occasion. He also mentioned that it was a great pleasure to be with them to celebrate the 10th Anniversary of Triodos-Doen. On Behalf of the ACLEDA Bank team and himself, he would like to offer our warmest congratulations on Triodos-Doen's achievements over the last ten years. As one of our original investors Triodos-Doen helped give life to our bank. Last year, Triodos re-affirmed their confidence in us by subscribing to our rights issue which more than trebled our capital and led to our being upgraded to a commercial bank by the National Bank of Cambodia. He therefore welcome that opportunity to be able to report to them in person what their investment has accomplished and what it means to people of Cambodia.

The 10^th Anniversary of Triodos Doen Award presented to ACLEDA Bank Plc.

In 1998, when Triodos-Doen first committed to supporting ACLEDA, we had a loan portfolio of just 10.1 million US dollars reaching out to 55,215 small borrowers. We employed 318 staff at 27 offices in 11 provinces of Cambodia. Today — with Triodos Doen's help — we are the second largest lender in the country with 107,709 active borrowing customers, nearly 70% of them women, with total loans outstanding of 48.4 million US dollars. In addition, we have introduced savings accounts to ordinary people in the urban and rural areas through our network of offices which now numbers 114 in 21 of the 24 provinces. Some 41,000 small savers who previously did not have access to a bank now entrust ACLEDA with their money and our total deposits have grown from almost nothing three years ago to nearly 21 million US dollars today. We have also brought to the people new services allowing them to freely transfer funds throughout the country, and to and from overseas. We have introduced payroll accounts to factories and businesses which not only alleviates the burden — and risk — attached to cash payments but also encourages the employees to save. After becoming a fully fledged commercial bank, ACLEDA Bank Plc. now employs a total of 1,854 staff—most of whom are graduates—and offers a wide range of banking and financial services to entrepreneurs in micro and small businesses, as well as medium size enterprises all over the Kingdom of Cambodia.

People often ask Mr. In Channy, "Now that you have a full commercial bank license does it mean that you are turning your back on the small borrower?" On the contrary, our microfinance portfolio is the fastest expanding part of our business and a large part of the growth in the medium size segment comes from former micro and small scale customers whose success has helped them to move up the economic ladder. ACLEDA, which enjoys a predominant position it the microfinance sector, would be foolish indeed to turn its back on the source of its past—and future—success!

Mr. In Channy also added that it is his firm belief that sustainable microfinance is an important tool for economic growth at grass roots level. It provides a stimulus to social development and is a powerful weapon in the fight against poverty in Cambodia.

On that important and joyful occasion, he also offered our deepest thanks to Triodos Doen, as well as Triodos Fair Share Fund and all our other shareholders, for your investment in ACLEDA Bank. Any success we have enjoyed is also your success!

May we all now from ACLEDA Bank wishing Triodos Doen many more decades of achievement and prosperity and may our happy partnership long continue!