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Moody's Upgrades ACLEDA Bank's Foreign Currency Issuer Rating to B1

May 24, 2007

Singapore, May 24, 2007 — Moody's upgraded the foreign currency issuer rating of ACLEDA Bank to B1 from B2. The action follows the assignment of a foreign currency debt ceiling of B1 to Cambodia on May 21, 2007.

"ACLEDA Bank's foreign currency issuer rating of B1 is constrained by Cambodia's foreign currency debt ceiling of B1", explained Patrick Winsbury, a Senior Vice President in Moody's Financial Institutions Group, based in Sydney. "It is therefore below the bank's domestic currency issuer rating of Ba1".

Moody's issuer ratings address the risk of senior, non-deposit obligations.

ACLEDA Bank's other ratings were not affected, already being positioned at the newly assigned sovereign ceiling ratings.

• Domestic Currency Deposit Rating at Ba1
• Domestic Currency Issuer Rating at Ba1
• Foreign Currency Deposit Rating at B3
• Bank Financial Strength Rating at D

The outlook for all of ACLEDA Bank's ratings is Stable.

Commenting on this announcement Mr In Channy, President and CEO of ACLEDA Bank Plc, said “This symbolises the growing confidence in ACLEDA by the international financial community and their recognition of the bank’s commitment to transparency and prudent management. Coming so soon after Cambodia received its first sovereign ratings demonstrates the enormous progress the government has made in reforming the financial sector and will go a long way to building public trust in the banking system. Certainly it will enable ACLEDA to borrow funds at lower rates of interest whenever we need to tap the international markets to grow our business.”

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Mr. Prom Visoth, Senior Vice President & Head of Legal Division
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