FOREWORD The 2018 global economy is projected to grow at the rate of 3.6%, which is approximate to the last year's growth rate. Particularly, Asian economy has shown its potential and maintaining the economic growth with the expectation of5.5% growth rate. This economic growth has provided good opportunities for the Cambodia’s economy, especially for the exportation of tourism and construction, which are the keys in supporting the Cambodia's economy to achieve the economic growth rate of 7.5% in 2018. The continuous inflow of foreign direct investment, the growth of domestic demands, and the development of business activities including the improvement of international trade are the factors to keep the momentum of Cambodia's economic growth in the medium term. Political stability and peace throughout the country under the wise leadership of Samdech Akka Moha Sena Padei Techo HUN SEN, the Prime Minister of the Kingdom of Cambodia, has been favorable for the implementation of macroeconomic and financial policies, which is a part of the Royal Government's Rectangular Strategy Phase 4. These favorable conditions also promote the living standard through growing sustainable economy, boosting domestic investment, creating employments for Cambodian people, enhancing social equity, and strengthening effective governance of public entities. All of these factors have strongly supported the Cambodia's economy to integrate into the regional and global structures and architectures. The banking sector has played an active role in maintaining macroeconomic stability as well as the balanced and inclusive economic development.

The favorable political and economic stability enables the banking sector to grow remarkably. The banking system has proven its resilience to withstand domestic and international competitive challenges, to increase the people's long-term trust, and to provide more efficient and broader financial services. Along with the banking sector's growth, the NBC has continued to closely monitor banking and financial institutions to strengthen the soundness and resilience of the banking system. Various supervisory regulations have been issued subsequently, especially macro-prudential measures, such as increasing bank capital, enhancing liquidity coverage ratio, establishing liquidity risk management framework, strengthening assets quality, and introducing capital buffers in accordance with the Basel core principles, aiming at increasing resilience to shocks and preventing systemic risk. Based on the international best practices, some other Prakas including the calculation of solvency ratio and the supervisory responses to weak banks are in the reviewing and preparation processes for the next step implementation on the basis of law, risk, and forward- looking perspectives.

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For financial sector development and regional integration, the NBC has been paying attention on the implementation of the accounting standards and financial report to ensure consistency and to update the uniform chart of accounts for the banking and financial institutions to implement. Strong growth in both services and means of payment also requires a mechanism to control technological risk for protecting the safety of consumers and the whole banking system. Information on credit to companies has also been incorporated into the credit information sharing system of the Credit Bureau (Cambodia) in addition to the existing information on credit to individuals and this will support the banking and financial institution to conduct the analysis on the credit quality .The initiatives of new projects for increasing women’s access and uses of financial services have been adopted in accordance with the National Financial Inclusion Strategy (NFIS). Furthermore, the NBC has cooperated with the Ministry of Education, Youth and Sport (MoEYS) to integrate financial education into the general educational curriculum. The NBC also launched a project to provide advice related to the use of financial services through 3-2-1 voicemail service. In the meantime, the consumer protection measures are also further enhanced through establishing a consumer protection’s working group, setting up hotlines for handling consumers' complaints and other related issues, and issuing notices on illegal lending activities as well as the use of Crypto Currencies. Being an associate member of the International Association of Deposit Insurers (IADI), the NBC may receive trainings and practical experiences from other members, which would provide value-added inputs for designing the deposit protection scheme such as the inputs on how to determine the premium and to establish legal and institutional frameworks. In order to achieve effective works and to issue proper and timely measures, the qualification of banking supervisors has been frequently strengthened in both knowledge and soft skills. Furthermore, the theoretical knowledge has been usually applied on the real practices through the cooperative frameworks with relevant local and international institutions.

The NBC will keep supporting the Royal Government of Cambodia in the implementation of the Rectangular Strategy, raising the public confidence on banking system, and developing the banking system to be more effective, resilient, competitive, and integrated as well as to further maintain price stability in accordance with the Financial Sector Development Strategy 2016-2025 . The NBC will further strengthen supervision, foster consumer protection, promote the use of Riel, and advance financial inclusion, in which financial inclusion refers to the widely and affordable use of financial services by the mass population.

Phnom Penh, 03 June, 2019 CHEA CHANTO Governor National Bank of Cambodia

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CONTENTS

Foreword ...... i

List of Figures and Tables ...... v

1. Major Development of Banking System ...... 1 1.1. Overview of Banking and Financial Institutions ...... 1 1.2. Financial Position and Performance ...... 4 1.2.1. Banking Sector’s Performance ...... 4 1.2.2. Microfinance Sector’s Performance ...... 8 1.2.3. Financial Leasing Sector’s Performance ...... 10 1.2.4. Rural Credit Institutions’ Performance ...... 11 1.2.5. Money Changers’ Performance ...... 11 2. The Development in Supervisory and Regulatory Frameworks ...... 12 2.1 The Review and Issuance of Banking Regulations ...... 12 2.1.1 Implementation of the Report on Weighted Average Interest Rate on Deposits and Loans ...... 15 2.1.2 Credit Risk Grading and Impairment Provisioning ...... 15 2.1.3 Capital Buffer in Banking and Financial Institutions ...... 16 2.1.4 Implementation of Prakas on Capital Buffer in Banking and Financial Institutions ...... 16 2.1.5 The Maintenance of Reserve Requirement Against Commercial Banks’ Deposits and Borrowings ...... 17 2.2 Supervisory Activities ...... 17 2.3 Termination of Banking and Financial Institutions’ Performance ...... 18 3. Promoting Financial Sector Development and Regional Integration………………. ... 18 3.1 The Development of Financial Infrastructure ...... 18 3.1.1 Accounting and Financial Reporting Standards ...... 18 3.1.2 Credit Bureau Cambodia ...... 18 3.1.3 Payment System’s Performance ...... 20 3.2 Financial Inclusion ...... 21 3.3 Financial Literacy and Consumer Protection ...... 23 3.4 Interbank Market’s Performance ...... 24 3.5 Financing to Real Estate Sector ...... 25 3.6 Deposit Protection Scheme ...... 28 ‐iii‐

4 . Capacity Building on Supervision and International Cooperation ...... 28 4.1 Capacity Building for Bank Supervisors ...... 28 4.2 International Cooperation ...... 29

List of Appendixes ...... 31

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List of Figures and Tables

FIGURES

Figure 1: Structure of Cambodia’s Banking System ...... 1 Figure 2: Banks-Credit Classified by Economic Sectors ...... 5 Figure 3: Banks- Number of Borrower and Depositor Accounts ...... 6 Figure 4: Banks-Loans and Deposits to Customers ...... 6 Figure 5: Banks-Non-Performing loan Ratio ...... 7 Figure 6: MFIs-The Growth of Assets ...... 8 Figure 7: MFIs-Loans and Deposits ...... 9 Figure 8: MFIs-Credit Classified by Economic Sectors ...... 9 Figure 9: MFIs-Quality of Loans Portfolio ...... 10 Figure 10: Types of licensed and authorized money changers ...... 12 Figure 11: The number of authorized money exchangers in the provinces ...... 12 Figure 12: Credit Outstanding and Customer Accounts of CBC ...... 19 Figure 13: Enquiry Check ...... 19 Figure 14: Interbank Market Transactions-Resident ...... 25 Figure 15: Interbank Market Transactions-Non-Resident ...... 25 Figure 16: Market Share of Credit to Real Estate Sector of Banking and Financial Institutions ...... 26 Figure 17: Inflow of FDI into Cambodia’s Real Estate Sector ...... 27 Figure 18: Loan to Real Estate Sector ...... 27

Tables

Table 1: Banking and Financial Institutions’ Network Information: 2014-2018 ...... 2 Table 2: Market Shares of Banking Institutions by Ownership ...... 3 Table 3: The Development in Banking Sector (Y-O-Y Growth) ...... 5 Table 4: Financial Leasing Sector ...... 11 Table 5: Minimum Registered Capital of Banks and Financial Institutions ...... 13 Table 6: The NBC’s regulations ...... 14 Table 7: Investment Flow in Real Estate Sector in Cambodia ...... 26

Boxes

Box 1: IT Risk Management Guideline ...... 21 Box 2: Financial Technology (Fintech) ...... 22

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All data are unaudited and as reported by Banking and

Financial Institutions

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1. Major Developments of Banking System 1.1. Overview of Banking and Financial Institutions

By 2018, Cambodia's economy has remarkably grown and such growth was supported by the domestic political stability. The factors of macroeconomic growth and stability are the key drivers of the stable and sustainable development of the banking system as reflected by the growth of the size and the scope of the operations of banking and financial institutions. The banking system consists of 43 commercial banks, 14 specialized banks, 7 microfinance deposit-taking institutions, 74 microfinance non-deposit-taking institutions, 273 Rural Credit Institutions, 15 financial leasing companies, 1 Credit Bureau Cambodia, 14 payment service institutions, 5 third party processors, 2,779 money changers, 5 representative offices, and 10 audit firms* (Figure 1).

Figure 1: Structure of Cambodia’s Banking System

NATIONAL BANK OF CAMBODIA (CENTRAL BANK)

BANKING INSTITUTIONS MICROFINANCE INSTITUTIONS OTHER COVERED INSTITUTIONS

COMERCIAL BANKS MICROFINANCE DEPOSIT TAKING FINANCIAL LEASING (43) INSTITUTION (7) COMPANIES (15)

SPECIALIZED BANKS MICROFINANCE NON-DEPOSIT CREDIT BUREAU (14) TAKING INSTITUTIONS (74) COMPANY (1)

RURAL CREDIT OPERATORS PAYMENT SERVICE (273) INSTITUTIONS (14)

THIRD PARTY PROCESSORS (5)

MONEY CHANGERS (2,779)

FOREIGN BANK REPRESENTATIVE OFFICES (5)

Source: National Bank of Cambodia AUDIT FIRMS* *Eligible to audit banks and financial institutions (10)

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Table 1: Banking and Financial Institutions Network Information: 2014-2018

2014 2015 2016 2017 2018

COMMERCIAL BANKS LOCAL BANKS– LOCAL MAJORITY OWNERSHIP NUMBER OF BANKS 7 7 7 7 7 NUMBER OF BRANCHES AND HEAD OFFICES 354 375 383 395 403 NUMBER OF STAFFS 14,896 16,239 17,023 17,628 18,171 ATMS TERMINALS 454 544 574 712 825 LOCAL BANKS– FOREIGN MAJORITY OWNERSHIP

NUMBER OF BANKS 6 5 5 5 6 NUMBER OF BRANCHES AND HEAD OFFICES 47 54 225 244 201 NUMBER OF STAFFS 1,444 1,738 6,382 7,607 5,473 ATMS TERMINALS 117 175 276 352 201 FOREIGN SUBSIDIARY BANKS

NUMBER OF BANKS 12 14 14 15 17 NUMBER OF BRANCHES AND HEAD OFFICES 119 142 150 157 239 NUMBER OF STAFFS 2,984 3,529 3,634 4,002 8,817 ATMS TERMINALS 358 391 397 409 769 FOREIGN BRANCHES BANKS

NUMBER OF BANKS 11 10 11 12 12 NUMBER OF BRANCHES AND HEAD OFFICES 21 22 25 31 33 NUMBER OF STAFFS 439 463 530 626 713 ATMS TERMINALS 6 8 13 17 23 TOTAL COMMERCIAL BANKS

NUMBER OF BANKS 36 36 37 39 43 TOTAL NUMBER OF BRANCHES AND HEAD OFFICES 541 593 783 827 876 NUMBER OF STAFFS 19,763 21,969 27,569 29,863 33,174 ATMS TERMINALS 940 1,118 1,260 1,490 1,818

SPECIALIZED BANKS STATE OWNED SPECIALIZED BANKS

NUMBER OF BANKS 1 1 1 1 1 NUMBER OF BRANCHES AND HEAD OFFICES 1 1 1 1 1 NUMBER OF STAFFS 67 75 89 93 101 LOCAL BANKS – LOCAL MAJORITY OWNERSHIP

NUMBER OF BANKS 4 3 5 5 6 NUMBER OF BRANCHES AND HEAD OFFICES 7 7 10 10 11 NUMBER OF STAFFS 178 407 518 510 573 LOCAL BANKS – FOREIGN MAJORITY OWNERSHIP

NUMBER OF BANKS 6 7 9 9 7 TOTAL NUMBER OF BRANCHES AND HEAD OFFICES 8 13 18 18 18 NUMBER OF STAFFS 265 381 862 979 1,250 TOTAL SPECIALIZED BANKS

NUMBER OF BANKS 11 11 15 15 14 TOTAL NUMBER OF BRANCHES AND HEAD OFFICES 16 21 29 29 30 NUMBER OF STAFFS 510 863 1,469 1,582 1,924

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MICROFINANCE INSTITUTIONS MICROFINANCE DEPOSIT-TAKING INSTITUTIONS (MDIS)

NUMBER OF INSTITUTIONS 7 8 7 7 7 NUMBER OF BRANCHES AND HEAD OFFICES 1,383 1,632 1,456 946 928 NUMBER OF STAFFS 15,576 20,808 19,987 21,671 23,285 ATMS TERMINALS 197 298 307 350 355 MICROFINANCE NON-DEPOSIT-TAKING INSTITUTIONS (MFIS)

NUMBER OF INSTITUTIONS 32 50 64 69 4 NUMBER OF BRANCHES AND HEAD OFFICES 1,311 2,186 2,698 471 495 NUMBER OF STAFFS 4,014 5,460 6,581 6,631 6,897 TOTAL MICROFINANCE INSTITUTIONS

NUMBER OF INSTITUTIONS 39 58 71 76 81 TOTAL NUMBER OF BRANCHES AND HEAD OFFICES 2,694 3,818 4,154 1,417 1,423 NUMBER OF STAFFS 19,590 26,268 26,568 28,302 30,182 ATMS TERMINALS 197 298 307 350 355 RURAL CREDIT INSTITUTIONS NUMBER OF INSTITUTIONS 38 109 170 313 273 TOTAL NUMBER OF NETWORK OPERATIONS 509 1,715 2,083 3,366 2,936 NUMBER OF STAFFS 942 3,255 3,670 5,123 4,468 FINANCIAL LEASE COMPANIES TOTAL NUMBER OF INSTITUTIONS 6 9 12 11 15 FOREIGN BANK REPRESENTATIVE OFFICES TOTAL NUMBER OF INSTITUTIONS 7 8 7 6 5 CREDIT BUREAU COMPANY TOTAL NUMBER OF CREDIT BUREAU COMPANY 1 1 1 1 1 Source: National Bank of Cambodia

Table 2: Market Shares of Banking Institutions by Ownership

Assets Loans Deposits Capital Market Shares Dec-17 Dec-18 Dec-17 Dec-18 Dec-17 Dec-18 Dec-17 Dec-18 Commercial Banks Foreign Banks 55.4% 49.2% 55.1% 47.8% 52.8% 46.6% 62.5% 53.6% Local Banks 42.6% 49.0% 42.5% 49.8% 47.2% 53.3% 29.7% 38.9% Specialized Banks Foreign Banks 1.1% 0.9% 1.3% 1.3% 0.0% 0.0% 4.1% 4.0% Local Banks 0.9% 0.9% 1.1% 1.1% 0.0% 0.0% 3.8% 3.5% Total Foreign Banks 56.5% 50.1% 56.4% 49.1% 52.8% 46.7% 66.6% 57.6% Local Banks 43.5% 49.9% 43.6% 50.9% 47.2% 53.3% 33.4% 42.4% Total 100% 100% 100% 100% 100% 100% 100% 100% Source: National Bank of Cambodia

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1.2. Financial Position and Performance Assets of banking and financial institutions increased by 22.5% (year-on-year) to KHR167.3 trillion, of which credit growth was 24.4% to KHR103.8 trillion. These gains were supported by the increase of borrowing fund by 7.4% to KHR14.7 trillion, the increase of institutions' capital by 23.6 % to KHR31.8 trillion, and the increase customers' deposits by 28.7% to KHR 99.9 trillion. The number of deposit accounts increased to 6.3 million accounts and the number of borrower accounts increased to 2.8 million accounts. Banking and financial institutions continue to actively respond to the customers' needs of the financial services in order to support their daily life. In particular, Banking and Financial Institutions have been expanding their scope of services and operational networks in provinces and cities through branches, which increased to 2,345 branches and 2,223 automated teller machines (ATMs). Meanwhile, the uses of cards in replace of cash and the electronic money transfer and settlement services have been widely and efficiently provided. Banks and microfinance institutions have maintained their capital adequacy and strong liquidity ratio, as expressed through the solvency ratio at an average rate of 24.2% and 19.8%, and liquidity ratio approximately at the rate of 158.8% and 213.6% respectively. At the same time, the institutions have managed their credit well as shown through the low rate of non-performing loan ratio at 2.2% for banks and 1.3% for microfinance institutions.

1.2.1. Banking Sector’s Performance Through a close link between banking sector and real sector, the banking sector still plays significant role in supporting and contributing to economic growth and social development. The scale of banking operation is becoming more expanded and interconnected. As a result, the total assets and credits of banking and financial institutions increased to KHR139.7 trillion and KHR81.7 trillion accordingly, which are equivalent to 143.6% and 83.5% of GDP, respectively. The growth of assets and credits of banks was at the rate of 21.4% and 24.3% respectively, which was higher than in the year of 2017.

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Table 3: The Development in the Banking Sector (Y-O-Y Growth)

Bank Evolution 2014 2015 2016 2017 2018

Asset Growth 27.1% 23.2% 20.9% 20.1% 21.4%

Credit Growth 27.1% 25.7% 20.5% 17.2% 24.3%

Deposit Growth 29.0% 17.4% 21.8% 25.1% 27.9%

Asset to GDP 98.3% 107.9% 118.2% 142.0% 143.6%

Credit to GDP 56.7% 63.5% 68.8% 80.7% 83.5%

Source: National Bank of Cambodia Key sectors in the economy have been financially supported by the credits from banks. For instance, the total amounts of bank credits are provided to the following sectors: 27.5% to wholesale and retail, 10.1% to owner-occupied housing, 8.9% to agriculture, 9.2% to construction, and 44.3% to other sectors. Since the end of 2016, banks have been increasing their lending in Khmer Riel to be in compliance with the Prakas on Provision of Credit in National Currency of Banking and Financial Institutions. The Prakas requires all institutions to issue loans in national currency to be in the quantities of at least 10% of their total loan portfolio and this requirement shall be fully implemented by the end of 2019. The total loan portfolio in Riel to total banks’ loan continues to rise from 1.9% to 4.2% in 2018.

Figure 2: Banks-Credit Classified By Economic Sectors

Retail Trade 0.2% 2.0% 0.3% Wholesale Trade 0.7% Hotels and Restaurants 1.2% 3.1% Manufacturing Other Non-Financial Services 3.6% 16.1% Construction Personal Lending 0.8% 10.1% Agriculture, Forestry and Fishing Real Estate Activities 11.4% KHR 81.7 Information Media and Telecommunications 7.3% Owner-Occupied Housing only Trillion 4.7% Other Lending Financial Institutions 8.9% 5.4% Utilities 6.8% Transport and Storage 8.2% 9.2% Rental and Operational Leasing Activities Credit Cards Mining and Quarrying Source: National Bank of Cambodia

With the increase of assets and credits, the growth of bank deposits also grew by 27.9% (Y-O-Y) to KHR88.7 trillion. Banks have been collecting more public deposits and this reflected the increase of public confidence toward the Cambodia’s

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banking system as a result of the embedding of financial literacy into the mass population.

Figure 3: Banks-Number of Borrower and Depositor Accounts

4,500,000

4,000,000

3,500,000 4,209,535 4,209,535 3,482,277 3,482,277 3,000,000 3,026,800 3,026,800

2,500,000 2,650,188

2,000,000 2,259,601 1,765,267 1,765,267 1,500,000

1,000,000 746,930 746,930 812,027 812,027 755,107 755,107

500,000 512,582 385,421 385,421 443,482 443,482 - 2013 2014 2015 2016 2017 2018 Number of Depositor Accounts Number of Borrower Accounts Source: National Bank of Cambodia It is worth noting that the customers' deposits in KHR compared to total customers' deposits gradually increased from 5.9% in 2017 to 6.1% in 2018, which was a positive sign of the NBC's effort in promoting the use of Riel. The numbers of deposit accounts increased to 4,209,535, in which 42.5% owned by women, 53.2% owned by men, and 4.3% owned by legal entities. The majority of depositors comprised of individuals 54.9%, business enterprises 22.6%, foreign and local banks 9.7%, and other institutions 12.8%.

Figure 4: Banks- Loan and Deposit to Customers

90.0

80.0 88.7

70.0 81.7

60.0 69.7 66.4 50.0 56.0 46.8 40.0 55.7 45.9 Trillions of KHR 39.7 30.0 38.1 29.4

20.0 30.2

10.0

- 2013 2014 2015 2016 2017 2018 Deposit to Customers Loan to Customers Source: National Bank of Cambodia

Financial infrastructures of banking sector gradually developed through the expansion of the operational networks by establishing 49 additional branches and launching 333 additional ATMs. Due to technological development and

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better living standard, the uses of cards in replace of cash (102,151 credit cards and 2,172,263 debit cards)accounted for KHR61.2 trillion, which increased by 27.9% (Y-O-Y).

In compliance with the NBC's prudential regulations, the banking sector has been in good health and maintained solvency and liquidity at the ratio of 24.2% and 158.7% respectively. In the meantime, return on assets (ROA) and return on equity (ROE) were at the level of 1.6% and 8.4%, respectively. The NBC has been paying high attention on the supervision of banking operations in order to ensure the soundness and safeties of the entire banking system, especially on good governance, internal control, and assets quality. In fact, banking institutions have effectively managed their credits to customers by maintaining low non- performing loan ratio at 2.2%. The issuance of Prakas on Credit Risk Grading and Impairment Provisioning by the NBC in 2017 has strengthened more prudent and comprehensive implementation of the credit risk management framework.

Figure 5: Banks- Non-Performing Loan Ratio

5%

4%

2.7% 3% 2.4% 2.2% 2.4% 2.2% 2.0% 2% 1.4% 1.2% 1.3% 1.0% 1.1% 1% 1.4%

0% 2013 2014 2015 2016 2017 2018

NPL/Loans NPL Net-off S. Provision/Loans

Source: National Bank of Cambodia The reports on the interest rate charged by the banking and financial institutions was calculated based on a weighted average interest rate method through taking into account the types and maturity of deposits and credits as agreed between banks and customers. As a result, the average annual lending interest rate was 15.9% for KHR and 10.6% for USD. The average annual interest rate on loan in both KHR and USD had a declining trend from 17.1% and 11.8% in January to 14.8% and 10.9% in December, respectively. This decline was caused by the high market competition, the increase of KHR loan to 10% of the total loan portfolio, the receipt of investment fund from the NBC through Liquidity-Providing Collateralized Operation (LPCO), and the increase in the uses of credit information sharing system. The average annual deposit interest rate was 6.4% for KHR and 4.9% for USD. The trend of the average annual deposit interest rate for

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both KHR and USD slightly rose from 6.2% and 4.5% in January to 6.3% and 4.9% in December, respectively.

1.2.2. Microfinance Sector’s Performance Microfinance sector has noticeably developed further both in scope and scale. There are 81microfinance institutions of which 7 are Microfinance Deposit-Taking institutions and 74 are non-deposit taking microfinance institutions. Microfinance Deposit-Taking institutions have diversified their financial services in compliance with the legal framework of each institution, such as lending, remittance, mobile banking, ATMs and deposits. The contribution from microfinance sector is very crucial for improving the living standard of Cambodian people and for actively advancing financial inclusion in Cambodia’s banking system. Microfinance institution’s operational networks have spread all over 25 provinces and towns, in which 75 offices in Phnom Penh City, 399 offices at provincial level, and 944 at district level, and these also created job opportunities for 30,182 employees of which 8,402 are women.

Total assets of microfinance institutions increased to KHR26.6 trillion, which was equivalent 27.4% of GDP and at the growth rate of 31.2% (Y-O-Y) and. At the same time, customers’ deposits and loans in microfinance sector also increased subsequently to KHR11.3 trillion and KHR21.8 trillion, respectively.

Figure 6: MFIs- The Growth of Assets

30.0 80.0% 56.2% 26.6 60.0% 25.0 30.6% 40.0% 26.4% 31.8% 20.0% 20.0 23.7% 20.3 15.6 0.0% 15.0 -20.0% 12.3 -40.0%

Trillions of KHR 9.9 10.0 6.4 -60.0% -80.0% 5.0 -100.0% -99.8% - -120.0% 2013 2014 2015 2016 2017 2018

Total Assets Growth Rate Source: National Bank of Cambodia The growth of assets, deposits, and loans reflects the increasing uses of microfinance services as well as the public support and confidence toward Cambodia’s microfinance sector. With the NBC’s effort in promoting financial literacy, more people in rural areas started using microfinance services, which

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also highly contributed to the promoting of saving habits and living standard through getting source of funding for small and medium businesses. Women still play important role in microfinance sector as reflected through the women ownership of deposit and loan accounts which is more than 70%.

Figure 7: MFIs- Loans and Deposits

2018 22 11

2017 17 8

2016 13 6

2015 12 5

2014 8 4

2013 5 2 Trillions of KHR

‐ 5 10 15 20 25 Loans Deposits Source: National Bank of Cambodia The numbers of deposit accounts and loan accounts gradually increased to 2.1 million and 1.9 million, respectively. The majority of deposits (86%) are retail deposits which contain the amount of less than KHR250,000. Credits classified to key economic sectors consisted of 36.7% to households, 21.1% to agriculture, 17.6% to trade and commerce, 10.9% to services, 9.2% to construction and transportation, and 4.5% to others.

Figure 8: MFIs- Credit Classified by Economic Sectors

Financial Institutions 3.8% 0.0% Agriculture 21.1% Manufacturing Trade and Commerce 36.7% 0.7% Services KHR 21.8 Trillion Transportation 17.6% Construction

Household 4.2% 5.0% 11.0% Others

Source: National Bank of Cambodia

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The average lending rate of microfinance institutions has continued to gradually decline to 17.6% for the loan in KHR and 15.9% for the loan in USD, while the average interest rate on deposit slightly increased to 7.9% for both KHR and USD. LPCO, which partly help resolves the issues of liquidity shortage in KHR, has increased the source of funds in KHR in the economy and narrowed the interest rate gap between loan in KHR and loan in USD. The rise of active market competition also helps reducing lending rate both in KHR and USD as reflected by the operational efficiency (the reduce of operating expenses and non- performing loans) and the collection of source of funds domestically and internationally.

Figure 9: MFIs- Quality of Loans Portfolio

25 1.8% 1.6% 1.4% 1.6% 20 1.3% 1.4% 1.2% 15 KHR

1.0% of

0.8% 0.6% 0.8% 10 0.6% 0.6% Trillions

5 0.4%

0.2% 8.2 12.2 12.7 17.2 21.8 5.3 0 0.0% 2013 2014 2015 2016 2017 2018 Loans NPL Ratio Source: National Bank of Cambodia

1.2.3. Financial Leasing Sector’s Performance Due to the increase of living standard and household demands, the financial leasing sector has been increasing its operation in providing financial lease on movable assets such as motorbikes, cars, agricultural equipment, construction machineries, electronic and home appliances, furniture, and other movable assets in accordance with the customers’ needs. The size of financial leasing operations and market has continued to flourish over the years. In 2018, 4 new financial leasing companies started to operate in addition to the 11 existing financial leasing companies that had been operating in Cambodia. Total assets of the financial leasing companies increased to KHR951.6 billion and the total amount of financial leases also increased to KHR713.8 billion. These financial leases were provided to the customers of 72,921 accounts. Financial lease was distributed to key economic sectors, such as households 44.6%, agriculture 7.5%, construction 7.2%, trade 6.7%, transportation 9.3%, services 6.0%, and others 18.7%.

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Table 4: Financial Leasing Sector (Billions of KHR)

Financial Leasing Company 2014 2015 2016 2017 2018 Total Assets 186.3 410.3 622.8 708.0 951.6

Total Loans 147.1 345.0 485.0 525.3 713.8

Non-performing Loan 3.2% 5.3% 5.9% 5.3% 8.4% Owner's Equity 34.4 44.0 113.3 173.5 335.2

Employees (persons) 545 857 1,245 1,266 1,361

Customers (persons) 18,683 43,413 61,372 64,252 72,921

Source: National Bank of Cambodia

1.2.4. Rural Credit Institutions’ Performance The NBC issued Prakas No. B7-017-326 Pror Kor dated 25 October 2017 on the granting certificates to rural credit institutions in order to determine the conditions of obtaining certificates, to strengthen effective management and supervision of institutions providing small loans. The NBC continues to issue regulations for off-site and on-site supervision of rural credit institutions on the provision of formal financial services to the citizens. Meanwhile, the NBC has been monitoring a small number of regulatory arbitrages and rural credit institutions that have been dragging people through collecting deposits under "credit contract or capital investment" with a high rate of return. As of now, the total numbers of rural credit institutions comprise of 273 institutions with the total assets of KHR 544.8billion, of which the total loan portfolio is KHR440.6billion that divided into 31.8% for agriculture,17.7% for trade and commerce,20.2% for households, 12.1% for services,1.9% for transportation,7.0% for construction , and 9.4% for others. Rural credit institutions have provided loans to customers of 211,757 accounts and had a non-performing loan ratio of 11.9% resulted from less effective credit management.

1.2.5. Money Changers’ Performance The announcement No B7-017-1048 Sor.Chor.Nor. dated 4 December 2017 was issued with the aim to promote the implementation of the Prakas on “Money Changer License or Authorization for Foreign Exchange Traders” for the foreign exchange traders operating in Cambodia to fulfill their obligations in requesting for renewal of license or authorization from the NBC. Meanwhile, legal entity or individual, who wishes to run a money-changing business, is required to have a prior approval from the NBC before operating its business.

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Figure 10: Types of licensed and authorized money changers

Type of Licensed and Authorized Money Licensed and Authorized Money Changers in Changers Phnom PenhPhnom‐Provinces Penh, 129

Authorized Money Changers, 2,706

Licensed Provinces, Money 2,650 Licensed Licensed Changers to Money Money legal entities, Changers to Changers to 23 MFIs, 25 Banks, 25 Source: National Bank of Cambodia

Currently, there are 2,779 money changers, of which 23 licenses were provided for companies and money changers, 25 are Banks, 25 are Microfinance Institutions, and 2,706 are authorized money changers.

Figure 11: The number of authorized money exchangers in the provinces

600 289 245

311

500 Province, Province,

517

Province,

Speu

95 156

400 Reap

80 province, Meanchey

163 131

Siem 140 131

86 Kampong

86 Province, Province,

Cham 106

300 39

55 Banteay

Province,

Province, Province,

Province, Province,

20 province, Chhnang

Province,

Thom Kampong Province,

200 Kratie Province, Battambang

Province,

Takeo Rieng Veng Sihanouk Kandal

Pursat Province, Treng Kong

Kampong

Prey Svay 100 Kampong Koh Stung Kampot

0

Source: National Bank of Cambodia

2. The Development in Supervisory and Regulatory Frameworks

2.1. The Review and Issuance of Banking Regulations

As the banking system has expanded, the NBC has been enhancing its supervision through reviewing prudential regulations in order to maintain resilience in banking system, or in other words, to strengthen the health of the institutions and consumer protection. The supervisory authority issued appropriate measures in 2018. Those measures are:

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1. Announcement No. B7-018-130 Sor.Chor.Nor., dated 15 February 2018, on “Implementation of the Report on Weighted Average Interest Rate on Deposits and Loans” 2. Circular No. B7-018-001 C.L., dated 16 February 2018, on “Implementation of Prakas on Credit Risk Grading and Impairment Provisioning” 3. Prakas No. B7-018-068 Pror.Kor., dated 22 February 2018, on “Capital Buffer in Banking and Financial Institutions” 4. Circular No. B7-018-001 C.L., dated 7 March 2018, on “The Implementation of Prakas on Capital Buffer in Banking and Financial Institutions” 5. Prakas No. B7-018-282 Pror.Kor., dated 29 August 2018, on “The Maintenance of Reserve Requirement against Commercial Banks’ Deposits and Borrowings”

Table 5: Minimum Registered Capital of Banks and Financial Institutions

Institutions Minimum Capital Requirement

Commercial banks incorporated as foreign 200,000,000,000 branch whose parent bank is rated investment grade (two hundred billion Riel)

Commercial bank locally incorporated as 300,000,000,000 local company or foreign subsidiary (three hundred billion Riel)

Specialized banks locally incorporated 60,000,000,000 (sixty billion Riel) 120,000,000,000 Microfinance deposit-taking institutions (one hundred twenty billion Riel) Microfinance institutions (not taking 6,000,000,000 (six billion Riel) deposits)

Source: National Bank of Cambodia

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Table 6: The NBC’s regulations

2016 2017 2018 2019 2020 Capital

Registered Capital of the 50% 100% banking and financial (March) (March) institutions Conservation Capital 50% 100%

Buffer (January) (January)

Countercyclical Capital Allowed 0%

Buffer Ratio (March) Liquidity Coverage Ratio

Commercial Banks and 60% 70% 80% 90% 100% Microfinance Deposit Taking Institutions (September) (September) (September) (June) (January) Credit Risk Grading and Impairment Provisioning Loans in local currency, at least 10% of total loan 100% portfolio, applied for the banking and financial (December) institutions

Credit risk grading and Began from impairment provisioning December Interest rate ceiling on loan, capped at 18%, applied for Microfinance Began from Deposit Taking Institutions, April Microfinance Institutions, and Rural Credit Institutions Granting

Licenses/Certificates Conditions for Banking and Financial Institutions Began from applying to be listed on September the Cambodia Stock Exchange (CSX) Management of Payment Began from

Service Institutions June Granting Certificate of Began from

Rural Credit Institutions October Consumer Protection Resolution of Consumer’s Began from Complaints of Banks and September Financial Institutions Source: National Bank of Cambodia

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2.1.1. Implementation of the Report on Weighted Average Interest Rate on Deposits and Loans

The NBC requires the banking and financial institutions to implement the use of new interest rate calculation methods in accordance with the Announcement No. B7-018-130 Sor.Chor.Nor., dated 15 February 2018, on Weighted Average Interest rate on Deposits and Loans. This new interest rate calculation method shall be conducted through the method of weighted average interest rate in order to improve the quality of monitoring and analysis of the interest rate movement in the banking system in order to ensure more consistency and effectiveness. To facilitate the report compilation and ensure the quality of Monthly Report on Weighted Average Interest Rate on Deposits and Loans, the NBC provided a guideline on how to prepare this report by defining key terminologies and new calculation methodology on new loans and deposits, along with explicit examples.

2.1.2. Credit Risk Grading and Impairment Provisioning

Prakas on Credit Risk Grading and Impairment Provisioning dated on 1 December 2017 established the credit risk management framework with high prudence and the Prakas stipulates about the recognition, measurement, provisioning, and reporting of impaired facilities of the institutions. In order to help the institutions and to effectively implement the Prakas, the NBC simultaneously issued a Circular on the Implementation of the Prakas on the Credit Risk Grading by further emphasizing some aspects as follows: 1) For banking and financial institutions that were not capable to comply with the Prakas, those were permitted to comply with the previous obligations for the closing of the 2017 accounts. 2) The preparation of a complete review and grading of all facilities of the institutions, as specified in Prakas No. B7-017-344 Pror.Kor., shall be done before the end of March 2018. The outcome of the review shall be submitted to the NBC before 10 April 2018. 3) The institutions are required to prepare a full assessment on impairment provisioning needed for the year 2018, in accordance with Article 49 to 71, and to show the explicit amount of such provisioning based on each credit risk grading. 4) The institutions shall prepare, update, and submit credit policies and procedures in accordance with the effective Prakas to the NBC by 30 June 2018 and no later than ten (10) days after the approval of the Board of Directors for the updating of credit policies and procedures. 5) The recording of specific provision and accrued interest

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6) Microfinance deposit-taking institutions shall implement the same uniform chart of accounts to commercial banks. Microfinance institutions and financial leasing companies shall implement the existing uniform chart of accounts. 7) The grading and regulatory provisioning for short-term facilities. 8) The provisioning for off-balance sheet items.

2.1.3. Capital Buffer in Banking and Financial Institutions

With the aim to increase resilience of the banking and financial institutions, the NBC issued a Prakas on Capital Buffer in Banking and Financial institutions. This Prakas will enhance the capital base to cover the loss that may arise from the risks of the institutions in order to avoid the decline of capital not to breach the minimum capital requirement, and to reduce the risks arisen out of the pro- cyclicality. This Prakas is applicable to banks and microfinance deposits-taking institutions, both at the institutional level and consolidated basis, which shall be implemented the same to the consolidated calculation in the solvency report. Capital buffer consists of capital conservation and countercyclical capital. The capital conservation refers to the capital that institutions build up under normal financial situation in order to guard against the decline of capital when the losses occur. This capital conservation is made through the increase of Tier 1 Capital, meaning the registered capital and/or the non-distributable reserves. Banks and microfinance deposit taking institutions shall maintain capital conservation at least 50% of the determined capital buffer which equals to 1.25% of the Risk Weighted Assets (RWAs) before 1 January 2019 and shall suffice the rate of 2.50% of the RWAs before January 1, 2020. The countercyclical capital is upheld in order to ensure that the institution has sufficient capital to absorb the loss when the NBC had found that the credit had excessively grown that may lead to systemic risk. The NBC may seta countercyclical buffer requirement at a level between 0% and 2.50% of the RWAs. At the same time, the Prakas also sets separate requirements for banks that are obliged to comply with the Prakas on Implementing Risk based and forward- looking supervision.

2.1.4. The Implementation of the Prakas on Capital Buffer in Banking and Financial Institutions

With reference to the Circular on “The Implementation of Prakas on Capital Buffer in Banking and Financial Institutions” dated 7 March 2018; the NBC had observed that the financial situation in Cambodia is robust and the credit growth is parallel to the Cambodian economic context; therefore, the NBC determined the

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countercyclical capital buffer to be at a level of 0% until there is any new announcement.

2.1.5. The Maintenance of Reserve Requirement Against Commercial Banks’ Deposits and Borrowings

Reserve requirement of deposits and borrowings of commercial banks (customer deposits and non-resident bank borrowings and placements) refers to the minimum amount reserved of certain liabilities that the banking and financial institutions shall hold at the NBC in order to ensure the management of liquidity operations with safe and sound manner. The reserve requirements are both a monetary policy instrument and a macro-prudential tool, which may be changed due to the aim of the application and the global economic context. Commercial banks shall maintain reserve requirements against deposits and borrowings at a daily average balance equal to 8% in Riels and 12.5% in foreign currencies.

2.2. Supervisory Activities

The soundness of banking and financial institutions has significantly contributed to the enhancement of the stability of the whole banking system. Therefore, the supervision of banking and financial institutions remains one of the NBC’s priorities as a supervisory authority. The supervisory framework of banking and financial institutions have been improved and updated to comply with the international standards and best practices as well as to accommodate the current enlarging size of banking and financial institutions’ operations. On-site and off-site supervision, macro-surveillance, as well as the timely preparation of regulations have been prudentially conducted in order to ensure effective and transparent banking system. Supervisory system of the NBC has been conducted through an interval assessment, including daily, weekly, monthly, quarterly, semi-annual and annually based on CAMELS methodology and risk-based and forward looking approaches for maintaining financial stability and soundness of the whole banking system as well as for enhancing the public confidence. The implementation of risk-based supervision framework will help producing a more effective analysis on the safety and soundness of banking and financial institutions through assessing the risk profile, financial performance, risk management process and regulatory compliance. As a result, banking and financial institutions have been maintaining good governance and better financial performance.

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2.3. Termination the Banking and Financial Institutions’ Performance

The NBC continues to issue regulations and to regularly conduct both off-site and on-site supervision on the formal financial services provided by the licensed institutions to the citizens. In particular, the NBC has been further monitoring some opportunist entities, which have been dragging the people to invest their monies through mobilizing deposits under the form of "loan contract" with high interest rate and illegal lending. As a result of the monitoring and supervision, the NBC decided to terminate the banking operations of licensed institutions such as 1 financial leasing company, 33 rural credit institutions, and 3 money changers as hereto attached in Appendix 5.

3. Promoting Financial Sector Development and Regional Integration 3.1. The Development of Financial Infrastructure 3.1.1. Accounting and Financial Reporting Standards Banking and financial institutions are required to implement the Cambodia International Financial Reporting Standard (CIFRS) by the beginning of 2019. The NBC has been (1) updating the Chart of Accounts (COAs) (2) amending monthly report templates for the banking and financial institutions (3) preparing guidelines for COA and supervisory reporting entry for the banking and financial institutions and (4) reviewing the impacts on other existing regulations in order to avoid any inconsistency between the supervisory regulations and the CIFRS. In addition, the NBC is upgrading its supervisory reporting system to strengthen the efficiency of the supervisory processes, to enhance the accuracy of data, and to comply with the CIFRS and risk-based and forward-looking supervision as well as to commensurate with recent development in the banking sector. By the end of 2018, the NBC issued an announcement on the draft of revised COA that complied with CIFRS for the banking and financial institutions to get ready for the implementation in the near future. Moreover, the NBC also organized a seminar on revised COA for banking and financial institutions and other 2 conferences on the implementation of Prakas on Credit Risk Grading and Impairment Provisioning.

3.1.2. Credit Bureau Cambodia Credit Bureau (Cambodia) Co., Ltd. (CBC) has the total assets of KHR 45.9 billion and 157 members in Credit Reporting System, including 43 commercial banks, 13 specialized banks, 7 MDIs, 71 MFIs, 13 financial leasing companies, and 10 rural credit institutions.

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Figure 12: Credit and Customer Accounts of CBC

Dec‐18 Dec‐18

Sep‐18 Sep‐18

Jun‐18 Jun‐18

Banks Banks Mar‐18 Mar‐18 MFIs MFIs Financial Leasings Dec‐17 Financial Leasings Dec‐17 RCIs RCIs Sep‐17 Sep‐17 Billion of KHR Persons

0 20406080100 0 1,000,000 2,000,000 3,000,000 4,000,000 Source: National Bank of Cambodia By 2018, 2,968,942 accounts of individual credit Information, equivalent to KHR 84.3 trillion, have been uploaded into the Credit Reporting System by the member institutions. Meanwhile, 4,740,575 enquiry checks were done by member institutions, of which 26.8% Banks, 71.1% MFIs, 1.7% Financial Leasing Companies, and 0.4% RCIs.

Figure 13: Enquiry Check

Transactions 500,000 450,000 400,000 350,000 RCIs 300,000 Financial Leasings 250,000 MFIs 200,000 Banks 150,000 100,000 50,000 0

Source: National Bank of Cambodia To strengthen the quality and transparency of Credit Reporting System, the NBC continues supervising and assessing the progress reports of CBC and invited 13 institutions to discuss about the strengthening of compliance with the Prakas on Commercial Credit Reporting. On the other hands, the NBC allowed CBC to collect information on credit to companies from its members as banking and financial institutions in order to develop the Commercial Credit Reporting System.

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The development consists of 4 important phases, including (1) the development of uploading system, (2) the development of enquiry system, (3) the development of operating system and (4) the testing of Commercial Credit Reporting System. The CBC planned to officially launch the Commercial Credit Reporting System in the early of 2019. 3.1.3. Payment System’s Performance Payment system in Cambodia has been noticeably evolving and has encouraged to the high growth of payment services. The NBC has officially launched Fast Payment System, which has been operating by 42 commercial banks and microfinance deposit-taking institutions, of which 7 institutions operated this system through mobile banking services. Moreover, the NBC softly launched Cambodian Shared Switch operated by 5 institutions (Acleda Bank Plc., Sathapana Bank Plc., Cambodia Post Bank Plc., Amret Co., Ltd and Prasac Microfinance Institution Limited) in May 2018. Furthermore, electronic payment transaction has also been increased remarkably as a result of rapid technology evolution. 25 banking and financial institutions have been providing internet banking services and 20 banking and financial institutions have been providing mobile banking services. The total size of the transactions conducted through internet banking is equivalent to 1,032,674 transactions amounted for KHR 20.2 trillion, while the total mobile banking services transactions are equivalent to 14,074,983 transactions amounted for KHR 27.7 trillion. By the end of 2018, 14 payment service institutions and 5 banks were granted licenses by the NBC to operate payment services, including money transfer, cash- in and cash-out, bill payment, retails payment, online payment, and cross-border money transfer. In addition, 5 companies have been granted licenses as third- party payment service providers to provide cross-border money transfer. There were 24,164 agents of the payment service institutions providing 51,800,269 payment transactions nationwide, amounted for KHR 27.7 trillion. Moreover, 92,924,651 payment transactions were provided by banking and financial institutions amounted for KHR 62.7 trillion while the total number of payment services agents is equivalent to 10,285 in nation-wide. Furthermore, there were 790,000 cross-border payment transactions accounted for KHR 2.0 trillion. Besides that, there were 37 banking and financial institutions offering money transfer services through SWIFT that accumulated to 848,375 transactions and accounted for KHR 186.8 trillion.

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Box 1: IT Risk Management Guideline

Currently, the scope of the telecommunication infrastructure has been extended widely and the amount of users (mobile phone and internet) has noticeably increased. In the meantime, banking and financial institutions has been competitively inventing digital financial services through technology and telecommunication. So far, many BFIs have launched digital financial and cross- border payment services as well as participated in the Fast Payment System, Cambodian Shared Switch and accessed to National Bank of Cambodia’s Platform (NBCP), which have contributed to a more sophisticated inter-bank operations. In regard to this noticeable development of the uses of digital financial services, the NBC has observed vulnerabilities to cyber-attacks occurring in this sector globally, where the attacks have been conducted in different forms, such as data breach, account hijacking, fraudulence transaction, scam, ransom-ware, money laundering, and terrorist financing.

Realizing these risks, the NBC has been preparing the IT Risk Management Guideline for BFIs in order to protect the privacy of clients’ data, to strengthen security of data management system, to enhance institutional capacity against cyber-attack, and to ensure business continuity of the institution, aiming at securing the banking system, which is a key to enhance public confidence in Cambodia’s banking system. These tasks can be achieved only when the BFIs enhance their attention additionally on corporate governance and the management roles of the Board of Directors and senior management including the auditing of IT risk management functions of the BFIs.

3.2. Financial Inclusion The NBC has continued to organize seminars on Microfinance in Cambodia at both provincial and district levels for 4 times, which gathered a total of 1,754 participants, with the aim to raise awareness of the local authorities, local populations, banking and financial institutions, and rural credit institutions on:(1)importance and advantages of microfinance, (2)functions and duties of the NBC, (3) roles and responsibilities of local authorities, and (4) knowledge on the use of financial services.

For enhancing financial inclusion, the NBC has been collaborating with key development partners, including the UNCDF, World Bank, International Finance Corporation, and Good Return. The NBC, as the lead agency, together with members from the inter-ministerial working group, have been preparing the

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National Financial Inclusion Strategy (NFIS) in collaboration with the UNCDF. The NFIS aims to increase access to quality formal financial services, to reduce the financial exclusion of women by 50% (from 27% to 13%), and to enlarge the use of formal financial services from 59% to 70% by 2025; as well as, to improve household welfare and to support the economic growth through the following prioritized activities, such as(1) to encourage savings in formal financial institutions, (2) to promote innovative credit products for MSMEs, (3) to enhance the capabilities of payment system, (4)to prioritize the development of a well- functioning insurance market, (5) to build up the capacity of the regulators of financial sector, and (6) to empower consumers’ rights and to increase transparency in financial sector.

In addition, women play a crucial role in contributing to developing the economy of their households, society, and country as a whole. In financial sector, women are perceived to be more trustworthy. Built on this importance, the NBC has been initiated new projects to increase women’s access and uses of formal financial services. As a principal member and a committee member of Gender and Women’s Financial Inclusion at AFI, the NBC is committed to the “Denarau Action Plan” through promoting women’s leadership roles in the NBC as well as in banking and financial institutions with the aim to increase women’s voice in formulating financial policies, which may respond to the real demand of financial consumers as women.

Box2: Financial Technology (Fintech)

Financial technology—fintech in short, generally refers to technology-driven innovation occurring in the financial services industry. Significant areas of fintech development include the analysis of large datasets, analytical techniques, automated trading, automated advice, and financial record keeping. In the past few years, fintech has caught the world’s attention by offering wide options on payments, which are alternative to traditional means of payment. Fintech has provided a lot of advantages through promoting payment services to be more effective, lower costs, speedier, and higher integration, as well as through helping deepen financial inclusion and support economic growth. In Kenya and China, mobile payment systems have brought millions of previously “unbanked” people into the financial system, with faster and cheaper transactions. On the other hand, fintech also poses certain risks that require deep understanding and effective risk management in order to protect consumers and investors against fraud, tax evasion, money laundering and the financing of terrorism, as well as to protect the integrity and stability of the financial system. Therefore, the development of forward-looking regulatory frameworks shall be prepared in

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conjunction with creativity, flexibility, and real that shall not negatively affect any innovation.

In the context of Cambodia, fintech is still at the early stage of development. The NBC has provided favorable conditions for such technology to be offered in the banking sector such as the use of mobile payments, QR Code, and e-wallet accounts in domestic and cross-border payment and transfer. In 2012, the NBC launched retail payments for cheques and credit remittance. FAST payment system was introduced in 2016 to facilitate instantly funds transfer. To facilitate the access to network ATM and POS machines, Cambodian Shared Switch (CSS) system was launched in the October, 2017. At the same time, regulatory framework for fintech development has been prepared subsequently while the NBC has been building up its own staffs’ capacity on the law and regulation in order to ensure the safe and effective development.

3.3. Financial Literacy and Consumer Protection

The NBC pays utmost attention on financial literacy; especially, the NBC is collaborating with the Ministry of Education, Youth, and Sports in order to incorporate financial knowledge into general education curriculum from secondary to high schools. In the meantime, the NBC has been implementing a number of projects including “Let’s Talk Money” campaign and comic books, financial literacy campaigns, and the launching of a mobile phone application called “NBC-Edu”, which can be downloaded from Google Play Store or Apple Apps Store. In collaborations with Good Return, Viamo, and Cellcard, the NBC recently launched the3-2-1service to provide financial education through mobile networks on the following topics (1) saving and its advantages, (2) the effective use of credit and debt management, and (3) the prevention of over- indebtedness. The 3-2-1 service is a voicemail service that the Cambodian citizens may get financial advice by dialing the numbers “321” on any mobile networks in the country.

In order to inform consumers and protect their rights and interests as well as to enhance public confidence in the banking system, the NBC has been enforcing the implementation of the Prakas on Resolution of Consumer Complaints by continuously accommodating and resolving consumers’ complaints. Meanwhile, the NBC’s consumer protection working group has continued receiving and handling complaints filed through the five hotlines based in headquarter and the other twenty-one hotlines based in NBC’s branches. The working group had received 276 cases, mostly concerned with issues of loan payoff before maturity,

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withdrawal of collateral, interest rate calculation, informal lending, penalties, and other general consumer enquiries.

In 2018, the NBC had observed numerous advertisements through social media, leaflets, and text messages regarding quick and easy loans. These lending activities are considered to be illegal and could expose users to some potential risks, such as (1) over-indebtedness due to excessively higher interest and fees charges compared to formal lending and cheating interest calculation, (2) threats, manipulations, and force to repay unreasonable principal, interest, and penalties back to the companies through any means, and (3) collaterals to be foreclosed without undergoing court decision. To prevent the public from these negative consequences, the NBC issued a press release to advise the public to take further precaution and to avoid falling prey to this illegal loan service and the NBC has been seeking cooperation from relevant authorities in order to take necessary measures against those illegal companies or money lenders, under all circumstances.

While the use of Crypto Currencies has not been allowed in many countries, there have been recent cases in Cambodia where Crypto Currencies, such as KHCoin, Suncoin, K-Coin, One-coin, Forex coin and other similar Crypto Currencies, were propagated, circulated, bought, sold, traded and settled illegally and which could cause the public and society as a whole with potential risks, including (1) the issuance of Crypto Currencies is not backed by any collateral in return (2) the investment in Crypto Currencies may incur losses due to volatility of its face value without any base, (3) the risk to cybercrime and losses of funds as may be incurred by the hacking of the system, and (4) the lack of customer protection mechanism due to the anonymity of the users which may result in money laundering and terrorism financing. The NBC, the Securities and Exchange Commission of Cambodia (SECC), and the General- Commissariat of National Police issued a joint statement to the public to be cautious of the propagation to collect funds and the operations to buy, sell, trade, and settle Crypto Currencies without license and to the individuals and legal entities conducting the said operations would be penalized in accordance with any applicable law. As a result, authorities had performed on- site examinations and terminated operations of certain amount of such companies.

3.4. Interbank Market’s Performance

With regards to resident interbank transactions by institutions, 54.6% are conducted with the NBC, followed by 32.2% with banks, 10.3% with other

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financial institutions (OFIs), 2.5% with insurance companies, and 0.5% with securities companies. Meanwhile, 54.6% of transactions are in the form of deposits with the NBC, 32.6% are deposits, 7% are borrowing funds, 3.2% are interbank loans, 2.3% are money markets, and the others 0.3% are OBS exposures.

Figure 14: Interbank Market Transactions-Resident

Resident Interbank Transactions by Resident Interbank Transactions by Types of Institutions Types of Products 0.5% NBC 2.5% Deposit 10.3% 54.6% NBC Borrowing Fund Bank Interbank Loan Insurance 54.6% OBS Exposures 32.2% Security 32.6% Money Market OFIs 0.3% 2.3% Derivative Repo 3.2%

7.1% Source: National Bank of Cambodia

On the other hand, non-resident interbank transactions are made by only 3 institutions including banks 88.8%, OFIs 10.5%, and securities companies 0.7%. Almost half of transactions are in the form of borrowing funds (44.8%), deposits (43.5%) and money markets (11.6%).

Figure 15: Interbank Market Transactions-Non-Resident

Non‐Resident Interbank Transactions by Non‐Resident Interbank Transactions by Types of Institutions Types of Products

Deposit 89% Borrowing Fund Bank 44.8% Interbank Loan Insurance 43.5% OBS Exposures Security OFIs Money Market 11.6% 10% Derivative

Repo 1% 0% Source: National Bank of Cambodia

3.5. Financing to Real Estate Sector

Cambodia’s real estate market remains remarkably active in line with economic growth and the increase of living standard of the people. By the end of 2018, the growth of credits (Y-O-Y) to real estate sector by banks and microfinance was 36.4% and 33.9%, respectively. Total loans to real estate sector accounted

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for 26.6% of the total loan portfolio in which 96% are from banks and 4% are from microfinance institutions. Loans to real estate sector comprised of real estate activities, construction, and owner-occupied house. Even though the market shares of MFI’s loans to real estate sector remain very small compared to banks, the high credit growth of MFI’s loans to this sector still require regular and close monitoring on the operation of those institutions that are actively involved.

Figure 16: Loan Market Share to Real Estate Sector of Banking and Financial Institutions

Banks 96% Loans to Loans to Other Sectors Real Estate Sector 73.4% 26.6%

MFIs 4%

Source: National Bank of Cambodia

Based on the International Transaction Reporting System (ITRS), the flow of FDI to real estate sector, including all kinds of real estate and condos, in Cambodia for the year 2018 was KHR1,474 billion that was from China 58.8%, Singapore 28.3%, and other countries 12.9% of the total investment.

Table 7: Investment Flow in Real Estate Sector in Cambodia1 (Billions of KHR) 2014 2015 2016 2017 2018

Equity Investment in Cambodia 7.481 7,402 10,041 11,284 12,550

Investment in Real Estate in Cambodia 1,781 1,539 1,268 1,489 1,474

Source: Estimated International Transaction Reporting System (ITRS) data, NBC.

1 Investment flow from 2014 was revised based on new inputs and methodology.

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Figure 17: Inflow of FID into Cambodia Real Estate sector1

1000

800 867 KHR 600 of

400

Billion 417 200 33 66 36 55 0

Source: Estimated International Transaction Reporting System (ITRS) data, NBC.

The NBC continues to pay close attention and monitoring on the evolution of real estate sector on a regular basis, especially on the lending by banking and financial institutions to the real estate sector that would be classified as a high- risk sector. For the purpose of enhancing the analysis and monitoring of real estate sector development, the NBC is collecting all relevant information to compile property price index that will be used as the base for accessing the risk management framework related to real estate sector by both the NBC as well as banking and financial institutions.

Figure 18: Credits to Real Estate Sector

24,000.00 22,000.00 Owner‐Occupied Housing 20,000.00 Construction 18,000.00 Real Estate Activities

KHR 16,000.00

of 14,000.00

12,000.00 10,000.00 Billion 8,000.00 6,000.00 4,000.00 2,000.00 ‐ 2013 2014 2015 2016 2017 2018 Source: National Bank of Cambodia

Construction sector continues to have strong growth and contributed about 1/5 into economic growth. The progress of this sector also reflected through key indicators, such as the increase of import on construction materials (15%) and the increase in construction size (8%). The number of projects in construction sector decreased by 6% whiles the price of the projects also dropped by 20%. The investment project around 5/6 was residential construction and the majority of foreign investors are from China, South Korea, Japan, Thailand, Taiwan,

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Singapore and UK. Moreover, the construction sector is also providing job opportunities to 220,000 skilled labor and workers all over the country.

3.6. Deposit Protection Scheme

The Financial Sector Development Strategy 2016-2025 has designated the NBC to lead the feasibility study on the establishment of deposit protection scheme for short-term from 2016-2019.To implement this action plan, the NBC had set up a working group in 16th January 2017 with main roles to (1) study, research, and prepare relevant legal frameworks for deposit protection and resolution, (2) collaborate with relevant stakeholders in order implement the project to establish deposit protection scheme, and (3) report to NBC’s management on the progress of the project. Currently, the NBC is focusing on 2 tasks, which include the establishment of the regulatory framework and capacity building of relevant staffs. After becoming an associate member of the International Association of Deposit Insurers (IADI), the NBC has been absorbing experiences from members and observing recent developments in the deposit protection around the world, which are significant inputs in the development of an effective deposit protection scheme for Cambodia. In the meantime, Asian Development Bank Institute (ADBI) and IMF continue providing technical assistances on setting the premium and providing consultations on the establishment of the regulatory framework and institution in charge of deposit protection and special resolution.

4. Capacity Building on Supervision and International Cooperation 4.1. Capacity Building for Bank Supervisors

The NBC has provided opportunities to banking supervisors to attend short-term training courses in Asian countries such as Japan, the Philippines, Thailand, Laos, India, Singapore, Malaysia and South Korea, especially the online training course called “FSI-Connect”, which was organized by Bank for International Settlement (BIS) and other supervision related skills. The NBC also organized some training courses including on-the-job training, Sokret-Ka (Perfection Course), Bakong (banking supervision course), Kulen (leadership course), and other sharing sessions. For long-term capacity building, the NBC officials have been offered higher education in both domestic—particularly ACCA (Association of Chartered Certified Accountants), and overseas through Master and PhD scholarship programs on various specializations including banking, finance, accounting, economics, information technology, and more.

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4.2. International Cooperation

The NBC has cooperated with development-partners, namely the SEACEN Center, International Monetary Fund (IMF), Asian Development Bank (ADB), and Alliance for Financial Inclusion, to organize short-term training courses related to banking supervision, governance, and other relevant topics to ensure effective work. The international cooperation of the NBC in 2018 includes the following:

1) The SEACEN Center co-organized a workshop with the NBC on Risk-Based Supervision, where the Bank Negara Malaysia also participated to share experiences. The NBC also nominated junior bank supervisors to join training courses in order to enhance supervisory capacity of the officers at the General Directorate of Banking Supervision in addition to their working experiences.

2) Alliance for Financial Inclusion (AFI): as a member of AFI, the NBC: . Organized 2 meetings of AFI: (1) Financial Inclusion Strategy Peer Learning Group (FIS PLG) and (2) Global Standards Proportionality Working Group (GSP WG) which was attended by 90 participants from 43 member- countries of AFI. . Attended AFI high-level committee meeting on “Women’s Financial Inclusion” including annual meeting, working groups meeting, and 2018 global policy forum (GPF). . Attended meeting on Financial Inclusion and Green Financing, which focuses on discussion over policies and methodologies to raise financial inclusion, especially to promote green financing and economy.

3) Asia-Pacific Rural and Agricultural Credit Association (APRACA): as a member of APRACA Executive Committee (EXCOM), the NBC attended annual meeting and regional policy forum on “Financing Micro Small and Medium Enterprises”. At the conclusion of the meeting, the committee assigned Agricultural Development Bank of China (ADBC) to establish a subsidiary that responsible for conducting research on raising agricultural financing policies for member countries.

4) International Association of Deposit Insurers (IADI): As a leading institution to conduct feasibility study on the establishment of the deposit protection scheme in Cambodia, the NBC became an Associate Member of IADI in order to get specialized trainings and more understandings from practical experiences of other member countries concerning the establishment, monitoring and supervision, and management of the deposit protection scheme.

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Through the above mentioned cooperation, the NBC still continues to strengthen both local and international cooperation in order to ensure safe and sound banking system in Cambodia through capacity building by nominating officials to join training courses and secondments, which are granted by the expansion of networking with other cooperative supervisory authorities.

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List of Appendices

Appendix 1

Data of Banks and Microfinance Institutions in Cambodia as of 2018

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 of 2018

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Number of Offices of Cambodian Banks As of December 31, 2018 Table 1 2018 2017 Phnom Phnom Total Provincial Total Provincial Penh1 Penh1 Commercial Banks 1 ACLEDA Bank Plc. 262 19 243 261 19 242 2 Advanced Bank of Asia Limited 66 22 44 51 17 34 3 ANZ Royal Bank (Cambodia) Ltd. 14 10 4 15 10 5 4 B.I.C (Cambodia) Bank Plc. 1 1 - - - - 5 Bangkok Bank Public Company Limited, Cambodia Branch 1 1 - 1 1 - 6 Bank for Investment and Development of Cambodia Plc. 8 6 2 8 6 2 7 Bank of China (Hong Kong) Limited Phnom Penh Branch 5 3 2 5 3 2 8 Bank of India Phnom Penh Branch 1 1 - 1 1 - 9 Booyoung Khmer Bank 3 2 1 2 2 - 10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh) 1 1 - 1 1 - 11 Branch of Mizuho Bank Ltd. 1 1 - 1 1 - 12 BRED Bank (Cambodia) Plc. 4 3 1 1 1 - 13 Cambodia Asia Bank Ltd. 8 3 5 6 2 4 14 Cambodia Mekong Bank 3 2 1 6 4 2 15 Cambodia Post Bank Plc. 45 9 36 42 9 33 16 Cambodian Commercial Bank Ltd. 4 1 3 4 1 3 17 Cambodian Public Bank Plc. 31 19 12 30 18 12 18 Canadia Bank Plc. 60 25 35 58 25 33 19 Cathay United Cambodia Corporation Bank Limited 14 9 5 14 9 5 20 Chief (Cambodia) Bank Plc. 2 2 - 2 2 - 21 CIMB Bank Plc. 13 9 4 13 9 4 22 First Commercial Bank Phnom Penh Branch 8 7 1 8 7 1 23 Foreign Trade Bank of Cambodia 12 7 5 11 8 3 24 Hong Leong Bank (Cambodia) Plc. 5 5 - 5 5 - 25 ICBC Limited Phnom Penh Branch 1 1 - 1 1 - 26 Kookmin Bank Cambodia Plc. 6 6 - 4 4 - 27 Krung Thai Bank Phnom Penh Branch 2 1 1 2 1 1 28 Maybank (Cambodia) Plc. 21 13 8 21 13 8 29 MB Bank Plc. Phnom Penh Branch, Cambodia 1 1 - 1 1 - 30 Mega International Commercial Bank-Phnom Penh Branch 4 4 - 4 4 - 31 Phillip Bank Plc. 6 6 - 6 6 - 32 Phnom Penh Commercial Bank 18 11 7 17 11 6 33 Prince Bank Plc. 9 4 5 - - - 34 RHB Indochina Bank Limited 12 8 4 12 8 4 35 Saigon Thuong Tin Cambodia Bank Plc. 10 7 3 9 6 3 36 Saigon-Hanoi Cambodia Bank (SHB) Plc. 5 4 1 5 4 1 37 Sathapana Bank Plc. 169 15 154 168 14 154 38 Shinhan Bank (Cambodia) Plc. 6 6 - 5 5 - 39 Taiwan Cooperative Bank Phnom Penh Branch 7 5 2 5 4 1 40 Union Commercial Bank Plc. 14 10 4 13 9 4 41 Vattanac Bank 12 8 4 9 8 1 42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch 1 1 - 1 1 - Sub-total 876 279 597 829 261 568 Specialized Banks 43 Aeon Specialized Bank (Cambodia) Plc. 6 2 4 5 2 3 44 ANCO Specialized Bank 6 2 4 6 2 4 45 Angkor Capital Specialized Bank 1 1 - 1 1 - 46 Asia-Pacific Development Specialized Bank Plc. 1 1 - 1 1 - 47 Camko Specialized Bank Plc. 1 1 - 1 1 - 48 DGB Specialized Bank Plc. 7 7 - 5 5 - 49 First Investment Specialized Bank 1 1 - 1 1 - 50 KB Daehan Specialized Bank Plc. 1 1 - 1 1 - 51 Khmer Specialized Bank Plc. 1 1 - 1 1 - 52 Oxley Worldbridge Specialized Bank Plc. 1 1 - 1 1 - 53 PHSME Specialized Bank Ltd. 1 1 - 1 1 - 54 Rural Development Bank 1 1 - 1 1 - 55 Southern Capital Specialized Bank Plc. 1 1 - 1 1 - 56 Wing (Cambodia) Specialized Bank Limited 1 1 - 1 1 - Sub-total 30 22 8 27 20 7 Total 906 301 605 856 281 575 --32-- 1 Including Head Office Number of Staff As of December 31, 2018 Table 2 % Change 2018 2017 2018 over 2017 Commercial Banks 1 ACLEDA Bank Plc. 12,177 12,456 -2.2% 2 Advanced Bank of Asia Limited 4,213 2,461 71.2% 3 ANZ Royal Bank (Cambodia) Ltd. 409 415 -1.4% 4 B.I.C (Cambodia) Bank Plc. 24 - - 5 Bangkok Bank Public Company Limited, Cambodia Branch 13 16 -18.8% 6 Bank for Investment and Development of Cambodia Plc. 269 284 -5.3% 7 Bank of China (Hong Kong) Limited Phnom Penh Branch 151 131 15.3% 8 Bank of India Phnom Penh Branch 9 9 - 9 Booyoung Khmer Bank 38 37 2.7% 10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh) 16 17 -5.9% 11 Branch of Mizuho Bank Ltd. 6 6 - 12 BRED Bank (Cambodia) Plc. 133 89 49.4% 13 Cambodia Asia Bank Ltd. 462 446 3.6% 14 Cambodia Mekong Bank 68 118 -42.4% 15 Cambodia Post Bank Plc. 1,441 1,281 12.5% 16 Cambodian Commercial Bank Ltd. 75 71 5.6% 17 Cambodian Public Bank Plc. 877 821 6.8% 18 Canadia Bank Plc. 3,045 2,772 9.8% 19 Cathay United Cambodia Corporation Bank Limited 462 419 10.3% 20 Chief (Cambodia) Bank Plc. 87 52 67.3% 21 CIMB Bank Plc. 342 303 12.9% 22 First Commercial Bank Phnom Penh Branch 127 115 10.4% 23 Foreign Trade Bank of Cambodia 382 342 11.7% 24 Hong Leong Bank (Cambodia) Plc. 145 129 12.4% 25 ICBC Limited Phnom Penh Branch 75 63 19.0% 26 Kookmin Bank Cambodia Plc. 166 128 29.7% 27 Krung Thai Bank Phnom Penh Branch 16 14 14.3% 28 Maybank (Cambodia) Plc. 396 374 5.9% 29 MB Bank Plc. Phnom Penh Branch, Cambodia 64 59 8.5% 30 Mega International Commercial Bank-Phnom Penh Branch 83 80 3.8% 31 Phillip Bank Plc. 205 179 14.5% 32 Phnom Penh Commercial Bank 389 324 20.1% 33 Prince Bank Plc. 659 - - 34 RHB Indochina Bank Limited 227 238 -4.6% 35 Saigon Thuong Tin Cambodia Bank Plc. 264 243 8.6% 36 Saigon-Hanoi Cambodia Bank (SHB) Plc. 61 58 5.2% 37 Sathapana Bank Plc. 4,473 4,339 3.1% 38 Shinhan Bank (Cambodia) Plc. 148 114 29.8% 39 Taiwan Cooperative Bank Phnom Penh Branch 127 90 41.1% 40 Union Commercial Bank Plc. 425 421 1.0% 41 Vattanac Bank 399 375 6.4% 42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch 26 26 - Sub Total 33,174 29,915 10.9% Specialized Banks 43 Aeon Specialized Bank (Cambodia) Plc. 687 504 36.3% 44 ANCO Specialized Bank 127 109 16.5% 45 Angkor Capital Specialized Bank 19 18 5.6% 46 Asia-Pacific Development Specialized Bank Plc. 20 22 -9.1% 47 Camko Specialized Bank Plc. 23 12 91.7% 48 DGB Specialized Bank Plc. 401 301 33.2% 49 First Investment Specialized Bank 24 30 -20.0% 50 KB Daehan Specialized Bank Plc. 76 22 245.5% 51 Khmer Specialized Bank Plc. 26 28 -7.1% 52 Oxley Worldbridge Specialized Bank Plc. 14 16 -12.5% 53 PHSME Specialized Bank Ltd. 40 42 -4.8% 54 Rural Development Bank 101 93 8.6% 55 Southern Capital Specialized Bank Plc. 13 12 8.3% 56 Wing (Cambodia) Specialized Bank Limited 353 321 10.0% Sub Total 1,924 1,530 25.8% Total 35,098 31,445 11.6% --33-- Number of ATM terminals, POS**, Debit Cards, and Credit Cards AS OF DECEMBER 31, 2018

Table 3 ATM terminals POS** Debit Cards Credit Cards Commercial Banks 1 ACLEDA Bank Plc. 510 4,157 1,076,392 12,747 2 Advanced Bank of Asia Limited 274 777 309,924 1,814 3 ANZ Royal Bank (Cambodia) Ltd. 95 - 78,359 14,153 4 B.I.C (Cambodia) Bank Plc. - - - - 5 Bangkok Bank Public Company Limited, Cambodia Branch - - - - 6 Bank for Investment and Development of Cambodia Plc. 33 200 22,279 - 7 Bank of China (Hong Kong) Limited Phnom Penh Branch 10 352 24,656 330 8 Bank of India Phnom Penh Branch - - - - 9 Booyoung Khmer Bank - - - - 10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh) - - - - 11 Branch of Mizuho Bank Ltd. - - - - 12 BRED Bank (Cambodia) Plc. 29 15 1,574 - 13 Cambodia Asia Bank Ltd. 22 - 2,495 - 14 Cambodia Mekong Bank 20 385 7,350 286 15 Cambodia Post Bank Plc. 40 - 1,782 - 16 Cambodian Commercial Bank Ltd. 6 - 3,743 - 17 Cambodian Public Bank Plc. 68 1,057 59,596 5,809 18 Canadia Bank Plc. 145 738 127,023 7,053 19 Cathay United Cambodia Corporation Bank Limited 79 256 30,489 8,820 20 Chief (Cambodia) Bank Plc. - - - - 21 CIMB Bank Plc. 32 - 17,663 1,099 22 First Commercial Bank Phnom Penh Branch - - - - 23 Foreign Trade Bank of Cambodia 58 128 41,650 - 24 Hong Leong Bank (Cambodia) Plc. 12 - 5,275 - 25 ICBC Limited Phnom Penh Branch 5 179 9,472 2,211 26 Kookmin Bank Cambodia Plc. 12 - 18,186 - 27 Krung Thai Bank Phnom Penh Branch - - - - 28 Maybank (Cambodia) Plc. 38 751 37,674 - 29 MB Bank Plc. Phnom Penh Branch, Cambodia 8 - 495 - 30 Mega International Commercial Bank-Phnom Penh Branch - - - - 31 Phillip Bank Plc. 14 - 13,032 - 32 Phnom Penh Commercial Bank 32 81 120,538 1,257 33 Prince Bank Plc. - - - - 34 RHB Indochina Bank Limited 39 - 26,653 - 35 Saigon Thuong Tin Cambodia Bank Plc. 11 - - - 36 Saigon-Hanoi Cambodia Bank (SHB) Plc. - - - - 37 Sathapana Bank Plc. 147 - 91,470 452 38 Shinhan Bank (Cambodia) Plc. 13 - 253 - 39 Taiwan Cooperative Bank Phnom Penh Branch - - - - 40 Union Commercial Bank Plc. 14 254 13,006 13,887 41 Vattanac Bank 52 144 31,234 1,147 42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch - - - - Sub-total 1,818 9,474 2,172,263 71,065 Specialized Banks 43 Aeon Specialized Bank (Cambodia) Plc. - - - 31,086.00 44 ANCO Specialized Bank - - - - 45 Angkor Capital Specialized Bank - - - - 46 Asia-Pacific Development Specialized Bank Plc. - - - - 47 Camko Specialized Bank Plc. - - - - 48 DGB Specialized Bank Plc. - - - - 49 First Investment Specialized Bank - - - - 50 KB Daehan Specialized Bank Plc. - - - - 51 Khmer Specialized Bank Plc. - - - - 52 Oxley Worldbridge Specialized Bank Plc. - - - - 53 PHSME Specialized Bank Ltd. - - - - 54 Rural Development Bank - - - - 55 Southern Capital Specialized Bank Plc. - - - - 56 Wing (Cambodia) Specialized Bank Limited - 6,002.00 - - Sub-total - 6,002 - 31,086.00 Total 1,818 15,476 2,172,263 102,151

** Point of Sale terminal

--34-- COMPARISON OF TOTAL ASSETS AS OF DECEMBER 31, 2018 Table 4 1 USD = 4,018 KHR (millions of KHR) 2018 2017 Growth Rate (%)

Share Share 2018 over 2017 Commercial Banks 1 ACLEDA Bank Plc. 22,465,609 16.1% 20,903,693 18.1% 7.5% 2 Advanced Bank of Asia Limited 10,955,566 7.8% 6,671,316 5.8% 64.2% 3 ANZ Royal Bank (Cambodia) Ltd. 3,813,622 2.7% 4,175,353 3.6% -8.7% 4 B.I.C (Cambodia) Bank Plc. 370,513 0.3% - - - 5 Bangkok Bank Public Company Limited, Cambodia Branch 415,699 0.3% 322,379 0.3% 28.9% 6 Bank for Investment and Development of Cambodia Plc. 1,827,973 1.3% 1,874,733 1.6% -2.5% 7 Bank of China (Hong Kong) Limited Phnom Penh Branch 4,485,446 3.2% 4,900,776 4.2% -8.5% 8 Bank of India Phnom Penh Branch 57,573 0.0% 58,927 0.1% -2.3% 9 Booyoung Khmer Bank 372,593 0.3% 262,909 0.2% 41.7% 10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh) 276,671 0.2% 211,569 0.2% 30.8% 11 Branch of Mizuho Bank Ltd. 201,523 0.1% 126,446 0.1% 59.4% 12 BRED Bank (Cambodia) Plc. 865,945 0.6% 392,264 0.3% 120.8% 13 Cambodia Asia Bank Ltd. 879,072 0.6% 585,454 0.5% 50.2% 14 Cambodia Mekong Bank 114,708 0.1% 149,144 0.1% -23.1% 15 Cambodia Post Bank Plc. 2,990,034 2.1% 2,234,802 1.9% 33.8% 16 Cambodian Commercial Bank Ltd. 1,159,030 0.8% 1,010,331 0.9% 14.7% 17 Cambodian Public Bank Plc. 9,865,311 7.1% 8,574,723 7.4% 15.1% 18 Canadia Bank Plc. 24,091,489 17.2% 18,060,929 15.6% 33.4% 19 Cathay United Cambodia Corporation Bank Limited 1,638,671 1.2% 1,362,782 1.2% 20.2% 20 Chief (Cambodia) Bank Plc. 319,202 0.2% 308,535 0.3% 3.5% 21 CIMB Bank Plc. 3,476,525 2.5% 2,729,766 2.4% 27.4% 22 First Commercial Bank Phnom Penh Branch 3,597,682 2.6% 2,782,943 2.4% 29.3% 23 Foreign Trade Bank of Cambodia 5,169,005 3.7% 4,090,109 3.5% 26.4% 24 Hong Leong Bank (Cambodia) Plc. 1,721,306 1.2% 1,345,343 1.2% 27.9% 25 ICBC Limited Phnom Penh Branch 4,133,052 3.0% 4,092,441 3.5% 1.0% 26 Kookmin Bank Cambodia Plc. 713,228 0.5% 503,768 0.4% 41.6% 27 Krung Thai Bank Phnom Penh Branch 589,155 0.4% 716,756 0.6% -17.8% 28 Maybank (Cambodia) Plc. 4,648,286 3.3% 3,678,489 3.2% 26.4% 29 MB Bank Plc. Phnom Penh Branch, Cambodia 522,241 0.4% 621,870 0.5% -16.0% 30 Mega International Commercial Bank-Phnom Penh Branch 1,617,726 1.2% 1,739,031 1.5% -7.0% 31 Phillip Bank Plc. 1,093,140 0.8% 818,209 0.7% 33.6% 32 Phnom Penh Commercial Bank 3,187,947 2.3% 2,569,882 2.2% 24.1% 33 Prince Bank Plc. 691,765 0.5% - - - 34 RHB Indochina Bank Limited 3,081,703 2.2% 2,903,185 2.5% 6.1% 35 Saigon Thuong Tin Cambodia Bank Plc. 722,084 0.5% 696,428 0.6% 3.7% 36 Saigon-Hanoi Cambodia Bank (SHB) Plc. 1,168,514 0.8% 1,001,739 0.9% 16.6% 37 Sathapana Bank Plc. 5,291,110 3.8% 4,185,879 3.6% 26.4% 38 Shinhan Bank (Cambodia) Plc. 1,016,919 0.7% 764,548 0.7% 33.0% 39 Taiwan Cooperative Bank Phnom Penh Branch 2,825,901 2.0% 1,921,488 1.7% 47.1% 40 Union Commercial Bank Plc. 2,058,079 1.5% 2,134,169 1.8% -3.6% 41 Vattanac Bank 2,547,617 1.8% 1,938,919 1.7% 31.4% 42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch 183,422 0.1% 178,593 0.2% 2.7% Sub-total 137,222,657 98.2% 113,600,616 98.3% 20.8% Specialized Banks 43 Aeon Specialized Bank (Cambodia) Plc. 317,788 0.2% 186,934 0.2% 70.0% 44 ANCO Specialized Bank 77,559 0.1% 74,289 0.1% 4.4% 45 Angkor Capital Specialized Bank 50,333 0.0% 53,406 0.0% -5.8% 46 Asia-Pacific Development Specialized Bank Plc. 96,072 0.1% 96,574 0.1% -0.5% 47 Camko Specialized Bank Plc. 53,092 0.0% 41,992 0.0% 26.4% 48 DGB Specialized Bank Plc. 570,238 0.4% 434,481 0.4% 31.2% 49 First Investment Specialized Bank 69,751 0.0% 70,305 0.1% -0.8% 50 KB Daehan Specialized Bank Plc. 155,420 0.1% 71,611 0.1% 117.0% 51 Khmer Specialized Bank Plc. 68,475 0.0% 59,706 0.1% 14.7% 52 Oxley Worldbridge Specialized Bank Plc. 60,916 0.0% 43,619 0.0% 39.7% 53 PHSME Specialized Bank Ltd. 42,136 0.0% 641,861 0.6% -93.4% 54 Rural Development Bank 725,949 0.5% 51,799 0.0% 1301.5% 55 Southern Capital Specialized Bank Plc. 63,014 0.0% 38,379 0.0% 64.2% 56 Wing (Cambodia) Specialized Bank Limited 129,613 0.1% 111,907 0.1% 15.8% Sub-total 2,480,356 1.8% 1,976,864 1.7% 25.5%

Total 139,703,014 100% 115,577,480 100% 20.9% --35-- SHARE OF PAID-UP CAPITAL AS OF DECEMBER 31, 2018 Table 5 1 USD = 4,018 KHR (millions of KHR) Foriegn share Cambodian share Total Paid-up Market Share Share(%) Amount paid Share(%) Amount paid Capital Commercial Banks 1 ACLEDA Bank Plc. 49.0% 778,125 51.0% 809,885 1,588,010 9.7% 2 Advanced Bank of Asia Limited 100.0% 502,250 - - 502,250 3.1% 3 ANZ Royal Bank (Cambodia) Ltd. 55.0% 165,743 45.0% 135,608 301,350 1.8% 4 B.I.C (Cambodia) Bank Plc. 85.0% 256,148 15.0% 45,203 301,350 1.8% 5 Bangkok Bank Public Company Limited, Cambodia Branch 100.0% 200,900 - - 200,900 1.2% 6 Bank for Investment and Development of Cambodia Plc. 98.5% 395,773 1.5% 6,027 401,800 2.5% 7 Bank of China (Hong Kong) Limited Phnom Penh Branch 100.0% 602,700 - - 602,700 3.7% 8 Bank of India Phnom Penh Branch 100.0% 52,234 - - 52,234 0.3% 9 Booyoung Khmer Bank 100.0% 301,350 - - 301,350 1.8% 10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh) 100.0% 241,080 - - 241,080 1.5% 11 Branch of Mizuho Bank Ltd. 100.0% 200,900 - - 200,900 1.2% 12 BRED Bank (Cambodia) Plc. 100.0% 301,350 - - 301,350 1.8% 13 Cambodia Asia Bank Ltd. 100.0% 301,350 - - 301,350 1.8% 14 Cambodia Mekong Bank - - 100.0% 164,738 164,738 1.0% 15 Cambodia Post Bank Plc. 45.0% 137,416 55.0% 167,952 305,368 1.9% 16 Cambodian Commercial Bank Ltd. 100.0% 301,350 - - 301,350 1.8% 17 Cambodian Public Bank Plc. 100.0% 361,620 - - 361,620 2.2% 18 Canadia Bank Plc. - - 100.0% 1,325,940 1,325,940 8.1% 19 Cathay United Cambodia Corporation Bank Limited 100.0% 401,800 - - 401,800 2.5% 20 Chief (Cambodia) Bank Plc. 100.0% 301,350 - - 301,350 1.8% 21 CIMB Bank Plc. 100.0% 301,350 - - 301,350 1.8% 22 First Commercial Bank Phnom Penh Branch 100.0% 301,350 - - 301,350 1.8% 23 Foreign Trade Bank of Cambodia - - 100.0% 309,386 309,386 1.9% 24 Hong Leong Bank (Cambodia) Plc. 100.0% 301,350 - - 301,350 1.8% 25 ICBC Limited Phnom Penh Branch 100.0% 401,800 - - 401,800 2.5% 26 Kookmin Bank Cambodia Plc. 100.0% 301,350 - - 301,350 1.8% 27 Krung Thai Bank Phnom Penh Branch 100.0% 200,900 - - 200,900 1.2% 28 Maybank (Cambodia) Plc. 100.0% 301,350 - - 301,350 1.8% 29 MB Bank Plc. Phnom Penh Branch, Cambodia 100.0% 301,350 - - 301,350 1.8% 30 Mega International Commercial Bank-Phnom Penh Branch 100.0% 277,242 - - 277,242 1.7% 31 Phillip Bank Plc. 100.0% 301,350 - - 301,350 1.8% 32 Phnom Penh Commercial Bank 100.0% 321,440 - - 321,440 2.0% 33 Prince Bank Plc. - - 100.0% 401,800 401,800 2.5% 34 RHB Indochina Bank Limited 100.0% 301,350 - - 301,350 1.8% 35 Saigon Thuong Tin Cambodia Bank Plc. 100.0% 152,684 - - 152,684 0.9% 36 Saigon-Hanoi Cambodia Bank (SHB) Plc. 100.0% 301,350 - - 301,350 1.8% 37 Sathapana Bank Plc. 100.0% 482,160 - - 482,160 3.0% 38 Shinhan Bank (Cambodia) Plc. 100.0% 301,350 - - 301,350 1.8% 39 Taiwan Cooperative Bank Phnom Penh Branch 100.0% 281,260 - - 281,260 1.7% 40 Union Commercial Bank Plc. 100.0% 321,440 - - 321,440 2.0% 41 Vattanac Bank - - 100.0% 301,350 301,350 1.8% 42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch 100.0% 156,702 - - 156,702 1.0% Sub Total 75.7% 11,412,566 24.3% 3,667,889 15,080,454 92.4% Specialized Banks 43 Aeon Specialized Bank (Cambodia) Plc. 100.0% 80,360 - - 80,360 0.5% 44 ANCO Specialized Bank - - 100.0% 60,270 60,270 0.4% 45 Angkor Capital Specialized Bank 100.0% 52,234 - - 52,234 0.3% 46 Asia-Pacific Development Specialized Bank Plc. - - 100.0% 60,270 60,270 0.4% 47 Camko Specialized Bank Plc. - - 100.0% 60,270 60,270 0.4% 48 DGB Specialized Bank Plc. 100.0% 301,350 - - 301,350 1.8% 49 First Investment Specialized Bank 50.0% 30,135 50.0% 30,135 60,270 0.4% 50 KB Daehan Specialized Bank Plc. 100.0% 75,338 - - 75,338 0.5% 51 Khmer Specialized Bank Plc. 30.0% 25,313 70.0% 59,065 84,378 0.5% 52 Oxley Worldbridge Specialized Bank Plc. 87.0% 52,435 13.0% 7,835 60,270 0.4% 53 PHSME Specialized Bank Ltd. 100.0% 31,119 - - 31,119 0.2% 54 Rural Development Bank - - 100.0% 185,895 185,895 1.1% 55 Southern Capital Specialized Bank Plc. 100.0% 60,270 - - 60,270 0.4% 56 Wing (Cambodia) Specialized Bank Limited - - 100.0% 60,270 60,270 0.4% Sub Total 57.5% 708,554 42.5% 524,010 1,232,564 7.6%

Total 74.3% 12,121,120 25.7% 4,191,898 16,313,018 100.0%

--36-- COMPARATIVE STATEMENT OF CONDITION AS OF DECEMBER 31, 2018 Table 6 1 USD = 4,018 KHR (millions of KHR) Cash, Loans, Deposits with NBC and Banks Loans and Advances to Customers Deposits with, Loans Loans and Loans and Accrued Claims on Prepaid Other Deposits with Due from Securities Fixed assets Total Assets Cash Gold and advances to, advances to advances to interest goverment Expenses assets NBC Banks Banks state enterprises private sector receivable Commercial Banks 1 ACLEDA Bank Plc. 22,465,609 1,658,989 - 5,814,623 98,785 36,039 - 13,793,816 104,834 - - 56,770 772,864 128,890 2 Advanced Bank of Asia Limited 10,955,566 606,719 - 1,752,480 101,376 812,566 - 7,275,083 52,007 - 119,614 96,695 125,013 14,011 3 ANZ Royal Bank (Cambodia) Ltd. 3,813,622 194,466 - 644,630 43,948 1,127,545 - 1,774,091 5,613 - - 1,672 14,989 6,669 4 B.I.C (Cambodia) Bank Plc. 370,513 18,154 - 108,144 2,671 - - 144,849 235 90,719 - 185 2,939 2,618 5 Bangkok Bank Public Company Limited, Cambodia Branch 415,699 10,488 - 162,915 32,512 110,414 - 90,970 1,529 - - 281 1,820 4,772 6 Bank for Investment and Development of Cambodia Plc. 1,827,973 26,203 - 181,844 17,733 29,097 - 1,477,201 86,486 (5,930) - 92,863 218,862 (296,387) 7 Bank of China (Hong Kong) Limited Phnom Penh Branch 4,485,446 108,549 - 1,163,456 295,942 939,680 - 1,945,106 13,520 - - 1,791 10,257 7,144 8 Bank of India Phnom Penh Branch 57,573 500 - 44,039 2,070 6,035 - 4,611 4 - - 65 246 2 9 Booyoung Khmer Bank 372,593 1,329 - 35,587 723 164,299 - 162,594 1,009 - - 229 1,031 5,793 10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh) 276,671 17,671 - 34,546 7,286 142,381 - 67,975 10 - - 995 5,802 6 11 Branch of Mizuho Bank Ltd. 201,523 - - 20,226 180,888 ------173 230 6 12 BRED Bank (Cambodia) Plc. 865,945 22,372 - 154,334 72,150 183,763 - 409,715 1,257 - - 4,772 17,259 323 13 Cambodia Asia Bank Ltd. 879,072 360,824 - 82,898 136,545 41,780 - 226,892 1,052 - - 7,670 11,540 9,870 14 Cambodia Mekong Bank 114,708 1,370 - 29,744 4,151 - - 62,176 216 251 - 3,108 7,672 6,020 15 Cambodia Post Bank Plc. 2,990,034 85,779 - 947,890 3,866 2,651 - 1,870,468 16,247 - - 6,249 49,365 7,518 16 Cambodian Commercial Bank Ltd. 1,159,030 82,394 - 274,459 113,334 303,778 - 362,576 1,855 4,044 - 589 12,221 3,779 17 Cambodian Public Bank Plc. 9,865,311 367,124 - 2,723,165 184,706 2,225,832 - 4,180,249 20,213 - - 4,504 140,256 19,263 18 Canadia Bank Plc. 24,091,489 1,623,022 10,143 7,052,283 458,165 979,998 - 13,181,828 230,652 - - 76,195 425,222 53,979 19 Cathay United Cambodia Corporation Bank Limited 1,638,671 76,457 - 429,159 19,083 209,530 - 859,598 3,845 - - 15,012 25,987 - 20 Chief (Cambodia) Bank Plc. 319,202 10,078 - 57,435 381 62,796 - 177,882 773 - - 2,522 7,109 226 21 CIMB Bank Plc. 3,476,525 403,837 - 831,684 17,709 96,329 - 2,090,646 12,403 - - 3,040 13,661 7,217 22 First Commercial Bank Phnom Penh Branch 3,597,682 103,649 - 474,242 30,974 51,477 - 2,909,069 9,878 - - 4,285 9,435 4,675 23 Foreign Trade Bank of Cambodia 5,169,005 131,329 - 1,003,862 165,486 887,929 - 2,789,814 11,020 - - 16,471 162,125 969 24 Hong Leong Bank (Cambodia) Plc. 1,721,306 43,200 - 304,802 30,600 243,852 - 1,075,638 3,814 - - 368 16,705 2,329 25 ICBC Limited Phnom Penh Branch 4,133,052 11,061 - 597,860 - 2,442,486 - 1,054,876 5,584 - - 1,820 1,128 18,236 26 Kookmin Bank Cambodia Plc. 713,228 21,061 - 96,794 9,917 52,378 - 506,249 11,282 - - 3,146 11,245 1,155 27 Krung Thai Bank Phnom Penh Branch 589,155 4,755 106 83,712 129,879 41,581 - 321,723 4,059 - - 8 2,664 668 28 Maybank (Cambodia) Plc. 4,648,286 234,435 - 1,493,370 17,393 548,699 - 2,288,411 19,516 - - 12,518 21,039 12,905 29 MB Bank Plc. Phnom Penh Branch, Cambodia 522,241 5,805 - 103,597 5,761 - - 388,019 1,463 - - 1,462 623 15,512 30 Mega International Commercial Bank-Phnom Penh Branch 1,617,726 45,962 - 236,963 - 292,625 - 1,031,660 3,501 - - 577 1,633 4,804 31 Phillip Bank Plc. 1,093,140 16,483 - 315,345 50,722 48,024 - 645,593 6,186 - - 630 3,735 6,422 32 Phnom Penh Commercial Bank 3,187,947 132,921 - 434,747 124,890 330,047 - 2,084,037 9,717 612 - 9,202 55,945 5,830 33 Prince Bank Plc. 691,765 4,339 - 63,643 - 120,775 - 457,427 2,961 - - 6,373 30,013 6,236 34 RHB Indochina Bank Limited 3,081,703 46,282 - 705,277 99,083 491,327 - 1,662,714 51,301 - - 7,823 14,503 3,394 35 Saigon Thuong Tin Cambodia Bank Plc. 722,084 47,648 - 105,916 22,601 12,335 - 499,122 23,700 - - 1,181 7,986 1,595 36 Saigon-Hanoi Cambodia Bank (SHB) Plc. 1,168,514 4,617 - 151,296 1,677 52,297 - 948,192 5,561 - - - 2,395 2,479 37 Sathapana Bank Plc. 5,291,110 273,876 - 678,450 31,397 79,994 - 4,007,580 40,293 - - 42,505 117,305 19,709 38 Shinhan Bank (Cambodia) Plc. 1,016,919 21,125 - 137,864 8,853 70,571 - 763,417 2,624 - - 2,002 9,199 1,263 39 Taiwan Cooperative Bank Phnom Penh Branch 2,825,901 48,151 - 373,954 48,859 89,686 - 2,238,082 8,122 - - 10,158 4,716 4,172 40 Union Commercial Bank Plc. 2,058,079 117,054 - 388,535 66,112 110,246 - 1,190,184 7,098 1,372 - 5,765 130,021 41,692 41 Vattanac Bank 2,547,617 109,254 - 461,085 209,971 737,581 - 945,965 2,317 20,224 - 4,365 55,690 1,165 42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch 183,422 1,475 - 31,185 9,150 - - 140,451 389 - - 378 387 8 Sub-Total 137,222,657.1 7,100,803.3 10,248.6 30,788,041.1 2,857,348.2 14,178,424.4 - 78,106,550.2 784,142.9 111,291.4 119,614.4 506,416.0 2,522,838.3 136,938.6 Specialized Banks 43 Aeon Specialized Bank (Cambodia) Plc. 317,788 1,712 - 4,074 - 9,945 - 268,356 6,391 - - 1,496 17,409 8,405 44 ANCO Specialized Bank 77,559 9,866 - 3,051 6,599 - - 52,481 4,855 - - 514 193 - 45 Angkor Capital Specialized Bank 50,333 110 - 3,158 551 1 - 29,441 264 - - 269 13,216 3,321 46 Asia-Pacific Development Specialized Bank Plc. 96,072 1,380 - 3,417 1,142 - - 86,048 326 - - 110 3,649 - 47 Camko Specialized Bank Plc. 53,092 295 - 3,146 14,703 12,081 - 20,733 207 - - 1,538 389 - 48 DGB Specialized Bank Plc. 570,238 1,013 - 15,126 449 20 - 543,302 3,820 - - 1,816 4,553 139 49 First Investment Specialized Bank 69,751 2,183 - 18,216 45,277 - - 1,017 838 - - 7 1,600 613 50 KB Daehan Specialized Bank Plc. 155,420 10 - 4,228 4,331 37,131 - 100,830 667 - - 989 6,335 900 51 Khmer Specialized Bank Plc. 68,475 93 - 7,161 - - - 55,157 915 - - 579 4,570 - 52 Oxley Worldbridge Specialized Bank Plc. 60,916 28 - 3,045 - 2,970 - 53,882 123 - - 62 540 265 53 PHSME Specialized Bank Ltd. 42,136 6,886 - 8,891 31 - - 21,274 4,488 - - 10 556 - 54 Rural Development Bank 725,949 7,102 - 55,682 3,621 17,842 - 603,966 13,131 - - 207 25,041 (643) 55 Southern Capital Specialized Bank Plc. 63,014 26 - 3,061 14,668 5,601 - 38,848 320 - - 164 326 - 56 Wing (Cambodia) Specialized Bank Limited 129,613 8,321 - 41,393 - 34,450 ------17,260 28,188 Sub-Total 2,480,356 39,026 - 173,649 91,373 120,041 - 1,875,335 36,345 - - 7,761 95,637 41,188 Total 139,703,013.6 7,139,829 10,249 30,961,690 2,948,721 14,298,466 - 79,981,886 820,488 111,291 119,614 514,177 2,618,475 178,127

--37-- PERCENTAGE DISTRIBUTION OF ASSETS OF INDIVIDUAL BANKS AS OF DECEMBER 31, 2018 Table 7 Cash, Loans, Deposits with NBC and Banks Loans and Advances to Customers Deposits with, Loans Loans and Loans and Accrued Claims on Prepaid Other Deposits with Due from Securities Fixed assets Total Assets Cash Gold and advances to, advances to advances to interest goverment Expenses assets NBC Banks Banks state enterprises private sector receivable Commercial Banks 1 ACLEDA Bank Plc. 100 7.4 - 25.9 0.4 0.2 - 61.4 0.5 - - 0.3 3.4 0.6 2 Advanced Bank of Asia Limited 100 5.5 - 16.0 0.9 7.4 - 66.4 0.5 - 1.1 0.9 1.1 0.1 3 ANZ Royal Bank (Cambodia) Ltd. 100 5.1 - 16.9 1.2 29.6 - 46.5 0.1 - - 0.0 0.4 0.2 4 B.I.C (Cambodia) Bank Plc. 100 4.9 - 29.2 0.7 - - 39.1 0.1 24.5 - 0.0 0.8 0.7 5 Bangkok Bank Public Company Limited, Cambodia Branch 100 2.5 - 39.2 7.8 26.6 - 21.9 0.4 - - 0.1 0.4 1.1 6 Bank for Investment and Development of Cambodia Plc. 100 1.4 - 9.9 1.0 1.6 - 80.8 4.7 (0.3) - 5.1 12.0 (16.2) 7 Bank of China (Hong Kong) Limited Phnom Penh Branch 100 2.4 - 25.9 6.6 20.9 - 43.4 0.3 - - 0.0 0.2 0.2 8 Bank of India Phnom Penh Branch 100 0.9 - 76.5 3.6 10.5 - 8.0 0.0 - - 0.1 0.4 0.0 9 Booyoung Khmer Bank 100 0.4 - 9.6 0.2 44.1 - 43.6 0.3 - - 0.1 0.3 1.6 10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh) 100 6.4 - 12.5 2.6 51.5 - 24.6 0.0 - - 0.4 2.1 0.0 11 Branch of Mizuho Bank Ltd. 100 - - 10.0 89.8 ------0.1 0.1 0.0 12 BRED Bank (Cambodia) Plc. 100 2.6 - 17.8 8.3 21.2 - 47.3 0.1 - - 0.6 2.0 0.0 13 Cambodia Asia Bank Ltd. 100 41.0 - 9.4 15.5 4.8 - 25.8 0.1 - - 0.9 1.3 1.1 14 Cambodia Mekong Bank 100 1.2 - 25.9 3.6 - - 54.2 0.2 0.2 - 2.7 6.7 5.2 15 Cambodia Post Bank Plc. 100 2.9 - 31.7 0.1 0.1 - 62.6 0.5 - - 0.2 1.7 0.3 16 Cambodian Commercial Bank Ltd. 100 7.1 - 23.7 9.8 26.2 - 31.3 0.2 0.3 - 0.1 1.1 0.3 17 Cambodian Public Bank Plc. 100 3.7 - 27.6 1.9 22.6 - 42.4 0.2 - - 0.0 1.4 0.2 18 Canadia Bank Plc. 100 6.7 0.0 29.3 1.9 4.1 - 54.7 1.0 - - 0.3 1.8 0.2 19 Cathay United Cambodia Corporation Bank Limited 100 4.7 - 26.2 1.2 12.8 - 52.5 0.2 - - 0.9 1.6 - 20 Chief (Cambodia) Bank Plc. 100 3.2 - 18.0 0.1 19.7 - 55.7 0.2 - - 0.8 2.2 0.1 21 CIMB Bank Plc. 100 11.6 - 23.9 0.5 2.8 - 60.1 0.4 - - 0.1 0.4 0.2 22 First Commercial Bank Phnom Penh Branch 100 2.9 - 13.2 0.9 1.4 - 80.9 0.3 - - 0.1 0.3 0.1 23 Foreign Trade Bank of Cambodia 100 2.5 - 19.4 3.2 17.2 - 54.0 0.2 - - 0.3 3.1 0.0 24 Hong Leong Bank (Cambodia) Plc. 100 2.5 - 17.7 1.8 14.2 - 62.5 0.2 - - 0.0 1.0 0.1 25 ICBC Limited Phnom Penh Branch 100 0.3 - 14.5 - 59.1 - 25.5 0.1 - - 0.0 0.0 0.4 26 Kookmin Bank Cambodia Plc. 100 3.0 - 13.6 1.4 7.3 - 71.0 1.6 - - 0.4 1.6 0.2 27 Krung Thai Bank Phnom Penh Branch 100 0.8 0.0 14.2 22.0 7.1 - 54.6 0.7 - - 0.0 0.5 0.1 28 Maybank (Cambodia) Plc. 100 5.0 - 32.1 0.4 11.8 - 49.2 0.4 - - 0.3 0.5 0.3 29 MB Bank Plc. Phnom Penh Branch, Cambodia 100 1.1 - 19.8 1.1 - - 74.3 0.3 - - 0.3 0.1 3.0 30 Mega International Commercial Bank-Phnom Penh Branch 100 2.8 - 14.6 - 18.1 - 63.8 0.2 - - 0.0 0.1 0.3 31 Phillip Bank Plc. 100 1.5 - 28.8 4.6 4.4 - 59.1 0.6 - - 0.1 0.3 0.6 32 Phnom Penh Commercial Bank 100 4.2 - 13.6 3.9 10.4 - 65.4 0.3 0.0 - 0.3 1.8 0.2 33 Prince Bank Plc. 100 0.6 - 9.2 - 17.5 - 66.1 0.4 - - 0.9 4.3 0.9 34 RHB Indochina Bank Limited 100 1.5 - 22.9 3.2 15.9 - 54.0 1.7 - - 0.3 0.5 0.1 35 Saigon Thuong Tin Cambodia Bank Plc. 100 6.6 - 14.7 3.1 1.7 - 69.1 3.3 - - 0.2 1.1 0.2 36 Saigon-Hanoi Cambodia Bank (SHB) Plc. 100 0.4 - 12.9 0.1 4.5 - 81.1 0.5 - - - 0.2 0.2 37 Sathapana Bank Plc. 100 5.2 - 12.8 0.6 1.5 - 75.7 0.8 - - 0.8 2.2 0.4 38 Shinhan Bank (Cambodia) Plc. 100 2.1 - 13.6 0.9 6.9 - 75.1 0.3 - - 0.2 0.9 0.1 39 Taiwan Cooperative Bank Phnom Penh Branch 100 1.7 - 13.2 1.7 3.2 - 79.2 0.3 - - 0.4 0.2 0.1 40 Union Commercial Bank Plc. 100 5.7 - 18.9 3.2 5.4 - 57.8 0.3 0.1 - 0.3 6.3 2.0 41 Vattanac Bank 100 4.3 - 18.1 8.2 29.0 - 37.1 0.1 0.8 - 0.2 2.2 0.0 42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch 100 0.8 - 17.0 5.0 - - 76.6 0.2 - - 0.2 0.2 0.0 Sub-Total 100 5.2 0.0 22.4 2.1 10.3 - 56.9 0.6 0.1 0.1 0.4 1.8 0.1 Specialized Banks 43 Aeon Specialized Bank (Cambodia) Plc. 100 0.5 - 1.3 - 3.1 - 84.4 2.0 - - 0.5 5.5 2.6 44 ANCO Specialized Bank 100 12.7 - 3.9 8.5 - - 67.7 6.3 - - 0.7 0.2 - 45 Angkor Capital Specialized Bank 100 0.2 - 6.3 1.1 0.0 - 58.5 0.5 - - 0.5 26.3 6.6 46 Asia-Pacific Development Specialized Bank Plc. 100 1.4 - 3.6 1.2 - - 89.6 0.3 - - 0.1 3.8 - 47 Camko Specialized Bank Plc. 100 0.6 - 5.9 27.7 22.8 - 39.1 0.4 - - 2.9 0.7 - 48 DGB Specialized Bank Plc. 100 0.2 - 2.7 0.1 0.0 - 95.3 0.7 - - 0.3 0.8 0.0 49 First Investment Specialized Bank 100 3.1 - 26.1 64.9 - - 1.5 1.2 - - 0.0 2.3 0.9 50 KB Daehan Specialized Bank Plc. 100 0.0 - 2.7 2.8 23.9 - 64.9 0.4 - - 0.6 4.1 0.6 51 Khmer Specialized Bank Plc. 100 0.1 - 10.5 - - - 80.6 1.3 - - 0.8 6.7 - 52 Oxley Worldbridge Specialized Bank Plc. 100 0.0 - 5.0 - 4.9 - 88.5 0.2 - - 0.1 0.9 0.4 53 PHSME Specialized Bank Ltd. 100 16.3 - 21.1 0.1 - - 50.5 10.7 - - 0.0 1.3 - 54 Rural Development Bank 100 1.0 - 7.7 0.5 2.5 - 83.2 1.8 - - 0.0 3.4 (0.1) 55 Southern Capital Specialized Bank Plc. 100 0.0 - 4.9 23.3 8.9 - 61.6 0.5 - - 0.3 0.5 - 56 Wing (Cambodia) Specialized Bank Limited 100 6.4 - 31.9 - 26.6 ------13.3 21.7 Sub-Total 100 1.6 - 7.0 3.7 4.8 - 75.6 1.5 - - 0.3 3.9 1.7 Total 100 5.1 0.0 22.2 2.1 10.2 - 57.3 0.6 0.1 0.1 0.4 1.9 0.1

--38-- COMPARATIVE STATEMENT OF CONDITION AS OF DECEMBER 31, 2018 Table 8 1 USD = 4,018 KHR (millions of KHR) Customer's deposit Shareholder's equity

Subordinated Total Liabilities Borrowed Accrued Other General Retained and Owed to NBC Owed to Banks Demand Other loans (after and Equity Funds Saving deposits Fixed deposits interest liabilities Paid up Capital Reserves provisions & Current deposits deposits NBC's payable other Profit/Loss agreement) Commercial Banks 1 ACLEDA Bank Plc. 22,465,609 - 1,354,301 2,905,886 1,516,510 6,226,914 6,095,374 101,888 73,309 648,568 1,588,010 - 263,919 1,365,372 325,559 2 Advanced Bank of Asia Limited 10,955,566 - 385,166 1,015 1,448,728 4,646,003 2,533,512 46,623 49,827 217,317 662,970 - 373,674 - 590,731 3 ANZ Royal Bank (Cambodia) Ltd. 3,813,622 - 182,861 - 1,718,273 788,361 206,362 988 - 68,595 301,350 - - 229,026 317,806 4 B.I.C (Cambodia) Bank Plc. 370,513 - 4,918 - 6,083 59,063 1,951 2 201 1,913 301,350 - - - (4,969) 5 Bangkok Bank Public Company Limited, Cambodia Branch 415,699 - 2,227 - 27,812 156,616 19,158 417 - 2,907 200,900 - 12,054 - (6,391) 6 Bank for Investment and Development of Cambodia Plc. 1,827,973 - 771,172 - 135,018 13,547 398,541 9,791 4,793 60,021 401,800 - - 6,975 26,314 7 Bank of China (Hong Kong) Limited Phnom Penh Branch 4,485,446 - 588,493 - 1,679,260 583,481 657,848 7,186 10,005 59,396 602,700 - - - 297,077 8 Bank of India Phnom Penh Branch 57,573 - - - 3,495 1,539 147 12 - 227 52,234 - 16,072 50 (16,203) 9 Booyoung Khmer Bank 372,593 - 14,505 - 3,121 13,488 - - 7 1,650 301,350 - - - 38,472 10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh) 276,671 - 363 - 19,326 14,690 123 4 3 1,301 241,080 - - - (221) 11 Branch of Mizuho Bank Ltd. 201,523 ------66 200,900 - - - 557 12 BRED Bank (Cambodia) Plc. 865,945 - 80,308 - 79,579 22,705 399,134 3,963 - 16,857 301,350 - - - (37,951) 13 Cambodia Asia Bank Ltd. 879,072 - 32,314 - 131,250 69,248 204,280 13,614 - 91,164 301,350 - - - 35,852 14 Cambodia Mekong Bank 114,708 - 4 - 28,476 20,624 2,507 76 1,247 1,645 164,738 - - - (104,610) 15 Cambodia Post Bank Plc. 2,990,034 - 467,619 - 71,672 350,202 1,589,494 47,551 - 71,598 305,368 - 25,313 - 61,217 16 Cambodian Commercial Bank Ltd. 1,159,030 - 11,664 - 164,599 551,835 76,783 164 5,865 32,526 301,350 - - - 14,244 17 Cambodian Public Bank Plc. 9,865,311 - 44,804 - 2,805,566 2,696,835 2,088,478 27,485 18,601 144,246 361,620 401,800 - - 1,275,875 18 Canadia Bank Plc. 24,091,489 - 2,027,253 1,645 2,416,579 8,246,977 7,716,433 193,715 37,417 693,949 1,325,940 - 321,440 449,966 660,175 19 Cathay United Cambodia Corporation Bank Limited 1,638,671 - 9,766 - 390,913 441,115 329,339 5,942 3,765 28,958 401,800 - - - 27,072 20 Chief (Cambodia) Bank Plc. 319,202 - - - - 6,713 3,059 15 - 3,577 301,350 - - - 4,489 21 CIMB Bank Plc. 3,476,525 41,138 116,928 28,401 1,367,322 236,801 1,131,595 14,598 204 155,470 301,350 - - - 82,717 22 First Commercial Bank Phnom Penh Branch 3,597,682 36,056 2,110,765 - 48,116 606,931 72,939 255 43,743 51,962 301,350 - 160,720 1,017 163,829 23 Foreign Trade Bank of Cambodia 5,169,005 - 284,937 - 661,205 1,259,684 2,380,781 35,213 18,083 52,506 319,431 786 - - 156,379 24 Hong Leong Bank (Cambodia) Plc. 1,721,306 - 243,957 433 310,888 29,809 772,259 11,415 - 23,177 301,350 - 16,072 - 11,946 25 ICBC Limited Phnom Penh Branch 4,133,052 - 1,638,835 - 666,491 92,888 706,031 4,417 445 97,983 401,800 - 100,450 32,708 391,004 26 Kookmin Bank Cambodia Plc. 713,228 - 255,124 - 12,233 92,186 9,998 128 261 17,956 301,350 - - - 23,992 27 Krung Thai Bank Phnom Penh Branch 589,155 - 73,489 80,367 26,869 154,540 75 0 12 11,012 200,900 - - 702 41,189 28 Maybank (Cambodia) Plc. 4,648,286 - 130,010 123,846 2,024,226 590,556 1,116,430 18,880 3,128 101,812 301,350 - - 40,180 197,868 29 MB Bank Plc. Phnom Penh Branch, Cambodia 522,241 - 42,272 - 119,688 - 22,232 295 546 29,433 301,350 - - 3,763 2,663 30 Mega International Commercial Bank-Phnom Penh Branch 1,617,726 1,851 740,435 - 105,953 365,261 17,748 120 591 27,784 277,242 - - 10,747 69,993 31 Phillip Bank Plc. 1,093,140 - 193,898 - 157,618 92,506 317,805 3,073 86 16,072 301,350 - - - 10,733 32 Phnom Penh Commercial Bank 3,187,947 11,966 174,997 15 371,403 557,588 1,321,587 44,960 109,227 41,521 321,440 - 80,360 - 152,883 33 Prince Bank Plc. 691,765 - - 265,188 3,099 954 1 0 - 35,293 401,800 - - - (14,571) 34 RHB Indochina Bank Limited 3,081,703 - 208,548 - 992,351 239,593 1,097,029 22,211 1,498 96,366 301,350 - - - 122,757 35 Saigon Thuong Tin Cambodia Bank Plc. 722,084 - 136,679 - 18,140 112,855 314,896 6,956 - 15,241 152,684 - - - (35,366) 36 Saigon-Hanoi Cambodia Bank (SHB) Plc. 1,168,514 - 674,438 - 60,627 - 103,741 2,062 - 13,236 301,350 - - - 13,060 37 Sathapana Bank Plc. 5,291,110 - 208,546 991,570 76,333 516,634 2,477,428 31,716 416 155,897 482,160 - 120,540 - 229,871 38 Shinhan Bank (Cambodia) Plc. 1,016,919 - 381,809 - 47,796 105,921 50,502 709 3,929 8,197 301,350 - - 8,307 108,398 39 Taiwan Cooperative Bank Phnom Penh Branch 2,825,901 - 2,246,924 - 1,485 126,576 109 13 412 54,026 281,260 - - - 115,096 40 Union Commercial Bank Plc. 2,058,079 - 183,230 - 244,114 669,542 413,995 7,521 37,430 78,590 321,440 102,952 116,522 1,007 (118,263) 41 Vattanac Bank 2,547,617 - 5,353 - 952,273 443,352 761,249 8,727 14,014 23,612 301,350 - - - 37,688 42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch 183,422 - 5 - 17,062 2,385 580 10 - 3,021 156,702 - - - 3,658 Sub-Total 137,222,657 91,011 16,028,916 4,398,366 20,931,552 31,206,518 35,411,534 672,716 439,064 3,256,646 15,251,219 505,538 1,607,136 2,149,818 5,272,623

Specialized Banks 43 Aeon Specialized Bank (Cambodia) Plc. 317,788 - 217,425 ------14,900 80,360 - - - 5,103 44 ANCO Specialized Bank 77,559 - - 594 - - - - - 5,482 60,270 - - - 11,213 45 Angkor Capital Specialized Bank 50,333 - - - 65 0 - - - 3,188 52,234 - - - (5,154) 46 Asia-Pacific Development Specialized Bank Plc. 96,072 - - 33,349 - - - - - 3,446 60,270 - - - (994) 47 Camko Specialized Bank Plc. 53,092 - - - 0 51 - - - 653 60,270 - - - (7,883) 48 DGB Specialized Bank Plc. 570,238 - - 177,032 - - - - - 14,398 301,350 12,054 - - 65,404 49 First Investment Specialized Bank 69,751 ------2,480 60,270 205 - - 6,796 50 KB Daehan Specialized Bank Plc. 155,420 - 72,464 - 851 - - - - 3,189 75,338 - - - 3,579 51 Khmer Specialized Bank Plc. 68,475 - - - 24 - - - - 2,712 84,378 - - - (18,639) 52 Oxley Worldbridge Specialized Bank Plc. 60,916 ------847 60,270 - - 533 (735) 53 PHSME Specialized Bank Ltd. 42,136 - - 80 556 - - - - 4,457 31,119 - - - 5,925 54 Rural Development Bank 725,949 - 100 511,507 7,540 2,339 3,960 77 9 25,578 131,656 4,208 4,195 - 34,781 55 Southern Capital Specialized Bank Plc. 63,014 - - 907 41 - - - - 600 60,270 - - - 1,197 56 Wing (Cambodia) Specialized Bank Limited 129,613 - 11,550 ------17,163 60,270 - - - 40,630 Sub-Total 2,480,356 - 301,538 723,470 9,076 2,390 3,960 77 9 99,092 1,178,325 16,467 4,195 533 141,225

Total 139,703,014 91,011 16,330,454 5,121,836 20,940,628 31,208,908 35,415,494 672,792 439,073 3,355,738 16,429,544 522,005 1,611,331 2,150,351 5,413,848

--39-- PERCENTAGE DISTRIBUTION OF LIABILITIES & EQUITY OF INDIVIDUAL BANKS AS OF DECEMBER 31, 2018 Table 9 Customer's deposit Shareholder's equity Subordinated Total Liabilities Borrowed Accrued Other General Retained and Owed to NBC Owed to Banks Demand Other loans (after and Equity Funds Saving deposits Fixed deposits interest liabilities Paid up Capital Reserves provisions & Current deposits deposits NBC's payable other Profit/Loss agreement) Commercial Banks 1 ACLEDA Bank Plc. 100.0 - 6.0 12.9 6.8 27.7 27.1 0.5 0.3 2.9 7.1 - 1.2 6.1 1.4 2 Advanced Bank of Asia Limited 100.0 - 3.5 0.0 13.2 42.4 23.1 0.4 0.5 2.0 6.1 - 3.4 - 5.4 3 ANZ Royal Bank (Cambodia) Ltd. 100.0 - 4.8 - 45.1 20.7 5.4 0.0 - 1.8 7.9 - - 6.0 8.3 4 B.I.C (Cambodia) Bank Plc. 100.0 - 1.3 - 1.6 15.9 0.5 0.0 0.1 0.5 81.3 - - - (1.3) 5 Bangkok Bank Public Company Limited, Cambodia Branch 100.0 - 0.5 - 6.7 37.7 4.6 0.1 - 0.7 48.3 - 2.9 - (1.5) 6 Bank for Investment and Development of Cambodia Plc. 100.0 - 42.2 - 7.4 0.7 21.8 0.5 0.3 3.3 22.0 - - 0.4 1.4 7 Bank of China (Hong Kong) Limited Phnom Penh Branch 100.0 - 13.1 - 37.4 13.0 14.7 0.2 0.2 1.3 13.4 - - - 6.6 8 Bank of India Phnom Penh Branch 100.0 - - - 6.1 2.7 0.3 0.0 - 0.4 90.7 - 27.9 0.1 (28.1) 9 Booyoung Khmer Bank 100.0 - 3.9 - 0.8 3.6 - - 0.0 0.4 80.9 - - - 10.3 10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh) 100.0 - 0.1 - 7.0 5.3 0.0 0.0 0.0 0.5 87.1 - - - (0.1) 11 Branch of Mizuho Bank Ltd. 100.0 ------0.0 99.7 - - - 0.3 12 BRED Bank (Cambodia) Plc. 100.0 - 9.3 - 9.2 2.6 46.1 0.5 - 1.9 34.8 - - - (4.4) 13 Cambodia Asia Bank Ltd. 100.0 - 3.7 - 14.9 7.9 23.2 1.5 - 10.4 34.3 - - - 4.1 14 Cambodia Mekong Bank 100.0 - 0.0 - 24.8 18.0 2.2 0.1 1.1 1.4 143.6 - - - (91.2) 15 Cambodia Post Bank Plc. 100.0 - 15.6 - 2.4 11.7 53.2 1.6 - 2.4 10.2 - 0.8 - 2.0 16 Cambodian Commercial Bank Ltd. 100.0 - 1.0 - 14.2 47.6 6.6 0.0 0.5 2.8 26.0 - - - 1.2 17 Cambodian Public Bank Plc. 100.0 - 0.5 - 28.4 27.3 21.2 0.3 0.2 1.5 3.7 4.1 - - 12.9 18 Canadia Bank Plc. 100.0 - 8.4 0.0 10.0 34.2 32.0 0.8 0.2 2.9 5.5 - 1.3 1.9 2.7 19 Cathay United Cambodia Corporation Bank Limited 100.0 - 0.6 - 23.9 26.9 20.1 0.4 0.2 1.8 24.5 - - - 1.7 20 Chief (Cambodia) Bank Plc. 100.0 - - - - 2.1 1.0 0.0 - 1.1 94.4 - - - 1.4 21 CIMB Bank Plc. 100.0 1.2 3.4 0.8 39.3 6.8 32.5 0.4 0.0 4.5 8.7 - - - 2.4 22 First Commercial Bank Phnom Penh Branch 100.0 1.0 58.7 - 1.3 16.9 2.0 0.0 1.2 1.4 8.4 - 4.5 0.0 4.6 23 Foreign Trade Bank of Cambodia 100.0 - 5.5 - 12.8 24.4 46.1 0.7 0.3 1.0 6.2 0.0 - - 3.0 24 Hong Leong Bank (Cambodia) Plc. 100.0 - 14.2 0.0 18.1 1.7 44.9 0.7 - 1.3 17.5 - 0.9 - 0.7 25 ICBC Limited Phnom Penh Branch 100.0 - 39.7 - 16.1 2.2 17.1 0.1 0.0 2.4 9.7 - 2.4 0.8 9.5 26 Kookmin Bank Cambodia Plc. 100.0 - 35.8 - 1.7 12.9 1.4 0.0 0.0 2.5 42.3 - - - 3.4 27 Krung Thai Bank Phnom Penh Branch 100.0 - 12.5 13.6 4.6 26.2 0.0 0.0 0.0 1.9 34.1 - - 0.1 7.0 28 Maybank (Cambodia) Plc. 100.0 - 2.8 2.7 43.5 12.7 24.0 0.4 0.1 2.2 6.5 - - 0.9 4.3 29 MB Bank Plc. Phnom Penh Branch, Cambodia 100.0 - 8.1 - 22.9 - 4.3 0.1 0.1 5.6 57.7 - - 0.7 0.5 30 Mega International Commercial Bank-Phnom Penh Branch 100.0 0.1 45.8 - 6.5 22.6 1.1 0.0 0.0 1.7 17.1 - - 0.7 4.3 31 Phillip Bank Plc. 100.0 - 17.7 - 14.4 8.5 29.1 0.3 0.0 1.5 27.6 - - - 1.0 32 Phnom Penh Commercial Bank 100.0 0.4 5.5 0.0 11.7 17.5 41.5 1.4 3.4 1.3 10.1 - 2.5 - 4.8 33 Prince Bank Plc. 100.0 - - 38.3 0.4 0.1 0.0 0.0 - 5.1 58.1 - - - (2.1) 34 RHB Indochina Bank Limited 100.0 - 6.8 - 32.2 7.8 35.6 0.7 0.0 3.1 9.8 - - - 4.0 35 Saigon Thuong Tin Cambodia Bank Plc. 100.0 - 18.9 - 2.5 15.6 43.6 1.0 - 2.1 21.1 - - - (4.9) 36 Saigon-Hanoi Cambodia Bank (SHB) Plc. 100.0 - 57.7 - 5.2 - 8.9 0.2 - 1.1 25.8 - - - 1.1 37 Sathapana Bank Plc. 100.0 - 3.9 18.7 1.4 9.8 46.8 0.6 0.0 2.9 9.1 - 2.3 - 4.3 38 Shinhan Bank (Cambodia) Plc. 100.0 - 37.5 - 4.7 10.4 5.0 0.1 0.4 0.8 29.6 - - 0.8 10.7 39 Taiwan Cooperative Bank Phnom Penh Branch 100.0 - 79.5 - 0.1 4.5 0.0 0.0 0.0 1.9 10.0 - - - 4.1 40 Union Commercial Bank Plc. 100.0 - 8.9 - 11.9 32.5 20.1 0.4 1.8 3.8 15.6 5.0 5.7 0.0 (5.7) 41 Vattanac Bank 100.0 - 0.2 - 37.4 17.4 29.9 0.3 0.6 0.9 11.8 - - - 1.5 42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch 100.0 - 0.0 - 9.3 1.3 0.3 0.0 - 1.6 85.4 - - - 2.0 Sub-Total 100.0 0.1 11.7 3.2 15.3 22.7 25.8 0.5 0.3 2.4 11.1 0.4 1.2 1.6 3.8

Specialized Banks 43 Aeon Specialized Bank (Cambodia) Plc. 100.0 - 68.4 ------4.7 25.3 - - - 1.6 44 ANCO Specialized Bank 100.0 - - 0.8 - - - - - 7.1 77.7 - - - 14.5 45 Angkor Capital Specialized Bank 100.0 - - - 0.1 0.0 - - - 6.3 103.8 - - - (10.2) 46 Asia-Pacific Development Specialized Bank Plc. 100.0 - - 34.7 - - - - - 3.6 62.7 - - - (1.0) 47 Camko Specialized Bank Plc. 100.0 - - - 0.0 0.1 - - - 1.2 113.5 - - - (14.8) 48 DGB Specialized Bank Plc. 100.0 - - 31.0 - - - - - 2.5 52.8 2.1 - - 11.5 49 First Investment Specialized Bank 100.0 ------3.6 86.4 0.3 - - 9.7 50 KB Daehan Specialized Bank Plc. 100.0 - 46.6 - 0.5 - - - - 2.1 48.5 - - - 2.3 51 Khmer Specialized Bank Plc. 100.0 - - - 0.0 - - - - 4.0 123.2 - - - (27.2) 52 Oxley Worldbridge Specialized Bank Plc. 100.0 ------1.4 98.9 - - 0.9 (1.2) 53 PHSME Specialized Bank Ltd. 100.0 - - 0.2 1.3 - - - - 10.6 73.9 - - - 14.1 54 Rural Development Bank 100.0 - 0.0 70.5 1.0 0.3 0.5 0.0 0.0 3.5 18.1 0.6 0.6 - 4.8 55 Southern Capital Specialized Bank Plc. 100.0 - - 1.4 0.1 - - - - 1.0 95.6 - - - 1.9 56 Wing (Cambodia) Specialized Bank Limited 100.0 - 8.9 ------13.2 46.5 - - - 31.3 Sub-Total 100.0 - 12.2 29.2 0.4 0.1 0.2 0.0 0.0 4.0 47.5 0.7 0.2 0.0 5.7

Total 100.0 0.1 11.7 3.7 15.0 22.3 25.4 0.5 0.3 2.4 11.8 0.4 1.2 1.5 3.9

--40-- PROFIT AND LOSS STATEMENT AS AT DECEMBER 31, 2018 Table 10 1 USD = 4,018 KHR (millions of KHR) Provision Expenses Operating Expenses Net Interest Non Interest Gross Operating Profit & Loss Extra Gains or Net profit for 12 Interest Income Interest Expenses (Excluded Recoveries Profit Tax Income Income Income Depreciation Bad & Doubtful Debts Before Tax Losses Months Depreciations)

1 2 3=1-2 4 5=3+4 6 7 8 9 10=5-6-7-8+9 11 12 13=10-11+/-12 Commercial Banks 1 ACLEDA Bank Plc. 1,609,562 578,581 1,030,981 260,346 1,291,327 689,814 53,866 157,584 19,560 409,624 82,702 (1,363) 325,559 2 Advanced Bank of Asia Limited 738,693 188,864 549,829 126,723 676,553 253,433 19,734 41,961 2 361,427 74,169 1,305 288,563 3 ANZ Royal Bank (Cambodia) Ltd. 147,942 7,981 139,961 63,551 203,511 83,735 6,489 (7,283) - 120,570 25,354 174 95,390 4 B.I.C (Cambodia) Bank Plc. 2,210 37 2,173 (36) 2,137 5,310 326 1,448 - (4,947) 22 1 (4,969) 5 Bangkok Bank Public Company Limited, Cambodia Branch 7,516 1,448 6,068 2,342 8,410 3,355 531 12,026 - (7,502) 108 (3) (7,613) 6 Bank for Investment and Development of Cambodia Plc. 133,741 78,795 54,946 18,432 73,378 50,796 3,783 37,940 19,688 547 1,732 (5,210) (6,394) 7 Bank of China (Hong Kong) Limited Phnom Penh Branch 139,221 32,731 106,489 49,622 156,112 33,835 3,416 5,263 - 113,598 25,508 - 88,090 8 Bank of India Phnom Penh Branch 1,099 16 1,083 365 1,448 2,389 - 4,315 - (5,257) - - (5,257) 9 Booyoung Khmer Bank 17,635 471 17,164 1,086 18,250 3,882 523 3,027 - 10,818 205 (1) 10,612 10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh) 5,210 44 5,166 1,068 6,234 3,849 745 575 - 1,065 61 (0) 1,004 11 Branch of Mizuho Bank Ltd. 101 - 101 3,058 3,158 2,632 51 - - 475 - (1) 474 12 BRED Bank (Cambodia) Plc. 26,774 10,337 16,437 3,331 19,768 27,292 2,310 5,802 - (15,636) 29 0 (15,665) 13 Cambodia Asia Bank Ltd. 19,777 12,659 7,118 27,387 34,505 26,471 1,025 (2,347) - 9,356 2,072 (88) 7,196 14 Cambodia Mekong Bank 5,650 793 4,857 (1,621) 3,237 12,870 2,616 174 - (12,423) 96 48 (12,471) 15 Cambodia Post Bank Plc. 225,217 111,360 113,857 19,813 133,670 54,353 3,431 16,830 480 59,535 12,098 435 47,872 16 Cambodian Commercial Bank Ltd. 29,475 4,154 25,321 7,454 32,775 10,913 1,650 6,297 - 13,915 4,800 2,424 11,540 17 Cambodian Public Bank Plc. 602,329 292,118 310,211 72,756 382,967 96,892 12,357 40,732 42,591 275,578 55,466 (27) 220,085 18 Canadia Bank Plc. 1,097,983 530,511 567,472 196,314 763,786 188,036 22,749 80,852 34,065 506,214 101,289 231 405,156 19 Cathay United Cambodia Corporation Bank Limited 76,879 13,980 62,900 16,963 79,863 41,591 3,331 8,128 833 27,647 6,928 521 21,241 20 Chief (Cambodia) Bank Plc. 13,467 31 13,435 1,095 14,530 10,294 1,092 1,036 - 2,108 858 68 1,318 21 CIMB Bank Plc. 145,786 47,742 98,043 24,794 122,837 48,186 5,029 6,315 - 63,307 11,947 (416) 50,943 22 First Commercial Bank Phnom Penh Branch 185,300 50,999 134,301 16,112 150,414 49,662 1,271 10,315 58 89,224 - - 89,224 23 Foreign Trade Bank of Cambodia 237,015 130,619 106,396 40,446 146,843 46,668 3,404 60,331 18,908 55,347 - - 55,347 24 Hong Leong Bank (Cambodia) Plc. 82,740 37,139 45,601 7,385 52,986 22,949 4,987 2,996 - 22,054 4,784 - 17,270 25 ICBC Limited Phnom Penh Branch 191,250 62,709 128,541 49,111 177,652 29,358 194 10,896 - 137,204 27,985 - 109,219 26 Kookmin Bank Cambodia Plc. 31,233 5,124 26,109 5,148 31,256 19,125 3,212 251 - 8,669 (3) 210 8,882 27 Krung Thai Bank Phnom Penh Branch 22,097 4,081 18,016 7,645 25,661 7,765 157 (1,241) - 18,979 3,089 50 15,940 28 Maybank (Cambodia) Plc. 196,689 67,463 129,226 50,620 179,846 74,446 10,943 22,123 15 72,349 20,796 (16) 51,537 29 MB Bank Plc. Phnom Penh Branch, Cambodia 21,494 4,770 16,724 1,969 18,693 7,882 924 914 - 8,973 374 (16) 8,582 30 Mega International Commercial Bank-Phnom Penh Branch 83,865 19,597 64,267 8,918 73,186 26,602 993 5,712 - 39,878 10,203 - 29,675 31 Phillip Bank Plc. 53,605 21,513 32,091 7,125 39,216 21,588 1,916 3,528 - 12,184 3,107 (103) 8,973 32 Phnom Penh Commercial Bank 188,325 72,859 115,466 29,722 145,188 55,451 6,541 16,447 2,612 69,361 15,421 (27) 53,913 33 Prince Bank Plc. 25,714 2,290 23,425 3,506 26,931 32,409 1,853 5,210 - (12,541) 304 (279) (13,124) 34 RHB Indochina Bank Limited 146,000 67,263 78,736 14,528 93,264 28,951 4,159 34,133 0 26,021 7,724 (137) 18,160 35 Saigon Thuong Tin Cambodia Bank Plc. 34,110 18,107 16,004 10,635 26,638 23,893 1,715 58,558 - (57,528) 475 785 (57,218) 36 Saigon-Hanoi Cambodia Bank (SHB) Plc. 56,587 25,216 31,371 4,831 36,202 13,371 630 8,391 - 13,809 618 (131) 13,060 37 Sathapana Bank Plc. 526,777 207,393 319,383 40,264 359,648 206,512 8,843 30,643 488 114,138 20,190 (1,410) 92,538 38 Shinhan Bank (Cambodia) Plc. 55,647 9,272 46,375 8,234 54,609 19,379 448 (1,092) - 35,873 6,489 (2,647) 26,736 39 Taiwan Cooperative Bank Phnom Penh Branch 139,384 43,206 96,177 6,491 102,669 23,530 2,237 9,779 - 67,124 17,297 - 49,826 40 Union Commercial Bank Plc. 101,855 32,431 69,424 8,268 77,692 43,273 5,656 57,914 52,205 23,054 5,674 590 17,969 41 Vattanac Bank 81,579 28,596 52,983 17,559 70,542 35,954 4,777 8,602 - 21,209 4,541 1,493 18,162 42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch 8,469 59 8,409 750 9,160 3,935 531 411 243 4,526 1,025 7 3,508 Sub total 7,515,999 2,823,360 4,692,640 1,234,108 5,926,748 2,442,629 210,444 765,496 191,748 2,699,927 555,540 (3,532) 2,140,856 Specialized Banks 43 Aeon Specialized Bank (Cambodia) Plc. 55,495 4,607 50,889 6,405 57,293 40,233 4,976 5,916 617 6,785 1,664 (18) 5,103 44 ANCO Specialized Bank 8,168 - 8,168 420 8,588 4,819 339 1,724 - 1,707 86 - 1,621 45 Angkor Capital Specialized Bank 3,462 - 3,462 1,617 5,079 2,519 198 7,480 - (5,118) 51 1 (5,168) 46 Asia-Pacific Development Specialized Bank Plc. 7,526 1,885 5,641 723 6,364 4,916 1,125 39 - 284 195 (9) 79 47 Camko Specialized Bank Plc. 2,302 - 2,302 2,530 4,832 1,624 151 178 - 2,878 49 (0) 2,829 48 DGB Specialized Bank Plc. 70,047 13,791 56,256 5,704 61,960 25,888 1,559 1,602 - 32,912 6,878 62 26,096 49 First Investment Specialized Bank 1,178 - 1,178 1,061 2,238 1,762 174 266 - 37 - (0) 36 50 KB Daehan Specialized Bank Plc. 5,518 300 5,218 808 6,026 7,227 569 (947) - (822) 118 - (940) 51 Khmer Specialized Bank Plc. 5,971 - 5,971 554 6,525 7,187 1,713 - - (2,375) 65 - (2,440) 52 Oxley Worldbridge Specialized Bank Plc. 4,291 333 3,958 259 4,217 2,054 478 110 - 1,575 340 - 1,235 53 PHSME Specialized Bank Ltd. 3,098 27 3,071 244 3,315 2,020 76 4,019 961 (1,839) 56 (1) (1,896) 54 Rural Development Bank 29,084 2,488 26,596 4,314 30,910 13,561 599 6,602 - 10,149 2,525 (40) 7,584 55 Southern Capital Specialized Bank Plc. 3,724 23 3,702 (3) 3,698 2,031 39 1,113 - 516 229 - 287 56 Wing (Cambodia) Specialized Bank Limited - - - 62,543 62,543 47,195 6,096 - - 9,252 - - 9,252 Sub total 199,863 23,452 176,411 87,180 263,591 163,037 18,091 28,102 1,578 55,939 12,256 (5) 43,678 Total 7,715,863 2,846,812 4,869,051 1,321,288 6,190,339 2,605,666 228,534 793,598 193,326 2,755,867 567,796 (3,537) 2,184,534

--41-- NET PROFITS AS AT DECEMBER 31, 2018 Table 11 1 USD = 4,018 KHR (millions of KHR) As Percentage As Percentage of Net profit Total Assets Loans1 of Assets Loans Commercial Banks 1 ACLEDA Bank Plc. 325,559 22,465,609 1.4% 14,086,003 2.3% 2 Advanced Bank of Asia Limited 288,563 10,955,566 2.6% 7,358,448 3.9% 3 ANZ Royal Bank (Cambodia) Ltd. 95,390 3,813,622 2.5% 1,793,275 5.3% 4 B.I.C (Cambodia) Bank Plc. (4,969) 370,513 -1.3% 145,084 -3.4% 5 Bangkok Bank Public Company Limited, Cambodia Branch (7,613) 415,699 -1.8% 104,456 -7.3% 6 Bank for Investment and Development of Cambodia Plc. (6,394) 1,827,973 -0.3% 1,592,279 -0.4% 7 Bank of China (Hong Kong) Limited Phnom Penh Branch 88,090 4,485,446 2.0% 1,959,810 4.5% 8 Bank of India Phnom Penh Branch (5,257) 57,573 -9.1% 20,379 -25.8% 9 Booyoung Khmer Bank 10,612 372,593 2.8% 166,049 6.4% 10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh) 1,004 276,671 0.4% 67,985 1.5% 11 Branch of Mizuho Bank Ltd. 474 201,523 0.2% - - 12 BRED Bank (Cambodia) Plc. (15,665) 865,945 -1.8% 411,040 -3.8% 13 Cambodia Asia Bank Ltd. 7,196 879,072 0.8% 230,148 3.1% 14 Cambodia Mekong Bank (12,471) 114,708 -10.9% 62,479 -20.0% 15 Cambodia Post Bank Plc. 47,872 2,990,034 1.6% 1,897,344 2.5% 16 Cambodian Commercial Bank Ltd. 11,540 1,159,030 1.0% 364,555 3.2% 17 Cambodian Public Bank Plc. 220,085 9,865,311 2.2% 4,239,952 5.2% 18 Canadia Bank Plc. 405,156 24,091,489 1.7% 13,545,778 3.0% 19 Cathay United Cambodia Corporation Bank Limited 21,241 1,638,671 1.3% 866,203 2.5% 20 Chief (Cambodia) Bank Plc. 1,318 319,202 0.4% 178,655 0.7% 21 CIMB Bank Plc. 50,943 3,476,525 1.5% 2,106,856 2.4% 22 First Commercial Bank Phnom Penh Branch 89,224 3,597,682 2.5% 2,932,680 3.0% 23 Foreign Trade Bank of Cambodia 55,347 5,169,005 1.1% 2,813,482 2.0% 24 Hong Leong Bank (Cambodia) Plc. 17,270 1,721,306 1.0% 1,081,261 1.6% 25 ICBC Limited Phnom Penh Branch 109,219 4,133,052 2.6% 1,060,472 10.3% 26 Kookmin Bank Cambodia Plc. 8,882 713,228 1.2% 526,701 1.7% 27 Krung Thai Bank Phnom Penh Branch 15,940 589,155 2.7% 332,064 4.8% 28 Maybank (Cambodia) Plc. 51,537 4,648,286 1.1% 2,375,312 2.2% 29 MB Bank Plc. Phnom Penh Branch, Cambodia 8,582 522,241 1.6% 398,239 2.2% 30 Mega International Commercial Bank-Phnom Penh Branch 29,675 1,617,726 1.8% 1,038,954 2.9% 31 Phillip Bank Plc. 8,973 1,093,140 0.8% 656,740 1.4% 32 Phnom Penh Commercial Bank 53,913 3,187,947 1.7% 2,102,779 2.6% 33 Prince Bank Plc. (13,124) 691,765 -1.9% 461,866 -2.8% 34 RHB Indochina Bank Limited 18,160 3,081,703 0.6% 1,782,477 1.0% 35 Saigon Thuong Tin Cambodia Bank Plc. (57,218) 722,084 -7.9% 589,047 -9.7% 36 Saigon-Hanoi Cambodia Bank (SHB) Plc. 13,060 1,168,514 1.1% 976,401 1.3% 37 Sathapana Bank Plc. 92,538 5,291,110 1.7% 4,083,185 2.3% 38 Shinhan Bank (Cambodia) Plc. 26,736 1,016,919 2.6% 771,300 3.5% 39 Taiwan Cooperative Bank Phnom Penh Branch 49,826 2,825,901 1.8% 2,249,321 2.2% 40 Union Commercial Bank Plc. 17,969 2,058,079 0.9% 1,239,389 1.4% 41 Vattanac Bank 18,162 2,547,617 0.7% 948,296 1.9% 42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch 3,508 183,422 1.9% 140,978 2.5% Sub total 2,140,856 137,222,657 1.6% 79,757,723 2.7%

Specialized Banks 43 Aeon Specialized Bank (Cambodia) Plc. 5,103 317,788 1.6% 278,443 1.8% 44 ANCO Specialized Bank 1,621 77,559 2.1% 74,755 2.2% 45 Angkor Capital Specialized Bank (5,168) 50,333 -10.3% 29,705 -17.4% 46 Asia-Pacific Development Specialized Bank Plc. 79 96,072 0.1% 86,374 0.1% 47 Camko Specialized Bank Plc. 2,829 53,092 5.3% 21,504 13.2% 48 DGB Specialized Bank Plc. 26,096 570,238 4.6% 547,702 4.8% 49 First Investment Specialized Bank 36 69,751 0.1% 2,754 1.3% 50 KB Daehan Specialized Bank Plc. (940) 155,420 -0.6% 101,572 -0.9% 51 Khmer Specialized Bank Plc. (2,440) 68,475 -3.6% 56,072 -4.4% 52 Oxley Worldbridge Specialized Bank Plc. 1,235 60,916 2.0% 54,147 2.3% 53 PHSME Specialized Bank Ltd. (1,896) 42,136 -4.5% 32,834 -5.8% 54 Rural Development Bank 7,584 725,949 1.0% 638,520 1.2% 55 Southern Capital Specialized Bank Plc. 287 63,014 0.5% 40,425 0.7% 56 Wing (Cambodia) Specialized Bank Limited 9,252 129,613 7.1% - - Sub total 43,678 2,480,356 1.8% 1,964,808 2.2%

Total 2,184,534 139,703,014 1.6% 81,722,531 2.7%

1 Gross Loans (excluding loans to government & banking and financial institutions)

--42-- COMPARISON OF TOTAL DEPOSITS1 AS OF DECEMBER 31, 2018 Table 12 1 USD = 4,018 KHR (millions of KHR) 2018 2017 Growth Rate (%) Share Share 2018 over 2017 Commercial Banks 1 ACLEDA Bank Plc. 14,013,995 15.8% 12,259,007 17.6% 14.3% 2 Advanced Bank of Asia Limited 8,724,692 9.8% 5,037,050 7.2% 73.2% 3 ANZ Royal Bank (Cambodia) Ltd. 2,713,984 3.1% 3,044,955 4.4% -10.9% 4 B.I.C (Cambodia) Bank Plc. 67,300 0.1% - - - 5 Bangkok Bank Public Company Limited, Cambodia Branch 204,003 0.2% 117,671 0.2% 73.4% 6 Bank for Investment and Development of Cambodia Plc. 561,690 0.6% 484,876 0.7% 15.8% 7 Bank of China (Hong Kong) Limited Phnom Penh Branch 2,937,780 3.3% 3,336,775 4.8% -12.0% 8 Bank of India Phnom Penh Branch 5,193 0.0% 9,053 0.0% -42.6% 9 Booyoung Khmer Bank 16,616 0.0% 3,124 0.0% 431.9% 10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh) 34,147 0.0% 10,363 0.0% 229.5% 11 Branch of Mizuho Bank Ltd. - - - - - 12 BRED Bank (Cambodia) Plc. 505,381 0.6% 175,119 0.3% 188.6% 13 Cambodia Asia Bank Ltd. 418,392 0.5% 270,892 0.4% 54.4% 14 Cambodia Mekong Bank 52,931 0.1% 74,572 0.1% -29.0% 15 Cambodia Post Bank Plc. 2,058,919 2.3% 1,463,321 2.1% 40.7% 16 Cambodian Commercial Bank Ltd. 799,246 0.9% 674,134 1.0% 18.6% 17 Cambodian Public Bank Plc. 7,636,965 8.6% 6,619,285 9.5% 15.4% 18 Canadia Bank Plc. 18,611,121 21.0% 13,698,498 19.7% 35.9% 19 Cathay United Cambodia Corporation Bank Limited 1,171,075 1.3% 927,787 1.3% 26.2% 20 Chief (Cambodia) Bank Plc. 9,787 0.0% - - - 21 CIMB Bank Plc. 2,750,521 3.1% 2,202,474 3.2% 24.9% 22 First Commercial Bank Phnom Penh Branch 771,983 0.9% 638,569 0.9% 20.9% 23 Foreign Trade Bank of Cambodia 4,354,965 4.9% 3,319,032 4.8% 31.2% 24 Hong Leong Bank (Cambodia) Plc. 1,124,371 1.3% 961,751 1.4% 16.9% 25 ICBC Limited Phnom Penh Branch 1,470,272 1.7% 658,711 0.9% 123.2% 26 Kookmin Bank Cambodia Plc. 114,805 0.1% 88,992 0.1% 29.0% 27 Krung Thai Bank Phnom Penh Branch 181,496 0.2% 184,717 0.3% -1.7% 28 Maybank (Cambodia) Plc. 3,753,220 4.2% 2,871,652 4.1% 30.7% 29 MB Bank Plc. Phnom Penh Branch, Cambodia 142,761 0.2% 120,981 0.2% 18.0% 30 Mega International Commercial Bank-Phnom Penh Branch 489,673 0.6% 438,815 0.6% 11.6% 31 Phillip Bank Plc. 571,088 0.6% 393,982 0.6% 45.0% 32 Phnom Penh Commercial Bank 2,404,766 2.7% 1,783,053 2.6% 34.9% 33 Prince Bank Plc. 4,054 0.0% - - - 34 RHB Indochina Bank Limited 2,352,682 2.7% 1,922,320 2.8% 22.4% 35 Saigon Thuong Tin Cambodia Bank Plc. 452,846 0.5% 370,580 0.5% 22.2% 36 Saigon-Hanoi Cambodia Bank (SHB) Plc. 166,430 0.2% 108,415 0.2% 53.5% 37 Sathapana Bank Plc. 3,102,527 3.5% 2,393,570 3.4% 29.6% 38 Shinhan Bank (Cambodia) Plc. 208,857 0.2% 174,878 0.3% 19.4% 39 Taiwan Cooperative Bank Phnom Penh Branch 128,595 0.1% 84,931 0.1% 51.4% 40 Union Commercial Bank Plc. 1,372,602 1.5% 1,147,839 1.6% 19.6% 41 Vattanac Bank 2,179,615 2.5% 1,595,569 2.3% 36.6% 42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch 20,037 0.0% 7,272 0.0% 175.5% Sub-total 88,661,383 100.0% 69,674,584 100.0% 27.3% Specialized Banks 43 Aeon Specialized Bank (Cambodia) Plc. - - - - - 44 ANCO Specialized Bank - - - - - 45 Angkor Capital Specialized Bank 65 0.0% 105 0.0% -38.1% 46 Asia-Pacific Development Specialized Bank Plc. - - - - - 47 Camko Specialized Bank Plc. 51 0.0% 20 0.0% 159.4% 48 DGB Specialized Bank Plc. - - - - - 49 First Investment Specialized Bank - - - - - 50 KB Daehan Specialized Bank Plc. 851 0.0% 11 0.0% 7598.2% 51 Khmer Specialized Bank Plc. 24 0.0% 20 0.0% 20.0% 52 Oxley Worldbridge Specialized Bank Plc. - - - - - 53 PHSME Specialized Bank Ltd. 556 0.0% 317 0.0% 75.0% 54 Rural Development Bank 13,925 0.0% 9,386 0.0% 48.4% 55 Southern Capital Specialized Bank Plc. 41 0.0% - - - 56 Wing (Cambodia) Specialized Bank Limited - - - - - Sub-total 15,512 0.0% 9,859 0.0% 57.3% Total 88,676,895 100.0% 69,684,443 100.0% 27.3%

1 Excluded deposits from banking and financial institutions, both local and abroad.

--43-- TOTAL DEPOSITS CLASSIFIED BY CUSTOMER TYPE AS OF DECEMBER 31, 2018 Table 13 1 USD = 4,018 KHR (millions of KHR) Other Local Other Financial Bank Incorporated Business Non-profit Bank Incorporated Total Deposits Government State Enterprise Financial Individuals Institutions Non- Resident Others in Camobodia Enterprises Organizations Abroad Institutions Abroad Commercial Banks 1 ACLEDA Bank Plc. 15,189,158 777,450 134,858 435,015 652,997 1,806,947 10,410,470 334,329 4,306 82,844 549,941 - 2 Advanced Bank of Asia Limited 8,787,296 - - 4,740 57,863 1,282,405 6,942,116 - - - 450,345 49,827 3 ANZ Royal Bank (Cambodia) Ltd. 2,896,845 6,384 2,945 142,637 40,224 1,338,170 1,206,120 66,695 - - 8,102 85,568 4 B.I.C (Cambodia) Bank Plc. 72,219 - - - - 1,199 8,662 - 4,918 - 57,437 2 5 Bangkok Bank Public Company Limited, Cambodia Branch 206,230 - - 2,227 - 127,123 70,805 - - - 6,075 - 6 Bank for Investment and Development of Cambodia Plc. 1,332,862 - 14 174,314 44,715 203,029 342,930 - 552,144 - 15,716 - 7 Bank of China (Hong Kong) Limited Phnom Penh Branch 3,022,269 - - 84,489 - 1,744,580 745,770 - - - 447,429 - 8 Bank of India Phnom Penh Branch 5,193 781 - - - 1,262 2,030 120 - - 987 13 9 Booyoung Khmer Bank 31,121 - - 14,503 1 12,813 3,793 - - - 3 7 10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh) 34,510 - - - 363 31,161 2,966 - - - 17 3 11 Branch of Mizuho Bank Ltd. ------12 BRED Bank (Cambodia) Plc. 585,619 - - - 49,441 151,337 339,995 - - 30,796 14,049 - 13 Cambodia Asia Bank Ltd. 450,706 - - 27,107 5,207 78,557 326,221 - - - - 13,614 14 Cambodia Mekong Bank 52,935 - - 4 - 27,241 24,606 - - - - 1,085 15 Cambodia Post Bank Plc. 2,400,597 - - 276,966 64,712 28,110 1,765,384 - - - 265,425 - 16 Cambodian Commercial Bank Ltd. 806,770 0 - - 7,525 618,376 122,713 9,370 - - 48,786 - 17 Cambodian Public Bank Plc. 7,681,769 4,473 4,271 44,804 - 2,185,221 4,984,201 66,393 - - 392,405 - 18 Canadia Bank Plc. 19,723,465 1,199,197 67,529 870,476 85,988 6,157,836 9,714,909 - 1,986 153,895 1,447,104 24,547 19 Cathay United Cambodia Corporation Bank Limited 1,180,840 - - 375 1,235 185,915 692,613 226 8,156 - 291,220 1,100 20 Chief (Cambodia) Bank Plc. 9,787 - - - - - 9,606 - - - 181 1 21 CIMB Bank Plc. 2,908,586 - - 93,914 63,686 794,133 1,839,849 3,007 466 - 113,328 204 22 First Commercial Bank Phnom Penh Branch 1,130,052 - 241,651 356,780 567 - - 530,332 722 - - - 23 Foreign Trade Bank of Cambodia 4,592,181 77,980 1,110,488 212,727 24,490 30 2,381,544 741,773 - - 68 43,083 24 Hong Leong Bank (Cambodia) Plc. 1,344,218 140 - 218,090 1,757 212,628 708,838 5 - - 202,595 166 25 ICBC Limited Phnom Penh Branch 1,994,447 - - 494,403 29,456 1,274,081 177,938 - 315 - 18,253 - 26 Kookmin Bank Cambodia Plc. 157,370 - - 36,677 5,888 35,253 68,514 - - - 11,039 - 27 Krung Thai Bank Phnom Penh Branch 254,985 - - 175 - 44,234 75,542 37,945 73,314 - 23,763 12 28 Maybank (Cambodia) Plc. 3,874,053 - - 66,877 53,955 1,019,468 2,560,748 - - - 173,004 - 29 MB Bank Plc. Phnom Penh Branch, Cambodia 185,033 - - 42,246 1 43,728 98,875 - 24 - 158 - 30 Mega International Commercial Bank-Phnom Penh Branch 569,640 - - 74,421 5,545 221,049 121,832 - - - 146,201 591 31 Phillip Bank Plc. 764,986 - - 78,622 42,829 145,719 323,384 72,060 0 72,447 29,840 86 32 Phnom Penh Commercial Bank 2,579,762 - - 123,868 18,657 320,111 1,915,824 - - 32,472 168,830 - 33 Prince Bank Plc. 4,054 - - - - - 3,949 - - - 105 - 34 RHB Indochina Bank Limited 2,561,230 - - 202,587 3,123 903,423 993,725 - 2,837 - 454,036 1,498 35 Saigon Thuong Tin Cambodia Bank Plc. 589,525 - - 52,502 - 37,107 395,602 - 84,177 - 20,136 - 36 Saigon-Hanoi Cambodia Bank (SHB) Plc. 840,360 - 134 673,930 - 54,929 111,118 - - - 249 - 37 Sathapana Bank Plc. 3,266,341 - - 114,253 49,533 426,511 2,370,633 - 28 - 305,383 - 38 Shinhan Bank (Cambodia) Plc. 590,666 1 - 120,794 2,055 116,507 49,045 1,246 258,961 - 42,044 13 39 Taiwan Cooperative Bank Phnom Penh Branch 2,375,518 - - 271,282 - 39 128,033 - 1,975,642 - 3 521 40 Union Commercial Bank Plc. 1,389,324 - - 13,567 3,155 291,264 680,393 - - - 400,944 - 41 Vattanac Bank 2,184,968 271,664 63,263 59 5,293 329,558 1,509,451 5,558 - - 120 - 42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch 20,042 - - - 5 13,183 4,554 - - - 2,299 - Sub total 98,647,531 2,338,072 1,625,153 5,325,432 1,320,267 22,264,238 54,235,303 1,869,058 2,967,996 372,453 6,107,620 221,940 Specialized Banks 43 Aeon Specialized Bank (Cambodia) Plc. ------44 ANCO Specialized Bank ------45 Angkor Capital Specialized Bank 65 - - - - 36 29 - - - - - 46 Asia-Pacific Development Specialized Bank Plc. ------47 Camko Specialized Bank Plc. 51 - - - - - 51 - - - - - 48 DGB Specialized Bank Plc. ------49 First Investment Specialized Bank ------50 KB Daehan Specialized Bank Plc. 851 ------851 51 Khmer Specialized Bank Plc. 24 - - - - 12 12 - - - - - 52 Oxley Worldbridge Specialized Bank Plc. ------53 PHSME Specialized Bank Ltd. 556 - - - - 412 144 - - - - - 54 Rural Development Bank 14,024 - - 2 97 7,583 6,335 - - - 7 - 55 Southern Capital Specialized Bank Plc. 41 - - - - 1 39 - - - - - 56 Wing (Cambodia) Specialized Bank Limited ------Sub total 15,611 - - 2 97 8,044 6,610 - - - 7 851 Total 98,663,143 2,338,072 1,625,153 5,325,434 1,320,364 22,272,282 54,241,912 1,869,058 2,967,996 372,453 6,107,627 222,791 As Percentage of Total deposits 100.0% 2.4% 1.6% 5.4% 1.3% 22.6% 55.0% 1.9% 3.0% 0.4% 6.2% 0.2%

--44-- LOANS AND NON-PERFORMING LOANS (NPLs) AS OF DECEMBER 31, 2018 Table 14 1 USD = 4,018 KHR (millions of KHR) Dec-18 Dec-17 Loans1 NPLs NPL/Loans Loans1 NPLs NPL/Loans Commercial Banks 1 ACLEDA Bank Plc. 14,086,003 256,570 1.8% 12,257,886 286,227 2.3% 2 Advanced Bank of Asia Limited 7,358,448 64,068 0.9% 5,008,233 42,489 0.8% 3 ANZ Royal Bank (Cambodia) Ltd. 1,793,275 16,960 0.9% 1,606,199 57,409 3.6% 4 B.I.C (Cambodia) Bank Plc. 145,084 - - - - - 5 Bangkok Bank Public Company Limited, Cambodia Branch 104,456 13,325 12.8% 77,732.97 - - 6 Bank for Investment and Development of Cambodia Plc. 1,592,279 146,459 9.2% 1,395,464 195,594 14.0% 7 Bank of China (Hong Kong) Limited Phnom Penh Branch 1,959,810 4,618 0.2% 1,752,288 - - 8 Bank of India Phnom Penh Branch 20,379 16,525 81.1% 27,184 15,718 57.8% 9 Booyoung Khmer Bank 166,049 2,403 1.4% 95,988 - - 10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh) 67,985 - - 30,208 - - 11 Branch of Mizuho Bank Ltd. ------12 BRED Bank (Cambodia) Plc. 411,040 - - 171,873 - - 13 Cambodia Asia Bank Ltd. 230,148 3,415 1.5% 223,131 8,175 3.7% 14 Cambodia Mekong Bank 62,479 108 0.2% 60,448 392 0.6% 15 Cambodia Post Bank Plc. 1,897,344 22,418 1.2% 1,388,737 11,522 0.8% 16 Cambodian Commercial Bank Ltd. 364,555 - - 317,595 - - 17 Cambodian Public Bank Plc. 4,239,952 66,443 1.6% 4,145,901 29,589 0.7% 18 Canadia Bank Plc. 13,545,778 532,251 3.9% 10,164,482 413,205 4.1% 19 Cathay United Cambodia Corporation Bank Limited 866,203 5,571 0.6% 752,715 5,704 0.8% 20 Chief (Cambodia) Bank Plc. 178,655 - - 138,165 - - 21 CIMB Bank Plc. 2,106,856 3,807 0.2% 1,637,460 3,625.28 0.2% 22 First Commercial Bank Phnom Penh Branch 2,932,680 14,696 0.5% 2,302,186 11,610 0.5% 23 Foreign Trade Bank of Cambodia 2,813,482 24,784 0.9% 2,176,043 26,423 1.2% 24 Hong Leong Bank (Cambodia) Plc. 1,081,261 8,250 0.8% 877,892 809 0.1% 25 ICBC Limited Phnom Penh Branch 1,060,472 - - 1,320,495 - - 26 Kookmin Bank Cambodia Plc. 526,701 9,388 1.8% 364,691 12,350 3.4% 27 Krung Thai Bank Phnom Penh Branch 332,064 6,282 1.9% 452,701 6,311 1.4% 28 Maybank (Cambodia) Plc. 2,375,312 102,345 4.3% 2,272,632 84,803 3.7% 29 MB Bank Plc. Phnom Penh Branch, Cambodia 398,239 8,485 2.1% 425,113 10,129 2.4% 30 Mega International Commercial Bank-Phnom Penh Branch 1,038,954 4,014 0.4% 1,135,159 - - 31 Phillip Bank Plc. 656,740 9,523 1.5% 487,802 8,100 1.7% 32 Phnom Penh Commercial Bank 2,102,779 10,065 0.5% 1,653,012 3,252.53 0.2% 33 Prince Bank Plc. 461,866 3,017 0.7% - - - 34 RHB Indochina Bank Limited 1,782,477 133,540 7.5% 1,643,789 85,652 5.2% 35 Saigon Thuong Tin Cambodia Bank Plc. 589,047 74,898 12.7% 500,894 8,164 1.6% 36 Saigon-Hanoi Cambodia Bank (SHB) Plc. 976,401 30,973 3.2% 776,388 23,846 3.1% 37 Sathapana Bank Plc. 4,083,185 73,749 1.8% 3,239,664 48,723 1.5% 38 Shinhan Bank (Cambodia) Plc. 771,300 6,463 0.8% 510,246 8,764.94 1.7% 39 Taiwan Cooperative Bank Phnom Penh Branch 2,249,321 4,251 0.2% 1,358,660 4,109 0.3% 40 Union Commercial Bank Plc. 1,239,389 45,274 3.7% 1,289,423 106,208 8.2% 41 Vattanac Bank 948,296 - - 799,443 64 0.0% 42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch 140,978 240 0.2% 107,118 230 0.2% Sub total 79,757,723 1,725,180 2.2% 64,945,040 1,519,198 2.3% Specialized Banks 43 Aeon Specialized Bank (Cambodia) Plc. 278,443 9,998 3.6% 154,543 9,232 6.0% 44 ANCO Specialized Bank 74,755 23,479 31.4% 69,974 22,106 31.6% 45 Angkor Capital Specialized Bank 29,705 - - 23,774 2,946 12.4% 46 Asia-Pacific Development Specialized Bank Plc. 86,374 - - 86,004 - - 47 Camko Specialized Bank Plc. 21,504 564 2.6% 11,453 567 4.9% 48 DGB Specialized Bank Plc. 547,702 1,348 0.2% 424,160 358 0.1% 49 First Investment Specialized Bank 2,754 899 32.6% 3,894 1,091 28.0% 50 KB Daehan Specialized Bank Plc. 101,572 498 0.5% 16,729 425 2.5% 51 Khmer Specialized Bank Plc. 56,072 - - 54,654 - - 52 Oxley Worldbridge Specialized Bank Plc. 54,147 710 1.3% 39,603.30 - - 53 PHSME Specialized Bank Ltd. 32,834 8,328 25.4% 34,143 8,514 24.9% 54 Rural Development Bank 638,520 27,187 4.3% 484,252 27,580 5.7% 55 Southern Capital Specialized Bank Plc. 40,425 2,708 6.7% 31,702 1,050 3.3% 56 Wing (Cambodia) Specialized Bank Limited ------Sub total 1,964,808 75,719 3.9% 1,434,885 73,868 5.1%

81,722,531 1,800,899 2.2% 66,379,925 1,593,065 2.4%

1 Gross Loans (excluding loans to government and banking and financial institutions)

--45-- TOTAL CREDITS CLASSIFIED BY SECTOR AS OF DECEMBER 31, 2018 Table 15 1 USD = 4,018 KHR (millions of KHR)

2018 2017 Growth Rate (%)

Share Share 2018 over 2017

Type of Industries

1 Agriculture, Forestry and Fishing 7,523,937 8.9% 7,064,894 10.3% 6.5%

2 Construction 7,787,306 9.2% 6,381,169 9.3% 22.0%

3 Credit Cards 188,506 0.2% 152,075 0.2% 24.0%

4 Financial Institutions 3,013,657 3.6% 1,891,203 2.8% 59.4%

5 Hotels and Restaurants 3,998,272 4.7% 3,055,248 4.5% 30.9%

6 Information Media and Telecommunocations 716,998 0.8% 559,939 0.8% 28.0%

7 Manufacturing 4,537,214 5.4% 4,271,083 6.3% 6.2%

8 Mining and Quarrying 232,591 0.3% 241,151 0.4% -3.5%

9 Mortgages, Owner-Occupied Housing only 8,539,800 10.1% 6,295,935 9.2% 35.6%

10 Other Lending 1,036,683 1.2% 979,049 1.4% 5.9%

11 Other Non-Financial Services 5,738,660 6.8% 4,913,019 7.2% 16.8%

12 Personal Lending 6,978,944 8.2% 4,612,471 6.8% 51.3%

13 Real Estate Activities 6,210,435 7.3% 4,005,003 5.9% 55.1%

14 Rental and Operational Leasing Activities 2,666,397 3.1% 1,568,207 2.3% 70.0%

15 Retail Trade 13,672,529 16.1% 12,134,327 17.8% 12.7%

16 Transport and Storage 1,668,306 2.0% 1,267,964 1.9% 31.6%

17 Utilities 571,316 0.7% 512,658 0.8% 11.4%

18 Wholesale Trade 9,654,636 11.4% 8,365,732 12.3% 15.4%

Total 84,736,188 100.0% 68,271,128 100.0% 24.1%

Note: Included loan to government and banking and financial institutions

--46-- TOTAL CREDITS CLASSIFIED BY SECTOR AS OF DECEMBER 31, 2018

Table 16 1 USD = 4,018 KHR (millions of KHR)

Rental and Agriculture, Information Other Non- Financial Mining and Wholesale Hotels and Transport Operational Real Estate Personal Total Forestry and Manufacturing Utilities Construction Retail Trade media & Financial Other Lending Institutions Quarrying Trade Restaurants and Storage Leasing Activities Essentials Fishing Telecom. Services Activities Commercial banks 1 ACLEDA Bank Plc. 14,122,043 36,039.17 2,587,374.62 - 392,118.77 57,994.90 390,348.97 1,435,131.17 3,856,401.58 8,296.94 - - 840,859.12 182,922.13 2,136,730.99 2,193,228.30 4,595.94 2 Advanced Bank of Asia Limited 7,424,702 66,253.45 359,593.93 - 381,349.86 41,394.80 278,293.12 573,067.77 2,003,670.55 406,644.77 471,374.58 10,931.12 281,013.06 1,199,577.52 750,985.39 600,551.68 - 3 ANZ Royal Bank (Cambodia) Ltd. 1,793,275 - 76,616.63 - 352,223.64 - 2,209.90 536,795.41 79,265.38 - 69,366.58 80,360.00 - - 1,500.63 594,937.19 - 4 B.I.C (Cambodia) Bank Plc. 145,084 ------56,428.10 - 56,289.50 - 32,365.94 - 5 Bangkok Bank Public Company Limited, Cambodia Branch 104,456 - - 16,157.73 52,900.78 - - - 8,039.99 21,208.37 - - - 6,149.32 - - - 6 Bank for Investment and Development of Cambodia Plc. 1,596,843 4,564.13 300,125.61 - 153,175.72 12,731.95 72,283.87 180,792.25 153,398.44 30,402.60 97.63 - - 73,665.14 - 555,123.02 60,482.61 7 Bank of China (Hong Kong) Limited Phnom Penh Branch 2,084,324 124,513.91 100,234.50 - 460,591.53 1,200.21 263,081.00 178,059.68 1,695.87 114,436.07 26,922.22 28,759.35 115,418.45 358,784.20 54,564.64 7,027.28 249,034.96 8 Bank of India Phnom Penh Branch 20,379 - 700.74 - 8,362.32 - - 9,910.08 ------1,405.39 - 9 Booyoung Khmer Bank 166,049 - 5,479.08 - - - 143,733.46 - 2,998.41 9,580.75 - 2,013.85 1,130.95 - 760.30 352.13 - 10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh) 95,576 27,590.68 - - 24,732.18 - 8,840.92 20,092.62 - 13,663.02 656.22 ------11 Branch of Mizuho Bank Ltd. ------12 BRED Bank (Cambodia) Plc. 471,624 60,583.54 - - 37,638.68 4,551.69 4,251.29 158,934.45 29,478.96 24,763.75 6,032.22 126.47 - - 38,855.16 106,406.03 1.62 13 Cambodia Asia Bank Ltd. 230,148 - 99.16 - 90.52 - 46,711.57 100.75 19,609.77 - - - - - 108,102.80 55,433.08 - 14 Cambodia Mekong Bank 62,479 - 11,118.56 - - 24.72 22,917.86 6,212.66 - - - - 38.90 - 21,223.76 540.02 402.12 15 Cambodia Post Bank Plc. 1,897,344 - 180,882.05 3,711.27 19,459.63 5,115.29 104,463.72 4,383.25 449,616.63 13,839.94 220,536.15 35.34 1,955.67 143,238.33 72,794.07 665,037.80 12,275.14 16 Cambodian Commercial Bank Ltd. 364,555 - 5,748.19 - - - - - 198,914.69 152,608.42 - - - - - 7,284.04 - 17 Cambodian Public Bank Plc. 4,241,650 1,697.44 123,011.18 - 362,711.86 82,913.79 447,908.47 364,503.61 941,741.47 342,618.67 126,947.72 4,854.64 96,247.32 445,226.75 189,258.64 633,493.83 78,514.52 18 Canadia Bank Plc. 13,842,175 296,396.97 913,225.29 30,362.47 477,583.60 36,759.94 2,447,743.25 1,043,676.81 2,466,894.77 1,179,767.33 219,288.49 198,297.04 216,989.75 1,572,323.49 146,357.64 2,596,487.24 20.71 19 Cathay United Cambodia Corporation Bank Limited 911,392 45,188.55 7,644.36 - 43,420.75 - 177,293.61 88,340.60 149,829.95 5,542.61 - - - 32,409.16 - 329,317.17 32,405.14 20 Chief (Cambodia) Bank Plc. 178,655 - 1,080.06 - - - 28,790.28 2,095.35 12,770.94 3,078.23 1,357.58 - 763.43 22,125.37 462.35 34,475.54 71,655.37 21 CIMB Bank Plc. 2,186,598 79,741.97 1,717.69 - 164,373.18 24,480.20 95,585.80 521,763.04 195,960.98 69,547.37 62,959.43 13,119.48 29,970.21 81,169.94 92,425.98 753,725.80 56.45 22 First Commercial Bank Phnom Penh Branch 2,984,157 51,476.60 30,580.09 - 194,127.37 - 185,687.84 766,223.71 384,137.89 353,852.04 55,915.94 5,506.25 - 295,998.24 498,326.30 7,085.60 155,239.21 23 Foreign Trade Bank of Cambodia 2,838,678 25,195.60 264,318.24 39,307.80 71,957.02 69,853.31 491,393.48 263,540.52 8,996.38 14,286.29 13,538.35 57,671.74 25,619.53 183,183.62 68,940.77 1,228,427.52 12,447.91 24 Hong Leong Bank (Cambodia) Plc. 1,081,261 - - - 75,355.07 8,405.06 46,001.95 272,431.05 128,395.07 6,456.47 13,972.19 5,701.82 2,950.69 - 68,140.88 446,376.38 7,074.79 25 ICBC Limited Phnom Penh Branch 2,536,861 1,476,388.33 - - 103,464.31 - 92,600.81 301,594.41 - 40,267.06 - 216,519.68 - 82,209.96 159,335.95 64,480.20 - 26 Kookmin Bank Cambodia Plc. 566,844 40,142.77 1,355.45 - 1,084.97 - 31,857.33 181,532.53 - 11,768.39 - - - 220,309.84 78,792.73 - - 27 Krung Thai Bank Phnom Penh Branch 338,858 6,794.23 156,619.11 - 175,444.45 ------28 Maybank (Cambodia) Plc. 2,375,312 - 18,693.38 497.00 168,241.17 12,879.63 119,839.97 672,198.45 207,740.61 158,906.33 21,500.79 4,084.56 29,602.94 20,753.28 89,625.09 850,748.55 - 29 MB Bank Plc. Phnom Penh Branch, Cambodia 398,239 - - - 5,078.47 - 2,001.16 7,513.25 29,529.71 196.56 4,907.82 - - 11,827.75 298,514.38 38,669.89 - 30 Mega International Commercial Bank-Phnom Penh Branch 1,082,223 43,268.87 19,263.72 - 83,346.34 45,124.65 186,058.21 134,011.29 155,694.10 108,025.67 45,034.97 7,538.07 8,587.11 91,818.17 36,375.62 110,763.84 7,312.70 31 Phillip Bank Plc. 680,368 23,628.10 2,325.76 5,822.23 26,119.71 9,162.15 89,922.01 140,027.59 75,192.72 22,727.37 6,425.51 - 54,749.32 31,518.70 2,234.43 98,545.17 91,967.58 32 Phnom Penh Commercial Bank 2,215,219 112,439.64 20,106.34 7,037.98 139,126.23 17,618.80 608,064.04 234,639.04 257,066.03 181,081.50 42,815.94 753.08 256,258.05 86,404.43 74,540.71 173,747.68 3,519.35 33 Prince Bank Plc. 461,866 - 11,690.05 - 15,100.51 9,152.02 54,620.42 11,653.81 62,329.83 5,214.05 7,041.05 - 10,036.05 40,700.80 12,364.04 146,655.08 75,308.55 34 RHB Indochina Bank Limited 1,819,720 37,243.07 162,468.05 - 104,663.23 20,356.16 128,241.90 305,223.57 240,032.56 232,703.74 17,773.34 3,436.08 154,947.31 112,174.04 63,496.77 215,742.69 21,217.23 35 Saigon Thuong Tin Cambodia Bank Plc. 589,047 - 30,754.30 125,369.82 14,906.19 2,540.55 49,058.85 44,593.10 70,824.19 1,459.70 1.10 - 64.47 1,315.01 1,549.65 192,793.21 53,817.07 36 Saigon-Hanoi Cambodia Bank (SHB) Plc. 976,401 - 545,129.26 1,032.91 6,349.04 1,343.10 56,464.74 23,031.39 4,065.36 5,792.99 1,753.16 - 3,426.72 213,673.78 - 63,515.48 50,822.93 37 Sathapana Bank Plc. 4,162,949 79,764.19 754,393.41 426.32 79,289.09 24,037.47 160,439.38 304,006.22 582,822.86 52,829.94 171,603.20 - 16,235.23 119,644.22 393,022.04 1,400,227.88 24,207.28 38 Shinhan Bank (Cambodia) Plc. 841,872 70,571.19 3,516.89 - 38,989.41 3,092.10 145,880.78 79,835.43 43,553.18 36,832.80 2,929.32 - 3,277.28 8,271.38 32,704.15 372,417.75 - 39 Taiwan Cooperative Bank Phnom Penh Branch 2,320,676 71,355.45 30,331.20 - 137,921.09 40,915.60 330,214.02 454,756.82 364,357.25 199,163.27 18,357.57 - 506,294.93 98,029.95 25,624.96 38,968.09 4,386.13 40 Union Commercial Bank Plc. 1,331,166 91,777.06 85,700.18 2,865.41 25,580.95 31,525.26 195,761.09 71,352.40 121,142.04 16,301.41 1,376.85 13,388.58 3,122.35 135,051.87 81,839.84 454,380.55 - 41 Vattanac Bank 1,053,340 105,044.01 7,978.35 - 85,610.00 4,991.93 106,637.39 121,836.52 91,618.89 140,580.27 36,681.66 887.33 70.42 181,137.03 121,846.34 40,099.81 8,319.87 42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch 140,978 - - - 45,265.13 - 1,301.74 35,213.80 - 9,107.52 - - - - 9,520.66 40,569.11 - Sub total 82,735,382 2,977,659 6,819,875 232,591 4,527,753 568,165 7,616,504 9,549,074 13,397,787 3,993,552 1,667,168 710,413 2,659,629 6,107,903 5,730,818 15,151,406 1,025,085 Specialized banks 43 Aeon Specialized Bank (Cambodia) Plc. 278,443 - 4,577.80 ------273,865.46 - 44 ANCO Specialized Bank 74,755 - 1,967.81 - 1,486.34 487.44 2,514.60 1,218.15 20,580.76 1,743.86 - - - 78.14 - 44,677.49 - 45 Angkor Capital Specialized Bank 29,705 - 10,543.67 - - - - 8,091.14 - - - - - 11,010.65 - 59.22 - 46 Asia-Pacific Development Specialized Bank Plc. 86,374 - - - 1,203.88 - - 393.58 - - - - - 72,405.10 - 12,371.48 - 47 Camko Specialized Bank Plc. 33,585 12,081.14 ------21,504.01 - 48 DGB Specialized Bank Plc. 547,702 - 3,760.05 - - - 143,070.88 - 214,666.03 - - - - 8,242.90 - 176,131.90 1,830.50 49 First Investment Specialized Bank 2,754 - 80.29 - 142.29 - 28.90 950.52 479.87 89.28 236.21 - - - 357.24 389.46 - 50 KB Daehan Specialized Bank Plc. 110,551 8,978.69 2,713.96 - 2,491.01 1,548.23 3,118.96 77,583.25 5,703.40 533.69 678.14 1,064.76 5,096.50 454.19 0.00 520.27 65.96 51 Khmer Specialized Bank Plc. 56,072 - 40,870.22 ------5,520.75 - 393.54 6,134.17 3,153.22 - 52 Oxley Worldbridge Specialized Bank Plc. 54,147 - - - - - 10,971.98 13,644.45 1,862.28 - - - 1,287.51 4,437.87 - 12,242.17 9,701.07 53 PHSME Specialized Bank Ltd. 32,834 - 7,441.12 - 297.77 106.63 230.46 2,349.06 15,050.21 71.91 - - 384.23 4,638.68 1,351.14 912.73 - 54 Rural Development Bank 653,459 14,938.22 631,298.61 ------7,221.68 - 55 Southern Capital Specialized Bank Plc. 40,425 - 807.62 - 3,840.09 1,008.74 10,865.80 1,331.09 16,399.02 2,281.33 224.39 - - 871.51 - 2,795.27 - 56 Wing (Cambodia) Specialized Bank Limited ------Sub total 2,000,806 35,998 704,061 - 9,461 3,151 170,802 105,561 274,742 4,720 1,139 6,586 6,768 102,533 7,843 555,844 11,598 Total 84,736,188 3,013,657 7,523,937 232,591 4,537,214 571,316 7,787,306 9,654,636 13,672,529 3,998,272 1,668,306 716,998 2,666,397 6,210,435 5,738,660 15,707,250 1,036,683 100.0% 3.6% 8.9% 0.3% 5.4% 0.7% 9.2% 11.4% 16.1% 4.7% 2.0% 0.8% 3.1% 7.3% 6.8% 18.5% 1.2%

Note: Excluded loan to governement and banking and financial institutions

--47-- LOAN TO DEPOSIT AS OF DECEMBER 31, 2018 Table 17 1 USD = 4,018 KHR (millions of KHR) 2018 2017

Loans to Loans to deposits Deposits1 Loans2 Deposits1 Loans2 deposits ratio ratio

Commercial Banks 1 ACLEDA Bank Plc. 14,013,995 14,086,003 100.5% 12,259,007 12,257,886 100.0% 2 Advanced Bank of Asia Limited 8,724,692 7,358,448 84.3% 5,037,050 5,008,233 99.4% 3 ANZ Royal Bank (Cambodia) Ltd. 2,713,984 1,793,275 66.1% 3,044,955 1,606,199 52.7% 4 B.I.C (Cambodia) Bank Plc. 67,300 145,084 215.6% - - - 5 Bangkok Bank Public Company Limited, Cambodia Branch 204,003 104,456 51.2% 117,671 77,733 66.1% 6 Bank for Investment and Development of Cambodia Plc. 561,690 1,592,279 283.5% 484,876 1,395,464 287.8% 7 Bank of China (Hong Kong) Limited Phnom Penh Branch 2,937,780 1,959,810 66.7% 3,336,775 1,752,288 52.5% 8 Bank of India Phnom Penh Branch 5,193 20,379 392.4% 9,053 27,184 300.3% 9 Booyoung Khmer Bank 16,616 166,049 999.3% 3,124 95,988 3072.7% 10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh) 34,147 67,985 199.1% 10,363 30,208 291.5% 11 Branch of Mizuho Bank Ltd. ------12 BRED Bank (Cambodia) Plc. 505,381 411,040 81.3% 175,119 171,873 98.1% 13 Cambodia Asia Bank Ltd. 418,392 230,148 55.0% 270,892 223,131 82.4% 14 Cambodia Mekong Bank 52,931 62,479 118.0% 74,572 60,448 81.1% 15 Cambodia Post Bank Plc. 2,058,919 1,897,344 92.2% 1,463,321 1,388,737 94.9% 16 Cambodian Commercial Bank Ltd. 799,246 364,555 45.6% 674,134 317,595 47.1% 17 Cambodian Public Bank Plc. 7,636,965 4,239,952 55.5% 6,619,285 4,145,901 62.6% 18 Canadia Bank Plc. 18,611,121 13,545,778 72.8% 13,698,498 10,164,482 74.2% 19 Cathay United Cambodia Corporation Bank Limited 1,171,075 866,203 74.0% 927,787 752,715 81.1% 20 Chief (Cambodia) Bank Plc. 9,787 178,655 1825.5% - 138,165 - 21 CIMB Bank Plc. 2,750,521 2,106,856 76.6% 2,202,474 1,637,460 74.3% 22 First Commercial Bank Phnom Penh Branch 771,983 2,932,680 379.9% 638,569 2,302,186 360.5% 23 Foreign Trade Bank of Cambodia 4,354,965 2,813,482 64.6% 3,319,032 2,176,043 65.6% 24 Hong Leong Bank (Cambodia) Plc. 1,124,371 1,081,261 96.2% 961,751 877,892 91.3% 25 ICBC Limited Phnom Penh Branch 1,470,272 1,060,472 72.1% 658,711 1,320,495 200.5% 26 Kookmin Bank Cambodia Plc. 114,805 526,701 458.8% 88,992 364,691 409.8% 27 Krung Thai Bank Phnom Penh Branch 181,496 332,064 183.0% 184,717 452,701 245.1% 28 Maybank (Cambodia) Plc. 3,753,220 2,375,312 63.3% 2,871,652 2,272,632 79.1% 29 MB Bank Plc. Phnom Penh Branch, Cambodia 142,761 398,239 279.0% 120,981 425,113 351.4% 30 Mega International Commercial Bank-Phnom Penh Branch 489,673 1,038,954 212.2% 438,815 1,135,159 258.7% 31 Phillip Bank Plc. 571,088 656,740 115.0% 393,982 487,802 123.8% 32 Phnom Penh Commercial Bank 2,404,766 2,102,779 87.4% 1,783,053 1,653,012 92.7% 33 Prince Bank Plc. 4,054 461,866 11391.7% - - - 34 RHB Indochina Bank Limited 2,352,682 1,782,477 75.8% 1,922,320 1,643,789 85.5% 35 Saigon Thuong Tin Cambodia Bank Plc. 452,846 589,047 130.1% 370,580 500,894 135.2% 36 Saigon-Hanoi Cambodia Bank (SHB) Plc. 166,430 976,401 586.7% 108,415 776,388 716.1% 37 Sathapana Bank Plc. 3,102,527 4,083,185 131.6% 2,393,570 3,239,664 135.3% 38 Shinhan Bank (Cambodia) Plc. 208,857 771,300 369.3% 174,878 510,246 291.8% 39 Taiwan Cooperative Bank Phnom Penh Branch 128,595 2,249,321 1749.2% 84,931 1,358,660 1599.7% 40 Union Commercial Bank Plc. 1,372,602 1,239,389 90.3% 1,147,839 1,289,423 112.3% 41 Vattanac Bank 2,179,615 948,296 43.5% 1,595,569 799,443 50.1% 42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch 20,037 140,978 703.6% 7,272 107,118 1473.1% Sub-total 88,661,383 79,757,723 90.0% 69,674,584 64,945,040 93.2%

Specialized Banks 43 Aeon Specialized Bank (Cambodia) Plc. - 278,443 - - 154,543 - 44 ANCO Specialized Bank - 74,755 - - 69,974 - 45 Angkor Capital Specialized Bank 65 29,705 45855.3% 105 23,774 22709.3% 46 Asia-Pacific Development Specialized Bank Plc. - 86,374 - - 86,004 - 47 Camko Specialized Bank Plc. 51 21,504 42105.6% 20 11,453 58165.1% 48 DGB Specialized Bank Plc. - 547,702 - - 424,160 - 49 First Investment Specialized Bank - 2,754 - - 3,894 - 50 KB Daehan Specialized Bank Plc. 851 101,572 11937.0% 11 16,729 151350.0% 51 Khmer Specialized Bank Plc. 24 56,072 236200.9% 20 54,654 276221.6% 52 Oxley Worldbridge Specialized Bank Plc. - 54,147 - - 39,603 - 53 PHSME Specialized Bank Ltd. 556 32,834 5909.3% 317 34,143 10755.9% 54 Rural Development Bank 13,925 638,520 4585.5% 9,386 484,252 5159.0% 55 Southern Capital Specialized Bank Plc. 41 40,425 99777.0% - 31,702 - 56 Wing (Cambodia) Specialized Bank Limited ------Sub-total 15,512 1,964,808 12666.8% 9,859 1,434,885 14553.9%

Total 88,676,895 81,722,531 92.2% 69,684,443 66,379,925 95.3%

1 Excluding deposits from banking and financial institutions, both local and abroad. 2 Gross Loans (excluding loans to government & banking and financial institutions)

--48-- RIEL AND FOREIGN CURRENCY INTEREST RATE ON LOANS (As of December 2018) (Rate per Annum) LOAN IN KHR LOAN IN USD OTHER FOREIGN CURRENCY No. NAME OF BANKS <1 year 1 to 5 years >5 years <1 year 1 to 5 years >5 years <1 year 1 to 5 years >5 years Commercial Banks

1 ACLEDA Bank Plc. 17.5% 17.6% 12.7% 12.9% 12.7% 10.5% 18.1%

2 Advanced Bank of Asia Limited 11.0% 12.5% 12.2% 8.3% 11.9% 11.5%

3 ANZ Royal Bank (Cambodia) Ltd. 7.7% 7.5%

4 B.I.C (Cambodia) Bank Plc. 6.0%

5 Bangkok Bank Public Company Limited, Cambodia Branch

6 Bank for Investment and Development of Cambodia Plc. 8.1% 8.7% 8.6%

7 Bank of China (Hong Kong) Limited Phnom Penh Branch 6.0% 7.6% 7.4%

8 Bank of India Phnom Penh Branch 7.5% 8.0%

9 Booyoung Khmer Bank 9.0% 8.8%

10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh)

11 Branch of Mizuho Bank Ltd.

12 BRED Bank (Cambodia) Plc. 10.4% 7.1%

13 Cambodia Asia Bank Ltd.

14 Cambodia Mekong Bank 9.0% 13.0%

15 Cambodia Post Bank Plc. 17.4% 15.4% 12.2% 13.9% 14.2% 11.8% 15.8% 15.0% 12.2%

16 Cambodian Commercial Bank Ltd. 7.8% 7.9%

17 Cambodian Public Bank Plc. 9.0% 8.3% 8.1% 8.4% 8.4%

18 Canadia Bank Plc. 10.0% 5.1% 6.7%

19 Cathay United Cambodia Corporation Bank Limited 8.2% 8.8% 9.0% 8.0% 8.4%

20 Chief (Cambodia) Bank Plc. 8.8% 10.2% 9.5% 8.4% 8.9% 8.4%

21 CIMB Bank Plc. 7.4% 7.3%

22 First Commercial Bank Phnom Penh Branch 6.8% 6.8% 7.0%

23 Foreign Trade Bank of Cambodia 9.0% 10.4% 10.1% 12.8% 9.0% 9.4%

24 Hong Leong Bank (Cambodia) Plc. 10.6% 7.2% 6.5% 7.6%

25 ICBC Limited Phnom Penh Branch 7.4% 7.3%

26 Kookmin Bank Cambodia Plc. 9.5% 7.0% 6.3%

27 Krung Thai Bank Phnom Penh Branch 5.1%

28 Maybank (Cambodia) Plc. 7.6% 7.4% 8.3%

29 MB Bank Plc. Phnom Penh Branch, Cambodia 10.0%

30 Mega International Commercial Bank-Phnom Penh Branch 7.4% 7.8%

--49-- RIEL AND FOREIGN CURRENCY INTEREST RATE ON LOANS (As of December 2018) (Rate per Annum) LOAN IN KHR LOAN IN USD OTHER FOREIGN CURRENCY No. NAME OF BANKS <1 year 1 to 5 years >5 years <1 year 1 to 5 years >5 years <1 year 1 to 5 years >5 years

31 Phillip Bank Plc. 8.5% 9.5% 8.7% 9.5% 8.9%

32 Phnom Penh Commercial Bank 5.3% 5.3% 10.5% 12.0% 9.4%

33 Prince Bank Plc. 18.0% 14.7% 12.1% 13.2% 12.6% 11.3%

34 RHB Indochina Bank Limited 8.3% 8.2% 8.9% 9.3%

35 Saigon Thuong Tin Cambodia Bank Plc. 11.4% 10.6% 8.7% 9.2% 9.7% 8.7%

36 Saigon-Hanoi Cambodia Bank (SHB) Plc. 6.4% 8.0% 8.0%

37 Sathapana Bank Plc. 17.9% 17.4% 14.3% 17.3% 15.7% 11.9% 18.0% 18.1% 16.9%

38 Shinhan Bank (Cambodia) Plc. 8.0% 8.0% 7.6% 8.0% 8.0%

39 Taiwan Cooperative Bank Phnom Penh Branch 7.0% 7.1% 7.5% 7.0% 7.5% 7.7%

40 Union Commercial Bank Plc. 7.7% 6.8% 8.0%

41 Vattanac Bank 11.0% 5.8%

42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch 7.4% 7.7% 7.3%

Specialized Banks

43 Aeon Specialized Bank (Cambodia) Plc.

44 ANCO Specialized Bank 16.6% 16.6% 13.8%

45 Angkor Capital Specialized Bank 36.0% 13.0% 6.0%

46 Asia-Pacific Development Specialized Bank Plc. 8.0% 8.5% 8.4%

47 Camko Specialized Bank Plc. 8.8% 10.6%

48 DGB Specialized Bank Plc. 18.0% 18.0% 13.8% 14.0%

49 First Investment Specialized Bank

50 KB Daehan Specialized Bank Plc. 12.0% 12.0%

51 Khmer Specialized Bank Plc. 9.0%

52 Oxley Worldbridge Specialized Bank Plc. 10.5% 8.9%

53 PHSME Specialized Bank Ltd.

54 Rural Development Bank 9.0% 8.2% 7.6%

55 Southern Capital Specialized Bank Plc. 10.7% 9.0% 7.7%

56 Wing (Cambodia) Specialized Bank Limited

Wieghted Average Interest rate 11.3% 15.7% 10.0% 7.8% 11.6% 9.3% 16.8% 15.9% 12.9%

--50-- RIEL AND FOREIGN CURRENCY INTEREST RATE ON DEPOSITS (As of December 2018) (Rate per Annum) Deposit in Riel Deposit in USD Other Foreign Currency Nº BANKS' NAME Fixed Deposits Fixed Deposit Fixed Deposit Saving Saving Saving 1 month 3 months 6 months 12 months 1 month 3 months 6 months 12months 1 month 3 months 6 months 12 months Commercial Banks

1 ACLEDA Bank Plc. 0.5% 2.0% 3.6% 4.3% 5.9% 0.3% 0.8% 2.0% 3.1% 4.7% 0.2% 0.5% 1.0% 2.0%

2 Advanced Bank of Asia Limited 0.9% 2.3% 3.8% 4.7% 6.2% 0.9% 0.8% 2.1% 3.3% 4.8%

3 ANZ Royal Bank (Cambodia) Ltd. 0.6% 3.3% 4.0% 1.3% 0.2% 3.0% 0.2% 1.2% 1.5% 2.7% 1.3%

4 B.I.C (Cambodia) Bank Plc. 1.0% 2.0% 3.0% 4.5%

5 Bangkok Bank Public Company Limited, Cambodia Branch 1.0% 2.0% 3.2% 8.4% 7.6%

6 Bank for Investment and Development of Cambodia Plc. 2.3% 4.3% 6.4% 1.9% 2.7% 4.1% 5.7%

7 Bank of China (Hong Kong) Limited Phnom Penh Branch 0.1% 0.5% 1.2% 1.5% 2.9% 3.5% 0.2% 1.5% 3.3% 3.2% 3.0%

8 Bank of India Phnom Penh Branch 0.8% 2.0% 2.8%

9 Booyoung Khmer Bank 1.0% 1.0%

10 Branch of Kasikorn Bank Public Company Limited (Phnom Penh) 0.3% 0.1% 1.0%

11 Branch of Mizuho Bank Ltd.

12 BRED Bank (Cambodia) Plc. 1.8% 2.5% 5.0% 6.0% 2.1% 3.5% 3.2% 5.0% 0.4% 0.7% 2.5%

13 Cambodia Asia Bank Ltd. 1.5% 1.5% 2.1% 3.2% 4.2% 5.8%

14 Cambodia Mekong Bank 3.7% 11.0% 11.0% 11.0% 2.0% 3.4% 3.4% 3.7% 4.0%

15 Cambodia Post Bank Plc. 2.0% 2.0% 3.0% 3.3% 6.5% 0.6% 2.0% 4.0% 4.7% 5.8% 2.0% 3.1% 4.1% 5.5%

16 Cambodian Commercial Bank Ltd. 1.0% 0.8% 1.4% 1.5% 1.7% 1.0%

17 Cambodian Public Bank Plc. 0.5% 1.5% 3.2% 3.8% 4.8% 0.2% 0.7% 1.5% 2.8% 3.5% 0.5%

18 Canadia Bank Plc. 2.0% 4.1% 5.7% 6.8% 0.8% 1.3% 2.3% 4.0% 4.9% 0.3% 1.0% 1.5% 2.0% 3.2%

19 Cathay United Cambodia Corporation Bank Limited 2.0% 5.0% 6.0% 7.0% 0.5% 1.9% 2.5% 3.9%

20 Chief (Cambodia) Bank Plc. 1.5% 3.0% 5.0% 6.3% 0.8% 2.5% 2.7% 4.4% 5.0%

21 CIMB Bank Plc. 4.3% 5.4% 7.0% 0.5% 1.5% 2.2% 3.4% 4.2% 1.6%

22 First Commercial Bank Phnom Penh Branch 4.0% 5.5% 4.4% 5.2%

23 Foreign Trade Bank of Cambodia 1.3% 2.0% 3.5% 4.5% 6.6% 1.0% 1.7% 3.0% 3.9% 5.0%

24 Hong Leong Bank (Cambodia) Plc. 1.1% 4.0% 5.8% 0.8% 1.9% 2.8% 3.8% 5.0%

25 ICBC Limited Phnom Penh Branch 3.0% 4.3% 1.5% 2.7% 2.6% 3.5% 2.4% 2.5%

26 Kookmin Bank Cambodia Plc. 0.7% 0.6% 1.8% 2.9% 2.2% 3.3%

27 Krung Thai Bank Phnom Penh Branch 0.1% 0.5% 0.8%

28 Maybank (Cambodia) Plc. 1.2% 2.3% 3.3% 3.5% 0.5% 1.3% 1.8% 3.0% 3.6%

29 MB Bank Plc. Phnom Penh Branch, Cambodia 4.9% 6.0% 3.9% 4.2% 4.7% 5.0%

30 Mega International Commercial Bank-Phnom Penh Branch 1.1% 2.3% 1.1%

--51-- RIEL AND FOREIGN CURRENCY INTEREST RATE ON DEPOSITS (As of December 2018) (Rate per Annum) Deposit in Riel Deposit in USD Other Foreign Currency Nº BANKS' NAME Fixed Deposits Fixed Deposit Fixed Deposit Saving Saving Saving 1 month 3 months 6 months 12 months 1 month 3 months 6 months 12months 1 month 3 months 6 months 12 months

31 Phillip Bank Plc. 1.3% 1.0% 2.8% 2.6% 3.4% 5.2%

32 Phnom Penh Commercial Bank 1.2% 3.3% 4.3% 5.5% 0.9% 1.0% 3.0% 4.0% 4.9%

33 Prince Bank Plc.

34 RHB Indochina Bank Limited 1.0% 3.5% 4.0% 5.0% 6.2% 0.5% 1.5% 2.1% 3.1% 4.9%

35 Saigon Thuong Tin Cambodia Bank Plc. 0.5% 6.5% 4.0% 4.3% 5.2% 0.5% 4.7% 4.8% 5.1% 5.5%

36 Saigon-Hanoi Cambodia Bank (SHB) Plc. 1.5% 4.7% 4.9% 5.6%

37 Sathapana Bank Plc. 1.5% 3.5% 4.0% 6.3% 7.2% 1.0% 3.0% 3.4% 4.3% 6.3% 1.0% 3.0% 3.5% 3.3% 3.2%

38 Shinhan Bank (Cambodia) Plc. 0.1% 0.2% 2.1% 2.3%

39 Taiwan Cooperative Bank Phnom Penh Branch 0.1% 0.4% 3.1% 2.6% 2.1% 1.9%

40 Union Commercial Bank Plc. 1.3% 3.8% 4.5% 1.0% 2.0% 2.5% 3.1% 1.0%

41 Vattanac Bank 0.5% 1.5% 3.0% 3.5% 0.6% 1.7% 2.3% 3.2% 4.3%

42 Vietnam Bank for Agriculture & Rural Development Cambodia Branch 0.5% 0.5% 2.5% 3.3%

Specialized Banks

43 Aeon Specialized Bank (Cambodia) Plc.

44 ANCO Specialized Bank

45 Angkor Capital Specialized Bank

46 Asia-Pacific Development Specialized Bank Plc.

47 Camko Specialized Bank Plc.

48 DGB Specialized Bank Plc.

49 First Investment Specialized Bank

50 KB Daehan Specialized Bank Plc.

51 Khmer Specialized Bank Plc.

52 Oxley Worldbridge Specialized Bank Plc.

53 PHSME Specialized Bank Ltd.

54 Rural Development Bank 3.0% 3.5% 4.0% 5.0%

55 Southern Capital Specialized Bank Plc.

56 Wing (Cambodia) Specialized Bank Limited

Weighted Average Interest Rate 1.0% 2.6% 3.8% 5.3% 6.4% 0.6% 2.0% 2.5% 3.4% 4.8% 0.3% 1.6% 2.0% 1.9% 3.3%

--52-- Trillions of KHR Trillions of KHR Trillions of KHR

100.0 120.0 140.0 160.0 100.0 0.5 1.0 1.5 2.0 2.5

‐ 20.0 40.0 60.0 80.0 20.0 40.0 60.0 80.0 ‐ ‐ 0321 0521 072018 2017 2016 2015 2014 2013 17% 0321 0521 072018 2017 2016 2015 2014 2013 0321 0521 072018 2017 2016 2015 2014 2013 2.7% 29.4 1.0 17% 50.9

0.8 Loans 30%

and 2.2% 30%

38.1 1.3 Total

66.0 Growth Loans 0.8 Net Non

Assets

profits Net ‐ 25% Performing 2.0% 20% 46.8 1.6 of

79.6

Profits NPLs 0.9 Total Growth Percentage

Assets .%2.4% 2.4% 9% 21%

56.0

Loans 1.7 of 96.2 NPLs/Loans

1.3 Total

changes

Assets

(NPLs) 3% 66.4 20% 1.8 115.6 1.6 2.2% 21% 81.7 23% 2.2 139.7 1.8 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 0% 5% 10% 15% 20% 25% 30% 35% 0% 5% 10% 15% 20% 25% 30% 35% 100% 20% 40% 60% 80% 0% --53-- Trillions of KHR

100.0

20.0 40.0 60.0 80.0 Trillions of KHR 100.0 ‐ 20.0 40.0 60.0 80.0 0.0 0321 0521 072018 2017 2016 2015 2014 2013 31% 69% 0321 0521 072018 2017 2016 2015 2014 2013 26% 0321 0521 072018 2017 2016 2015 2014 2013 12%

29.8 Foreign 30.2 30% 70% Total

and Total 30% 32% Cambodian

38.8 Deposits

39.7 Cambodian

Credits Total Deposits

Share 30% 70%

credits 26% 15%

and and

48.9 45.9 (%) Share Deposits Credits Foreign Growth

of Growth 31% 69% 21% 17%

Paid

Growth

55.7 Share

57.0 rate

Growth

rate

‐ (%) up

Capital 25% 20% 28% 69.7 72% 68.3 27%

24% 88.7 25% 84.7 75% 0% 5% 10% 15% 20% 25% 30% 35% 0% 5% 10% 15% 20% 25% 30% 35% Number of Offices and Operation Areas of Microfinance Institutions AS OF DECEMBER 31, 2018 Table 18

Headquarter Province District

Microfinance Deposit Taking Institutions (MDIs) 1AMK Plc. 1 35 114 2Amret Plc. 1 24 131 3 Hattha Kaksekar Limited 1 30 148 4 Kredit Plc. 1 24 58 5 LOLC (Cambodia) Plc. 1 22 54 6Prasac 1 44 132 7 WB Finance Co., Ltd 1 30 75 Total MDIs 7 209 712 Microfinance Institutions (MFIs) 8 Active People Microfinance Institution Plc. 1 13 - 9 Amatak Capital Plc. 1 - 1 10 ANAKUT Plc. 1 - - 11 Asia Pacific Finance Plc. 1 - - 12 Atom Capital Plc. 1 - - 13 Baitang Microheranhvathok Plc. 1 1 2 14 Bamboo Finance Plc. 1 1 2 15 Bayon Credit Limited 1 5 - 16 BNKC (Cambodia) Plc. 1 1 2 17 Borribo Plc. 1 2 2 18 Cambodia Labor Care Plc. 1 - - 19 Camma Microfinance Limited 1 1 1 20 Century Cambo Development Plc. 1 - - 21 Chailease Royal Finance Plc. 1 - - 22 Chamroeun Plc. 1 10 11 23 Chourk Chey Finance Plc. 1 4 1 24 City Microfinance Institution Plc. 1 2 3 25 CMK Plc. 1 17 - 26 Collective Win (Cambodia) Plc. 1 1 - 27 Delta Microfinance Plc. 1 9 10 28 Entean Akpevath Pracheachun (EAP) Plc. 1 - - 29 Family Microfinance Plc. 1 - - 30 Farmer Finance Ltd. 1 - - 31 First Finance Plc. 1 5 4 32 Funan Microfinance Plc. 1 18 32 33 Futaba Microfinance Plc. 1 1 2 34 Golden Cash Plc. 1 - 3 35 Grow Plc. 1 - - 36 Idemitsu Saison Microfinance (Cambodia) Plc. 1 1 - 37 Intean Poalroath Rongroeurng Ltd. 1 4 5 38 JC Finance Plc. 1 - - 39 Jet's Cash Box Finance Plc. 1 - - 40 Khemarak Microfinance Institution Limited 1 - -

--54-- Number of Offices and Operation Areas of Microfinance Institutions AS OF DECEMBER 31, 2018 Table 18

Headquarter Province District 41 Khmer Capital Microfinance Institution Plc. 1 - - 42 LBP Microfinance Plc. 1 1 - 43 LED Plc. 1 1 - 44 LY HOUR Plc. 1 7 23 45 Maxima Plc. 1 - 13 46 MIA Financial Plc. 1 - - 47 Mohanokor Plc. 1 22 22 48 Mothers Financial Japan Plc. 1 - - 49 Niron Plc. 1 5 7 50 NongHyup Finance (Cambodia) Plc. 1 9 10 51 Oro Financecorp Plc. 1 - - 52 PG Development Plc. 1 - - 53 Piphup Thmey Microfinance Plc. 1 - - 54 Ponleu Chaktomuk Plc. 1 - - 55 Prasethpheap Finance Plc. 1 2 2 56 Prime MF Ltd. 1 1 4 57 Queen Finance Plc. 1 - - 58 Rolya Microfinance Institution Plc. 1 - - 59 Royal Microfinance Plc. 1 - - 60 Sabay Credit Commercial Plc. 1 - - 61 Sachak Microfinance Plc. 1 1 1 62 Sahaka Plc. 1 1 1 63 Sahakrinpheap Microfinance Plc. 1 8 2 64 Samaky Microfinance Institution Plc. 1 - - 65 Sambat Finance Plc. 1 - 4 Samporn Samakum Sahakreas Thuntoch 66 1 - - neung matjum Kampuchea Plc. 67 Samrithisak Microfinance Limited 1 5 - 68 Seilanithih Limited 1 5 11 69 Serey Oudom Microfinance Plc. 1 1 2 70 Sonatra Plc. 1 6 16 71 Sunny Microfinance Plc. 1 9 1 72 T&Go Finance Plc. 1 - - 73 Taca Microfinance Plc. 1 - 1 74 TBB (Cambodia) Microfinance Institution Plc. 1 - 1 75 Thida Srisawad Microfinance Plc. 1 - - 76 Trop Khnhom Microfinance Plc. 1 2 1 77 Vithey Microfinance Plc. 1 1 7 78 Welcome Finance (Cambodia) Plc. 1 2 4 79 Woori Finance Cambodia Plc. 1 2 17 80 YCP Microfinance Plc. 1 3 1 Total MFIs 73 190 232 Total MDIs and MFIs 80 399 944

--55-- Number of staff AS OF DECEMBER 31, 2018 Table 19

2018 2017 Change%18-17 Microfinance Deposit Taking Institutions (MDIs) 1 AMK Plc. 2,811 2,494 12.7% 2 Amret Plc. 4,100 3,979 3.0% 3 Hattha Kaksekar Limited 3,330 3,024 10.1% 4 Kredit Plc. 1,688 1,662 1.6% 5 LOLC (Cambodia) Plc. 2,327 2,065 12.7% 6 Prasac 7,600 7,058 7.7% 7 WB Finance Co., Ltd 1,429 1,389 2.9% 23,285 21,671 7.45% Microfinance Institutions (MFIs) 8 Active People Microfinance Institution Plc. 383 345 11.0% 9 Amatak Capital Plc. 49 47 4.3% 10 ANAKUT Plc. 34 31 9.7% 11 Asia Pacific Finance Plc. 18 22 -18.2% 12 Atom Capital Plc. 15 7 114.3% 13 Baitang Microheranhvathok Plc. 58 43 34.9% 14 Bamboo Finance Plc. 40 45 -11.1% 15 Bayon Credit Limited 44 74 -40.5% 16 BNKC (Cambodia) Plc. 177 112 58.0% 17 Borribo Plc. 57 63 -9.5% 18 Cambodia Labor Care Plc. 25 26 -3.8% 19 Camma Microfinance Limited 94 94 0.0% 20 Century Cambo Development Plc. 14 4 250.0% 21 Chailease Royal Finance Plc. 12 14 -14.3% 22 Chamroeun Plc. 206 207 -0.5% 23 Chourk Chey Finance Plc. 138 78 76.9% 24 City Microfinance Institution Plc. 87 100 -13.0% 25 CMK Plc. 96 - - 26 Collective Win (Cambodia) Plc. 13 17 -23.5% 27 Delta Microfinance Plc. 81 235 -65.5% 28 Entean Akpevath Pracheachun (EAP) Plc. 18 19 -5.3% 29 Family Microfinance Plc. 8 - 0.0% 30 Farmer Finance Ltd. 19 12 58.3% 31 First Finance Plc. 119 129 -7.8% 32 Funan Microfinance Plc. 653 638 2.4% 33 Futaba Microfinance Plc. 81 85 -4.7% 34 Golden Cash Plc. 76 65 16.9% 35 Grow Plc. 15 15 - 36 Idemitsu Saison Microfinance (Cambodia) Plc. 34 30 13.3% 37 Intean Poalroath Rongroeurng Ltd. 91 118 -22.9% 38 JC Finance Plc. 40 - - 39 Jet's Cash Box Finance Plc. 5 5 - 40 Khemarak Microfinance Institution Limited 4 8 -50.0%

--56-- Number of staff AS OF DECEMBER 31, 2018 Table 19

2018 2017 Change%18-17

41 Khmer Capital Microfinance Institution Plc. 18 18 - 42 LBP Microfinance Plc. 45 34 32.4% 43 LED Plc. 28 43 -34.9% 44 LY HOUR Plc. 473 385 22.9% 45 Maxima Plc. 173 161 7.5% 46 MIA Financial Plc. 29 21 38.1% 47 Mohanokor Plc. 807 734 9.9% 48 Mothers Financial Japan Plc. 16 15 6.7% 49 Niron Plc. 220 234 -6.0% 50 NongHyup Finance (Cambodia) Plc. 241 237 1.7% 51 Oro Financecorp Plc. 2 66 -97.0% 52 PG Development Plc. 9 8 12.5% 53 Piphup Thmey Microfinance Plc. 21 31 -32.3% 54 Ponleu Chaktomuk Plc. 4 4 - 55 Prasethpheap Finance Plc. 62 66 -6.1% 56 Prime MF Ltd. 115 109 5.5% 57 Queen Finance Plc. 38 20 90.0% 58 Rolya Microfinance Institution Plc. 9 - 0.0% 59 Royal Microfinance Plc. 38 34 11.8% 60 Sabay Credit Commercial Plc. 10 10 - 61 Sachak Microfinance Plc. 23 19 21.1% 62 Sahaka Plc. 34 34 - 63 Sahakrinpheap Microfinance Plc. 74 59 25.4% 64 Samaky Microfinance Institution Plc. 14 12 16.7% 65 Sambat Finance Plc. 109 132 -17.4% Samporn Samakum Sahakreas Thuntoch 66 17 13 30.8% neung matjum Kampuchea Plc. 67 Samrithisak Microfinance Limited 200 131 52.7% 68 Seilanithih Limited 135 132 2.3% 69 Serey Oudom Microfinance Plc. 71 67 6.0% 70 Sonatra Plc. 87 81 7.4% 71 Sunny Microfinance Plc. 21 45 -53.3% 72 T&Go Finance Plc. 66 21 214.3% 73 Taca Microfinance Plc. 33 48 -31.3% 74 TBB (Cambodia) Microfinance Institution Plc. 37 29 27.6% 75 Thida Srisawad Microfinance Plc. 2 - - 76 Trop Khnhom Microfinance Plc. 88 77 14.3% 77 Vithey Microfinance Plc. 134 135 -0.7% 78 Welcome Finance (Cambodia) Plc. 162 152 6.6% 79 Woori Finance Cambodia Plc. 329 257 28.0% 80 YCP Microfinance Plc. 99 109 -9.2% 6,897 6,471 6.6% 30,182 28,142 7.2%

--57-- COMPARISION OF TOTAL ASSETS AS OF DECEMBER 31, 2018 Table 20 1 USD = 4,018 KHR (millions of KHR)

2018 2017 Growth Rate (%) Amount Share Amount Share 2018/2017

Microfinance Deposit Taking Institutions (MDIs)

1 AMK Plc. 1,424,915 5.3% 1,152,359 5.7% 23.7% 2 Amret Plc. 3,896,739 14.6% 3,230,537 16.0% 20.6% 3 Hattha Kaksekar Limited 3,696,916 13.9% 2,792,165 13.8% 32.4% 4 Kredit Plc. 1,060,419 4.0% 893,315 4.4% 18.7% 5 LOLC (Cambodia) Plc. 2,469,216 9.3% 1,503,893 7.4% 64.2% 6 Prasac 9,541,900 35.8% 7,079,763 35.0% 34.8% 7 WB Finance Co., Ltd 965,937 3.6% 795,502 3.9% 21.4% Total MDIs 23,056,043 86.5% 17,447,534 86.4% 32.1%

Microfinance Institutions (MFIs)

8 Active People Microfinance Institution Plc. 217,552.74 0.8% 146,894 0.7% 48.1% 9 Amatak Capital Plc. 14,521.52 0.1% 13,263 0.1% 9.5% 10 ANAKUT Plc. 19,188.93 0.1% 11,516 0.1% 66.6% 11 Asia Pacific Finance Plc. 2,714.03 0.0% 2,954 0.0% -8.1% 12 Atom Capital Plc. 39,220.26 0.1% 51,362 0.3% -23.6% 13 Baitang Microheranhvathok Plc. 12,494.86 0.0% 16,826 0.1% -25.7% 14 Bamboo Finance Plc. 19,291.15 0.1% 10,726.31 0.1% 79.8% 15 Bayon Credit Limited 13,500.00 0.1% 14,397 0.1% -6.2% 16 BNKC (Cambodia) Plc. 59,681.51 0.2% 36,214 0.2% 64.8% 17 Borribo Plc. 23,239.07 0.1% 19,325 0.1% 20.3% 18 Cambodia Labor Care Plc. 28,145.93 0.1% 9,651 0.0% 191.6% 19 Camma Microfinance Limited 46,433.48 0.2% 32,868 0.2% 41.3% 20 Century Cambo Development Plc. 5,093.49 0.0% 5,596 0.0% -9.0% 21 Chailease Royal Finance Plc. 1,280.33 0.0% 2,357 0.0% -45.7% 22 Chamroeun Plc. 67,568.10 0.3% 49,596 0.2% 36.2% 23 Chourk Chey Finance Plc. 65,014.14 0.2% 14,749 0.1% 340.8% 24 City Microfinance Institution Plc. 42,691.46 0.2% 43,387 0.2% -1.6% 25 CMK Plc. 75,933.05 0.3% - - - 26 Collective Win (Cambodia) Plc. 7,543.30 0.0% 7,871 0.0% -4.2% 27 Delta Microfinance Plc. 66,320.66 0.2% 60,950 0.3% 8.8% 28 Entean Akpevath Pracheachun (EAP) Plc. 19,544.65 0.1% 20,210 0.1% -3.3% 29 Family Microfinance Plc. 5,419.23 0.0% - - - 30 Farmer Finance Ltd. 5,245.42 0.0% 2,900 0.0% 80.9% 31 First Finance Plc. 89,991.12 0.3% 90,761 0.4% -0.8% 32 Funan Microfinance Plc. 195,574.55 0.7% 129,424 0.6% 51.1% 33 Futaba Microfinance Plc. 57,274.06 0.2% 48,652 0.2% 17.7% 34 Golden Cash Plc. 10,906.43 0.0% 7,752 0.0% 40.7% 35 Grow Plc. 6,790.00 0.0% 4,557 0.0% 49.0% 36 Idemitsu Saison Microfinance (Cambodia) Plc. 77,537.88 0.3% 55,345 0.3% 40.1% 37 Intean Poalroath Rongroeurng Ltd. 31,189.55 0.1% 42,494 0.2% -26.6% 38 JC Finance Plc. 28,247.72 0.1% - - - 39 Jet's Cash Box Finance Plc. 5,437.69 0.0% 591 0.0% 820.2% 40 Khemarak Microfinance Institution Limited 9,194.54 0.0% 9,812 0.0% -6.3%

--58-- COMPARISION OF TOTAL ASSETS AS OF DECEMBER 31, 2018 Table 20 1 USD = 4,018 KHR (millions of KHR)

2018 2017 Growth Rate (%) Amount Share Amount Share 2018/2017

41 Khmer Capital Microfinance Institution Plc. 15,163.07 0.1% 6,743 0.00 124.9% 42 LBP Microfinance Plc. 24,535.04 0.1% 14,870 0.1% 65.0% 43 LED Plc. 13,782.89 0.1% 7,620 0.0% 80.9% 44 LY HOUR Plc. 343,270.91 1.3% 220,567 1.1% 55.6% 45 Maxima Plc. 82,798.55 0.3% 68,222 0.3% 21.4% 46 MIA Financial Plc. 22,140.23 0.1% 12,661 0.00 74.9% 47 Mohanokor Plc. 201,117.53 0.8% 142,397 0.7% 41.2% 48 Mothers Financial Japan Plc. 27,997.87 0.1% 18,051 0.1% 55.1% 49 Niron Plc. 33,097.42 0.1% 39,306 0.2% -15.8% 50 NongHyup Finance (Cambodia) Plc. 79,506.02 0.3% 70,258 0.3% 13.2% 51 Oro Financecorp Plc. 38,016.46 0.1% 50,071 0.2% -24.1% 52 PG Development Plc. 7,235.18 0.0% 7,790 0.00 -7.1% 53 Piphup Thmey Microfinance Plc. 128,411.22 0.5% 274,763 1.4% -53.3% 54 Ponleu Chaktomuk Plc. 5,745.71 0.0% 1,842 0.00 212.0% 55 Prasethpheap Finance Plc. 18,603.06 0.1% 18,583 0.1% 0.1% 56 Prime MF Ltd. 63,310.33 0.2% 52,806 0.3% 19.9% 57 Queen Finance Plc. 6,252.42 0.0% 6,046 0.0% 3.4% 58 Rolya Microfinance Institution Plc. 6,100.58 0.0% - - - 59 Royal Microfinance Plc. 17,388.15 0.1% 16,626 0.1% 4.6% 60 Sabay Credit Commercial Plc. 21,853.33 0.1% 20,626 0.1% 5.9% 61 Sachak Microfinance Plc. 13,232.40 0.0% 10,897 0.1% 21.4% 62 Sahaka Plc. 28,839.78 0.1% 26,943 0.1% 7.0% 63 Sahakrinpheap Microfinance Plc. 2,930.85 0.0% 2,706 0.0% 8.3% 64 Samaky Microfinance Institution Plc. 6,924.81 0.0% 7,102 0.0% -2.5% 65 Sambat Finance Plc. 26,247.71 0.1% 22,935 0.1% 14.4% Samporn Samakum Sahakreas Thuntoch 66 9,827.66 0.0% 10,081 0.0% -2.5% neung matjum Kampuchea Plc. 67 Samrithisak Microfinance Limited 100,312.83 0.4% 59,665 0.3% 68.1% 68 Seilanithih Limited 18,592.29 0.1% 19,210 0.1% -3.2% 69 Serey Oudom Microfinance Plc. 31,370.43 0.1% 25,988 0.1% 20.7% 70 Sonatra Plc. 63,129.23 0.2% 65,933 0.3% -4.3% 71 Sunny Microfinance Plc. 2,731.06 0.0% 2,386.80 0.0% 14.4% 72 T&Go Finance Plc. 19,566.94 0.1% 14,793 0.1% 32.3% 73 Taca Microfinance Plc. 6,515.30 0.0% 6,295 0.0% 3.5% 74 TBB (Cambodia) Microfinance Institution Plc. 144,312.34 0.5% 79,345 0.4% 81.9% 75 Thida Srisawad Microfinance Plc. 6,064.29 0.0% - - - 76 Trop Khnhom Microfinance Plc. 35,048.50 0.1% 32,317 0.00 8.5% 77 Vithey Microfinance Plc. 32,058.42 0.1% 33,909 0.00 -5.5% 78 Welcome Finance (Cambodia) Plc. 150,058.24 0.6% 93,689 0.5% 60.2% 79 Woori Finance Cambodia Plc. 329,651.55 1.2% 187,874 0.9% 75.5% 80 YCP Microfinance Plc. 39,130.99 0.1% 38,504 0.2% 1.6% Total MFIs 3,592,652 13.5% 2,753,422 13.6% 30.5% Total 26,648,696 100% 20,200,956 100% 31.92%

--59-- SHARE OF PAID-UP CAPITAL AS OF DECEMBER 31, 2018 Table 21 1 USD = 4,018 KHR (millions of KHR)

Foreign share Cambodian share Total Paid-up Market Share(%) Amount paid Share(%) Amount paid Capital Share

Microfinance Deposit Taking Institutions (MDIs)

1 AMK Plc. 100.0% 120,327 - - 120,327 4.3%

2 Amret Plc. 96.8% 116,198 3.2% 3,804.07 120,002 4.2%

3 Hattha Kaksekar Limited 100.0% 301,350 - - 301,350 10.7%

4 Kredit Plc. 100.0% 73,912 - - 73,912 2.6%

5 LOLC (Cambodia) Plc. 97.0% 116,364 3.0% 3,636.00 120,000 4.2%

6 Prasac 91.0% 614,272 9.0% 60,752.16 675,024 23.9%

7 WB Finance Co., Ltd 100.0% 240,000 - - 240,000 8.5%

Total MDIs 1,582,423 68,192 1,650,616 58.4%

Microfinance Institutions (MFIs)

8 Active People Microfinance Institution Plc. 100.0% 40,187 - - 40,187 1.4%

9 Amatak Capital Plc. - - 100.0% 6,027 6,027 0.2%

10 ANAKUT Plc. - - 100.0% 6,027 6,027 0.2%

11 Asia Pacific Finance Plc. 100.0% 6,780 - - 6,780 0.2%

12 Atom Capital Plc. 63.2% 9,600 36.8% 5,600 15,200 0.5%

13 Baitang Microheranhvathok Plc. - - 100.0% 12,054 12,054 0.4%

14 Bamboo Finance Plc. 50.0% 5,023 50.0% 5,023 10,045 0.4%

15 Bayon Credit Limited - - 100.0% 12,054 12,054 0.4%

16 BNKC (Cambodia) Plc. 100% 60,270 - - 60,270 2.1%

17 Borribo Plc. 33.3% 2,411 66.7% 4,822 7,232 0.3%

18 Cambodia Labor Care Plc. 100.0% 12,054 - - 12,054 0.4%

19 Camma Microfinance Limited - - 100.0% 8,450 8,450 0.3%

20 Century Cambo Development Plc. 48.0% 2,893 52.0% 3,134 6,027 0.2%

21 Chailease Royal Finance Plc. 60.0% 8,486 40.0% 5,657 14,143 0.5%

22 Chamroeun Plc. 100.0% 6,000 - - 6,000 0.2%

23 Chourk Chey Finance Plc. 100.0% 6,027 - - 6,027 0.2%

24 City Microfinance Institution Plc. 80.0% 6,429 20.0% 1,607 8,036 0.3%

25 CMK Plc. - - 100.0% 6,000 6,000 0.2%

26 Collective Win (Cambodia) Plc. 10.0% 603 90.0% 5,424 6,027 0.2%

27 Delta Microfinance Plc. - - 100.0% 10,045 10,045 0.4%

28 Entean Akpevath Pracheachun (EAP) Plc. - - 100.0% 15,068 15,068 0.5%

29 Family Microfinance Plc. 30.0% 1,808 70.0% 4,219 6,027 0.2%

30 Farmer Finance Ltd. - - 100.0% 6,000 6,000 0.2%

31 First Finance Plc. 90.9% 13,149 9.2% 1,324 14,473 0.5%

32 Funan Microfinance Plc. - - 100.0% 32,144 32,144 1.1%

33 Futaba Microfinance Plc. 100.0% 28,126 - - 28,126 1.0%

34 Golden Cash Plc. - - 100.0% 6,027 6,027 0.2%

35 Grow Plc. - - 100.0% 6,027 6,027 0.2%

36 Idemitsu Saison Microfinance (Cambodia) Plc. 100.0% 40,180 - - 40,180 1.4%

37 Intean Poalroath Rongroeurng Ltd. - - 100.0% 12,410 12,410 0.4%

38 JC Finance Plc. 90.0% 7,232 10.0% 804 8,036 0.3%

39 Jet's Cash Box Finance Plc. - - 100.0% 1,005 1,005 0.0%

40 Khemarak Microfinance Institution Limited - - 100.0% 10,045 10,045 0.4%

--60-- SHARE OF PAID-UP CAPITAL AS OF DECEMBER 31, 2018 Table 21 1 USD = 4,018 KHR (millions of KHR)

Foreign share Cambodian share Total Paid-up Market Share(%) Amount paid Share(%) Amount paid Capital Share

41 Khmer Capital Microfinance Institution Plc. 90% 7,232 10.0% 804 8,036 0.3%

42 LBP Microfinance Plc. - - 100.0% 6,027 6,027 0.2%

43 LED Plc. - - 100.0% 6,027 6,027 0.2%

44 LY HOUR Plc. 49.0% 31,501 51.0% 32,787 64,288 2.3%

45 Maxima Plc. 61.6% 12,617 38.4% 7,855 20,473 0.7%

46 MIA Financial Plc. - - 100.0% 6,000 6,000 0.2%

47 Mohanokor Plc. - - 100.0% 60,270 60,270 2.1%

48 Mothers Financial Japan Plc. 100.0% 14,063 - - 14,063 0.5%

49 Niron Plc. - - 100.0% 20,322 20,322 0.7%

50 NongHyup Finance (Cambodia) Plc. 100.0% 20,090 - - 20,090 0.7%

51 Oro Financecorp Plc. 100.0% 28,126 - - 28,126 1.0%

52 PG Development Plc. - - 100.0% 8,036 8,036 0.3%

53 Piphup Thmey Microfinance Plc. - - 100.0% 39,376 39,376 1.4%

54 Ponleu Chaktomuk Plc. - - 100.0% 6,027 6,027 0.2%

55 Prasethpheap Finance Plc. - - 100.0% 11,716 11,716 0.4%

56 Prime MF Ltd. 40.0% 8,036 60.0% 12,054 20,090 0.7%

57 Queen Finance Plc. - - 100.0% 6,710 6,710 0.2%

58 Rolya Microfinance Institution Plc. - - 100.0% 6,027 6,027 0.2%

59 Royal Microfinance Plc. - - 100.0% 16,072 16,072 0.6%

60 Sabay Credit Commercial Plc. - - 100.0% 20,090 20,090 0.7%

61 Sachak Microfinance Plc. - - 100.0% 6,027 6,027 0.2%

62 Sahaka Plc. 51.0% 3,689 49.0% 3,544 7,232 0.3%

63 Sahakrinpheap Microfinance Plc. - - 100.0% 6,000 6,000 0.2%

64 Samaky Microfinance Institution Plc. - - 100.0% 8,036 8,036 0.3%

65 Sambat Finance Plc. - - 100.0% 13,171 13,171 0.5% Samporn Samakum Sahakreas Thuntoch 66 - - 100.0% 6,027 6,027 0.2% neung matjum Kampuchea Plc. 67 Samrithisak Microfinance Limited - - 100.0% 40,180 40,180 1.4%

68 Seilanithih Limited - - 100.0% 8,438 8,438 0.3%

69 Serey Oudom Microfinance Plc. 41.0% 9,061 59.0% 13,038 22,099 0.8%

70 Sonatra Plc. - - 100.0% 8,036 8,036 0.3%

71 Sunny Microfinance Plc. 100.0% 4,018 - - 4,018 0.1%

72 T&Go Finance Plc. 80.0% 4,822 20.0% 1,205 6,027 0.2%

73 Taca Microfinance Plc. - - 100.0% 6,027 6,027 0.2%

74 TBB (Cambodia) Microfinance Institution Plc. 100.0% 80,360 - - 80,360 2.8%

75 Thida Srisawad Microfinance Plc. 49.0% 2,953 51.0% 3,074 6,027 0.2%

76 Trop Khnhom Microfinance Plc. - - 100.0% 6,027 6,027 0.2%

77 Vithey Microfinance Plc. - - 100.0% 18,081 18,081 0.6%

78 Welcome Finance (Cambodia) Plc. 100.0% 20,090 - - 20,090 0.7%

79 Woori Finance Cambodia Plc. 100.0% 52,234 - - 52,234 1.8%

80 YCP Microfinance Plc. - - 100.0% 21,295 21,295 0.8%

Total MFIs 556,149.55 621,402.47 1,177,552.02 41.6% Total 75.6% 2,138,573 24.4% 689,595 2,828,168 100.0%

--61-- COMPARATIVE STATEMENT OF CONDITION AS OF DECEMBER 31, 2018

Table 22 1 USD = 4,018 KHR (millions of KHR) Prepayment Cash and Balance Loans and Property and short Other with NBC and Advances to Investment and Total Assets term Assets Other Banks Customers Equipment Receiable Microfinance Deposit Taking Institutions (MDIs) 1 AMK Plc. 370,371 1,005,771 17,281 1,747 29,746 - 1,424,915

2 Amret Plc. 666,149 3,161,627 31,117 1,248 25,157 11,442 3,896,739

3 Hattha Kaksekar Limited 620,565 3,029,334 20,777 80 20,028 6,132 3,696,916

4 Kredit Plc. 153,173 886,895 10,110 70 9,920 250 1,060,419

5 LOLC (Cambodia) Plc. 474,693 1,949,436 22,818 60 11,050 11,158 2,469,216

6 Prasac 1,618,207 7,850,262 46,275 113 26,321 722 9,541,900

7 WB Finance Co., Ltd 71,909 875,041 7,958 62 10,967 - 965,937

Sub Total 3,975,067 18,758,366 156,336 3,380 133,190 29,704 23,056,043

Microfinance Institutions (MFIs) 8 Active People Microfinance Institution Plc. 38,878 157,064 1,289 17,468 2,853 - 217,553

9 Amatak Capital Plc. 782 13,629 46 - 62 3 14,522

10 ANAKUT Plc. 1,557 17,245 148 - 228 11 19,189

11 Asia Pacific Finance Plc. 870 1,037 2 - 622 183 2,714

12 Atom Capital Plc. 8,444 30,702 22 - 51 - 39,220

13 Baitang Microheranhvathok Plc. 3,419 8,759 39 - 269 10 12,495

14 Bamboo Finance Plc. 1,979 16,845 27 - 134 305 19,291

15 Bayon Credit Limited 1,797 7,919 3,379 - 383 22 13,500

16 BNKC (Cambodia) Plc. 7,102 47,560 198 - 1,524 3,298 59,682

17 Borribo Plc. 437 22,234 1 - 447 120 23,239

18 Cambodia Labor Care Plc. 9,397 14,119 4,561 - 52 18 28,146

19 Camma Microfinance Limited 3,869 40,956 124 - 246 1,238 46,433

20 Century Cambo Development Plc. 4,838 38 - - 217 0 5,093

21 Chailease Royal Finance Plc. 439 169 530 - 142 - 1,280

22 Chamroeun Plc. 10,763 55,424 668 - 714 - 67,568

23 Chourk Chey Finance Plc. 11,289 52,771 121 - 834 - 65,014

24 City Microfinance Institution Plc. 10,894 29,899 277 - 1,406 217 42,691

25 CMK Plc. 18,321 53,999 1,818 - 1,795 - 75,933

26 Collective Win (Cambodia) Plc. 372 7,050 40 - 61 20 7,543

27 Delta Microfinance Plc. 7,138 58,545 435 - 202 - 66,321

28 Entean Akpevath Pracheachun (EAP) Plc. 13,969 4,944 24 40 550 18 19,545

29 Family Microfinance Plc. 5,241 - 17 - 162 - 5,419

30 Farmer Finance Ltd. 3,156 1,931 - 4 146 9 5,245

31 First Finance Plc. 6,200 80,783 1,764 5 1,236 2 89,991

32 Funan Microfinance Plc. 4,097 188,109 1,202 - 1,494 673 195,575

33 Futaba Microfinance Plc. 2,653 51,277 124 - 782 2,438 57,274

34 Golden Cash Plc. 653 9,710 103 - 324 116 10,906

35 Grow Plc. 576 5,776 39 - 388 11 6,790

36 Idemitsu Saison Microfinance (Cambodia) Pl 4,222 70,939 605 - 1,706 66 77,538

37 Intean Poalroath Rongroeurng Ltd. 4,675 25,626 703 - 185 - 31,190

38 JC Finance Plc. 4,103 23,760 157 - 209 19 28,248

39 Jet's Cash Box Finance Plc. 5,090 69 38 - 40 200 5,438

40 Khemarak Microfinance Institution Limited 9,071 57 2 - 61 4 9,195

--62-- COMPARATIVE STATEMENT OF CONDITION AS OF DECEMBER 31, 2018

Table 22 1 USD = 4,018 KHR (millions of KHR) Prepayment Cash and Balance Loans and Property and short Other with NBC and Advances to Investment and Total Assets term Assets Other Banks Customers Equipment Receiable 41 Khmer Capital Microfinance Institution Plc. 4,571 9,965 57 - 570 - 15,163

42 LBP Microfinance Plc. 694 22,912 518 - 411 - 24,535

43 LED Plc. 394 12,965 80 - 343 - 13,783

44 LY HOUR Plc. 28,709 307,958 3,906 - 2,656 42 343,271

45 Maxima Plc. 7,461 74,133 476 67 462 200 82,799

46 MIA Financial Plc. 420 21,321 140 - 260 - 22,140

47 Mohanokor Plc. 12,031 164,197 18,593 - 6,297 (1) 201,118

48 Mothers Financial Japan Plc. 4,284 22,500 107 - 1,011 95 27,998

49 Niron Plc. 18,191 6,711 1,716 - 415 6,065 33,097

50 NongHyup Finance (Cambodia) Plc. 6,992 69,783 460 40 1,841 389 79,506

51 Oro Financecorp Plc. 17,524 17,321 2,774 - 322 76 38,016

52 PG Development Plc. 5,319 1,538 26 - 353 - 7,235

53 Piphup Thmey Microfinance Plc. 49,091 77,990 1,061 - 269 - 128,411

54 Ponleu Chaktomuk Plc. 5,669 56 - - 20 - 5,746

55 Prasethpheap Finance Plc. 923 16,647 526 - 472 35 18,603

56 Prime MF Ltd. 1,845 51,980 219 - 8,685 581 63,310

57 Queen Finance Plc. 2,949 3,272 9 - 10 12 6,252

58 Rolya Microfinance Institution Plc. 406 2,683 8 2,921 47 36 6,101

59 Royal Microfinance Plc. 4,411 12,409 7 - 389 171 17,388

60 Sabay Credit Commercial Plc. 8,326 13,518 - - 9 - 21,853

61 Sachak Microfinance Plc. 1,461 7,440 - - 4,331 - 13,232

62 Sahaka Plc. 6,124 21,945 133 - 640 (2) 28,840

63 Sahakrinpheap Microfinance Plc. 349 2,406 98 - 76 2 2,931

64 Samaky Microfinance Institution Plc. 4,470 2,354 13 - 70 18 6,925

65 Sambat Finance Plc. 1,515 23,507 2 - 793 430 26,248 Samporn Samakum Sahakreas Thuntoch 66 340 9,346 9 - 98 35 9,828 neung matjum Kampuchea Plc. 67 Samrithisak Microfinance Limited 3,555 94,318 214 - 1,765 460 100,313

68 Seilanithih Limited 569 17,651 80 40 135 118 18,592

69 Serey Oudom Microfinance Plc. 853 30,427 133 - 178 (221) 31,370

70 Sonatra Plc. 7,672 51,451 761 846 2,399 - 63,129

71 Sunny Microfinance Plc. 1,863 533 286 - 48 0 2,731

72 T&Go Finance Plc. 2,545 6,490 10,436 - 96 - 19,567

73 Taca Microfinance Plc. 438 5,838 9 - 194 36 6,515

74 TBB (Cambodia) Microfinance Institution Plc. 29,024 113,224 1,319 - 746 - 144,312

75 Thida Srisawad Microfinance Plc. 6,030 - - - 35 0 6,064

76 Trop Khnhom Microfinance Plc. 1,752 32,637 - - 259 400 35,048

77 Vithey Microfinance Plc. 7,035 23,756 373 - 895 - 32,058

78 Welcome Finance (Cambodia) Plc. 18,124 128,062 851 20 2,997 3 150,058

79 Woori Finance Cambodia Plc. 3,889 318,146 72 - 6,458 1,087 329,652

80 YCP Microfinance Plc. 16,370 21,491 158 5 1,106 - 39,131

Sub Total 500,482 2,919,828 64,134 21,457 67,683 19,068 3,592,652

TOTAL 4,475,550 21,678,193 220,471 24,837 200,873 48,772 26,648,696

--63-- PERCENTAGE DISTRIBUTION OF ASSETS OF INDIVIDUAL MFIs AS OF DECEMBER 31, 2018 Table 23 Prepayment Cash and Balance Loans and Property and short Long Term Other with NBC and Advances to and Total Assets term Investment Assets Other Banks Customers Equipment Receivable Microfinance Deposit Taking Institutions (MDIs)

1 AMK Plc. 26.0 70.6 1.2 0.1 2.1 - 100

2 Amret Plc. 17.1 81.1 0.8 0.0 0.6 0.3 100

3 Hattha Kaksekar Limited 16.8 81.9 0.6 0.0 0.5 0.2 100

4 Kredit Plc. 14.4 83.6 1.0 0.0 0.9 0.0 100

5 LOLC (Cambodia) Plc. 19.2 78.9 0.9 0.0 0.4 0.5 100

6 Prasac 17.0 82.3 0.5 0.0 0.3 0.0 100

7 WB Finance Co., Ltd 7.4 90.6 0.8 0.0 1.1 - 100

Sub Total 17.2 81.4 0.7 0.0 0.6 0.1 100

Microfinance Institutions (MFIs)

8 Active People Microfinance Institution Plc. 17.9 72.2 0.6 8.0 1.3 - 100

9 Amatak Capital Plc. 5.4 93.9 0.3 - 0.4 0.0 100

10 ANAKUT Plc. 8.1 89.9 0.8 - 1.2 0.1 100

11 Asia Pacific Finance Plc. 32.1 38.2 0.1 - 22.9 6.7 100

12 Atom Capital Plc. 21.5 78.3 0.1 - 0.1 - 100

13 Baitang Microheranhvathok Plc. 27.4 70.1 0.3 - 2.2 0.1 100

14 Bamboo Finance Plc. 10.3 87.3 0.1 - 0.7 1.6 100

15 Bayon Credit Limited 13.3 58.7 25.0 - 2.8 0.2 100

16 BNKC (Cambodia) Plc. 11.9 79.7 0.3 - 2.6 5.5 100

17 Borribo Plc. 1.9 95.7 0.0 - 1.9 0.5 100

18 Cambodia Labor Care Plc. 33.4 50.2 16.2 - 0.2 0.1 100

19 Camma Microfinance Limited 8.3 88.2 0.3 - 0.5 2.7 100

20 Century Cambo Development Plc. 95.0 0.7 - - 4.3 0.0 100

21 Chailease Royal Finance Plc. 34.3 13.2 41.4 - 11.1 - 100

22 Chamroeun Plc. 15.9 82.0 1.0 - 1.1 - 100

23 Chourk Chey Finance Plc. 17.4 81.2 0.2 - 1.3 - 100

24 City Microfinance Institution Plc. 25.5 70.0 0.6 - 3.3 0.5 100

25 CMK Plc. 24.1 71.1 2.4 - 2.4 - 100

26 Collective Win (Cambodia) Plc. 4.9 93.5 0.5 - 0.8 0.3 100

27 Delta Microfinance Plc. 10.8 88.3 0.7 - 0.3 - 100

28 Entean Akpevath Pracheachun (EAP) Plc. 71.5 25.3 0.1 0.2 2.8 0.1 100

29 Family Microfinance Plc. 96.7 - 0.3 - 3.0 - 100

30 Farmer Finance Ltd. 60.2 36.8 - 0.1 2.8 0.2 100

31 First Finance Plc. 6.9 89.8 2.0 0.0 1.4 0.0 100

32 Funan Microfinance Plc. 2.1 96.2 0.6 - 0.8 0.3 100

33 Futaba Microfinance Plc. 4.6 89.5 0.2 - 1.4 4.3 100

34 Golden Cash Plc. 6.0 89.0 0.9 - 3.0 1.1 100

35 Grow Plc. 8.5 85.1 0.6 - 5.7 0.2 100

36 Idemitsu Saison Microfinance (Cambodia) Pl 5.4 91.5 0.8 - 2.2 0.1 100

37 Intean Poalroath Rongroeurng Ltd. 15.0 82.2 2.3 - 0.6 - 100

38 JC Finance Plc. 14.5 84.1 0.6 - 0.7 0.1 100

39 Jet's Cash Box Finance Plc. 93.6 1.3 0.7 - 0.7 3.7 100

40 Khemarak Microfinance Institution Limited 98.7 0.6 0.0 - 0.7 0.0 100

--64-- PERCENTAGE DISTRIBUTION OF ASSETS OF INDIVIDUAL MFIs AS OF DECEMBER 31, 2018 Table 23 Prepayment Cash and Balance Loans and Property and short Long Term Other with NBC and Advances to and Total Assets term Investment Assets Other Banks Customers Equipment Receivable 41 Khmer Capital Microfinance Institution Plc. 30.1 65.7 0.4 - 3.8 - 100

42 LBP Microfinance Plc. 2.8 93.4 2.1 - 1.7 - 100

43 LED Plc. 2.9 94.1 0.6 - 2.5 - 100

44 LY HOUR Plc. 8.4 89.7 1.1 - 0.8 0.0 100

45 Maxima Plc. 9.0 89.5 0.6 0.1 0.6 0.2 100

46 MIA Financial Plc. 1.9 96.3 0.6 - 1.2 - 100

47 Mohanokor Plc. 6.0 81.6 9.2 - 3.1 (0.0) 100

48 Mothers Financial Japan Plc. 15.3 80.4 0.4 - 3.6 0.3 100

49 Niron Plc. 55.0 20.3 5.2 - 1.3 18.3 100

50 NongHyup Finance (Cambodia) Plc. 8.8 87.8 0.6 0.1 2.3 0.5 100

51 Oro Financecorp Plc. 46.1 45.6 7.3 - 0.8 0.2 100

52 PG Development Plc. 73.5 21.3 0.4 - 4.9 - 100

53 Piphup Thmey Microfinance Plc. 38.2 60.7 0.8 - 0.2 - 100

54 Ponleu Chaktomuk Plc. 98.7 1.0 - - 0.4 - 100

55 Prasethpheap Finance Plc. 5.0 89.5 2.8 - 2.5 0.2 100

56 Prime MF Ltd. 2.9 82.1 0.3 - 13.7 0.9 100

57 Queen Finance Plc. 47.2 52.3 0.2 - 0.2 0.2 100

58 Rolya Microfinance Institution Plc. 6.6 44.0 0.1 47.9 0.8 0.6 100

59 Royal Microfinance Plc. 25.4 71.4 0.0 - 2.2 1.0 100

60 Sabay Credit Commercial Plc. 38.1 61.9 - - 0.0 - 100

61 Sachak Microfinance Plc. 11.0 56.2 - - 32.7 - 100

62 Sahaka Plc. 21.2 76.1 0.5 - 2.2 (0.0) 100

63 Sahakrinpheap Microfinance Plc. 11.9 82.1 3.4 - 2.6 0.1 100

64 Samaky Microfinance Institution Plc. 64.5 34.0 0.2 - 1.0 0.3 100

65 Sambat Finance Plc. 5.8 89.6 0.0 - 3.0 1.6 100 Samporn Samakum Sahakreas Thuntoch 66 5.8 89.6 0.0 - 3.0 1.6 100 neung matjum Kampuchea Plc. 67 Samrithisak Microfinance Limited 3.5 94.0 0.2 - 1.8 0.5 100

68 Seilanithih Limited 3.1 94.9 0.4 0.2 0.7 0.6 100

69 Serey Oudom Microfinance Plc. 2.7 97.0 0.4 - 0.6 (0.7) 100

70 Sonatra Plc. 12.2 81.5 1.2 1.3 3.8 - 100

71 Sunny Microfinance Plc. 68.2 19.5 10.5 - 1.8 0.0 100

72 T&Go Finance Plc. 13.0 33.2 53.3 - 0.5 - 100

73 Taca Microfinance Plc. 6.7 89.6 0.1 - 3.0 0.6 100

74 TBB (Cambodia) Microfinance Institution Plc. 20.1 78.5 0.9 - 0.5 - 100

75 Thida Srisawad Microfinance Plc. 99.4 - - - 0.6 0.0 100

76 Trop Khnhom Microfinance Plc. 5.0 93.1 - - 0.7 1.1 100

77 Vithey Microfinance Plc. 21.9 74.1 1.2 - 2.8 - 100

78 Welcome Finance (Cambodia) Plc. 12.1 85.3 0.6 0.0 2.0 0.0 100

79 Woori Finance Cambodia Plc. 1.2 96.5 0.0 - 2.0 0.3 100

80 YCP Microfinance Plc. 41.8 54.9 0.4 0.0 2.8 - 100

Sub Total 13.9 81.3 1.8 0.6 1.9 0.5 100

Total 16.8 81.3 0.8 0.1 0.8 0.2 100

--65-- COMPARATIVE STATEMENT OF CONDITION AS OF DECEMBER 31, 2018 Table 24 1 USD = 4,018 KHR (millions of KHR) Customer's deposit Shareholder's Equity Suspense Accountpayable Accrued Hybrid & Donated Reserves and Retained and Compulsory Voluntary Interest Loans Clearing and Other Paid up Premium on Total Liabilities and Others Expenses and Deferred Revenue Capital Subordinated Current Saving Saving Payable Payable interbranch Liabilities Capital Share Capital and Equity Liabilities Provision Investment Debt Profit/Loss Account Microfinance Deposit Taking Institutions (MDIs) 1 AMK Plc. 62,657 575,508 14,288 13,673 5,835 409,828 - (0) 119,156 120,327 150 - 55,411 48,083 1,424,915 2Amret Plc. - 1,824,050 40,660 26,873 20,531 1,315,760 39,560 99 1,628 120,002 - - 201,812 305,764 3,896,739 3 Hattha Kaksekar Limited - 1,929,066 45,242 4,544 35,546 885,699 - 1,392 16,379 301,350 76,673 - 99,263 301,761 3,696,916 4 Kredit Plc. - 527,189 16,234 1,055 9,076 354,377 13,719 88 1,030 73,912 - - 11,507 52,232 1,060,419 5 LOLC (Cambodia) Plc. - 935,084 16,822 3,114 48,049 1,023,177 - 30,688 2,500 120,000 - - 187,561 102,221 2,469,216 6Prasac - 5,188,360 122,459 63,919 109,091 2,540,581 - (22) 3,955 441,980 - - 290,315 781,262 9,541,900 7 WB Finance Co., Ltd - 242,115 6,153 6,238 7,564 531,153 15,035 2,655 - 120,000 - - - 35,025 965,937 Sub Total 62,657.2 11,221,372 261,857 119,417 235,692 7,060,574 68,314 34,900 144,648 1,297,572 76,823 - 845,868 1,626,349 23,056,043 Microfinance Institutions (MFIs) 8 Active People Microfinance Institution Plc. - - - 2,559 - 148,666 - 7,992 - 40,187 - - - 18,149 217,553 9 Amatak Capital Plc. - - - 7 163 6,177 - 64 - 6,027 - - - 2,083 14,522 10 ANAKUT Plc. - - - 27 23 13,764 - (0) 6 6,027 - - - (658) 19,189 11 Asia Pacific Finance Plc. - - - 3 7 7,056 - 3 476 5,424 - - - (10,255) 2,714 12 Atom Capital Plc. - - - 92 29 28,729 - - - 15,200 - - 67 (4,897) 39,220 13 Baitang Microheranhvathok Plc. - - - 43 27 201 - 87 42 12,054 - - - 41 12,495 14 Bamboo Finance Plc. - - - - - 11,245 - - 656 10,045 - - - (2,655) 19,291 15 Bayon Credit Limited - - - 56 26 201 - (1) 95 12,054 - - - 1,068 13,500 16 BNKC (Cambodia) Plc. - - - 22 269 - 63 5 3,345 60,270 - - - (4,293) 59,682 17 Borribo Plc. - - - 71 358 12,700 - - 15 7,232 - - - 2,862 23,239 18 Cambodia Labor Care Plc. - - - 2,522 130 13,859 - - 9 12,054 - - - (429) 28,146 19 Camma Microfinance Limited - - - 325 762 32,910 - 1,187 - 8,450 - - - 2,799 46,433 20 Century Cambo Development Plc. - - - - 25 - - - - 6,027 - - - (958) 5,093 21 Chailease Royal Finance Plc. - - - 453 45 - - 2 - 6,107 - - - (5,327) 1,280 22 Chamroeun Plc. 208 49 - 1,548 - 53,406 - 67 - 6,000 0 - 3,940 2,350 67,568 23 Chourk Chey Finance Plc. - - - 8,925 62 48,850 - 30 93 6,027 - - 3,415 (2,387) 65,014 24 City Microfinance Institution Plc. - - - 18 69 32,048 - 6 123 8,036 - - - 2,392 42,691 25 CMK Plc. 1,345 37,156 1,950 16 543 28,291 - 4 60 6,027 - - - 541 75,933 26 Collective Win (Cambodia) Plc. - - - 147 2 881 - 0 - 6,027 - - - 486 7,543 27 Delta Microfinance Plc. - - - - - 41,344 - 3,309 3,004 10,045 - - - 8,619 66,321 28 Entean Akpevath Pracheachun (EAP) Plc. - - - 29 33 - - - 178 15,068 - - - 4,237 19,545 29 Family Microfinance Plc. - - - - 10 - - - - 6,027 - - - (618) 5,419 30 Farmer Finance Ltd. - - - 9 - - - 25 1 6,000 - - - (790) 5,245 31 First Finance Plc. - - - 703 1,196 60,993 - - 53 14,473 3,534 - - 9,039 89,991 32 Funan Microfinance Plc. - - - 772 4,672 147,946 2,872 250 17 32,144 - - - 6,902 195,575 33 Futaba Microfinance Plc. - - - 705 527 19,895 - 2,036 6,242 28,126 - - - (257) 57,274 34 Golden Cash Plc. 20 - - 288 - 3,154 - 20 - 6,027 - - - 1,397 10,906 35 Grow Plc. - - - 2 104 1,211 - 58 - 6,027 - - - (612) 6,790 36 Idemitsu Saison Microfinance (Cambodia) Plc. - - - 299 273 42,189 782 - - 40,180 - - - (6,185) 77,538 37 Intean Poalroath Rongroeurng Ltd. - - - 23 79 2,353 - 214 - 12,410 - - - 16,111 31,190 38 JC Finance Plc. - - - 101 21 22,303 106 4 - 8,036 - - - (2,324) 28,248 39 Jet's Cash Box Finance Plc. - - - - 3 5,246 - 200 - 1,005 - - - (1,016) 5,438 40 Khemarak Microfinance Institution Limited - - - 33 12 - - - - 10,045 - - - (896) 9,195

--66-- COMPARATIVE STATEMENT OF CONDITION AS OF DECEMBER 31, 2018 Table 24 1 USD = 4,018 KHR (millions of KHR) Customer's deposit Shareholder's Equity Suspense Accountpayable Accrued Hybrid & Donated Reserves and Retained and Compulsory Voluntary Interest Loans Clearing and Other Paid up Premium on Total Liabilities and Others Expenses and Deferred Revenue Capital Subordinated Current Saving Saving Payable Payable interbranch Liabilities Capital Share Capital and Equity Liabilities Provision Investment Debt Profit/Loss Account 41 Khmer Capital Microfinance Institution Plc. - - - 3 35 10,045 - - 145 8,036 - - - (3,101) 15,163 42 LBP Microfinance Plc. - - - 268 130 19,036 - 50 - 6,027 - - - (977) 24,535 43 LED Plc. - - - 398 33 7,800 - 40 95 6,027 - - - (610) 13,783 44 LY HOUR Plc. - - - 2,524 2,222 250,005 - - 1,608 64,288 - - 860 21,763 343,271 45 Maxima Plc. - - - 159 755 47,847 80 322 38 20,473 6,180 - 457 6,487 82,799 46 MIA Financial Plc. - - - 145 77 15,538 - 60 - 6,027 - - - 294 22,140 47 Mohanokor Plc. - - - 1,576 6,192 47,101 - 1,196 - 120,540 - - - 24,512 201,118 48 Mothers Financial Japan Plc. - - - 198 157 21,435 - 121 440 14,063 - - - (8,416) 27,998 49 Niron Plc. - - - 95 883 - - 6,065 - 20,322 - - (0) 5,733 33,097 50 NongHyup Finance (Cambodia) Plc. - - - 271 1,400 52,309 9 242 493 20,090 - 376 334 3,981 79,506 51 Oro Financecorp Plc. - - - 7 110 (2) (96) 1,434 10,745 28,126 - - - (2,308) 38,016 52 PG Development Plc. - - - 84 1 - - - - 8,036 - - - (886) 7,235 53 Piphup Thmey Microfinance Plc. - - - 1,932 3,011 - - - - 39,376 - - 24,108 59,984 128,411 54 Ponleu Chaktomuk Plc. - - - - 25 - - (0) - 6,027 - - - (306) 5,746 55 Prasethpheap Finance Plc. - - - - 383 4,355 22 - 44 11,716 253 - 791 1,039 18,603 56 Prime MF Ltd. - - - 13 180 36,804 - 484 - 20,090 - - - 5,739 63,310 57 Queen Finance Plc. - - - - 28 - - 1,804 - 6,710 - - - (2,290) 6,252 58 Rolya Microfinance Institution Plc. - - - - 52 - - 36 - 6,027 - - - (14) 6,101 59 Royal Microfinance Plc. - - - 3 48 2,245 47 83 86 16,072 - - - (1,195) 17,388 60 Sabay Credit Commercial Plc. - - - 30.05 140 - - (1) - 20,090 - - - 1,593 21,853 61 Sachak Microfinance Plc. - - - - 62 5,975 - 18 2 6,027 - - - 1,149 13,232 62 Sahaka Plc. - - - 40 - 22,983 - - 350 7,232 - - - (1,766) 28,840 63 Sahakrinpheap Microfinance Plc. - - - 17 371 3,603 - 15 93 6,000 - - - (7,168) 2,931 64 Samaky Microfinance Institution Plc. - - - 24 26 - - 104 2 8,036 - - - (1,268) 6,925 65 Sambat Finance Plc. - - - 1,216 396 16,512 - 0 475 13,171 - - - (5,524) 26,248 Samporn Samakum Sahakreas Thuntoch 66 - - - 130 25 2,756 (1) 26 - 6,027 - - - 864 9,828 neung matjum Kampuchea Plc. 67 Samrithisak Microfinance Limited - - - 35 1,283 47,169 - 552 - 40,180 - - - 11,094 100,313 68 Seilanithih Limited 344 - - 742 134 6,659 - 0 506 8,438 - - 3,205 (1,435) 18,592 69 Serey Oudom Microfinance Plc. - - - 22 312 19,683 3 (222) - 8,036 - - - 3,537 31,370 70 Sonatra Plc. - - - 322 64 38,229 32 23 - 22,099 - - - 2,360 63,129 71 Sunny Microfinance Plc. - - - - 1,410 - - 2 723 4,018 - - - (3,422) 2,731 72 T&Go Finance Plc. - - - 65 - 15,906 - 468 27 6,027 - - - (2,926) 19,567 73 Taca Microfinance Plc. - - - 11 101 444 - 256 - 6,027 - - - (324) 6,515 74 TBB (Cambodia) Microfinance Institution Plc. - - - 124 1,154 68,306 - 17 - 80,360 - - - (5,649) 144,312 75 Thida Srisawad Microfinance Plc. - - - 96 - - - - - 6,027 - - - (59) 6,064 76 Trop Khnhom Microfinance Plc. - - - - - 27,619 - - 429 6,027 - - - 973 35,048 77 Vithey Microfinance Plc. - - - 438 53 10,045 - 233 - 18,081 - - 4,018 (809) 32,058 78 Welcome Finance (Cambodia) Plc. - - - 1,325 2,193 106,835 - (85) 2 20,090 - - - 19,698 150,058 79 Woori Finance Cambodia Plc. - - - 239 4,012 250,676 - 685 11 52,234 - - - 21,795 329,652 80 YCP Microfinance Plc. - - - 6,048 229 - - 1 - 21,295 - - - 11,557 39,131 Sub Total 1,917 37,205 1,950 38,400 37,157 1,943,534 3,921 29,593 30,731 1,228,484 9,968 376 41,197 188,219 3,592,652 TOTAL 64,574 11,258,577 263,807 157,817 272,849 9,004,108 72,235 64,493 175,379 2,526,055 86,791 376 887,065 1,814,568 26,648,696

--67-- PERCENTAGE DISTRIBUTION OF LIABILITIES AND EQUITY OF INDIVIDUAL MFIs AS OF DECEMBER 31, 2018 Table 25 Customer's deposit Shareholder's Equity Suspense Accountpayable Accrued Retained and Compulsory Voluntary Interest Loans Clearing and Other Paid up Premium on Hybrid Capital Reserves and TOTAL Liabilities and Others Expenses and Deferred Revenue Current Saving Saving Payable Payable interbranch Liabilities Capital Share Capital Investment Appropriations and Equity Liabilities Provision Profit/Loss Account

Microfinance Deposit Taking Institutions (MDIs)

1 AMK Plc. 4.40 40.4 1.0 1.0 0.4 28.8 - (0.0) 8.4 8.4 0.0 - 3.9 3.4 100

2Amret Plc. - 46.8 1.0 0.7 0.5 33.8 1.02 0.0 0.0 3.1 - - 5.2 7.8 100

3 Hattha Kaksekar Limited - 52.2 1.2 0.1 1.0 24.0 - 0.0 0.4 8.2 2.1 - 2.7 8.2 100

4 Kredit Plc. - 49.7 1.5 0.1 0.9 33.4 1.3 0.0 0.1 7.0 - - 1.1 4.9 100

5 LOLC (Cambodia) Plc. - 37.9 0.7 0.1 1.9 41.4 - 1.2 0.10 4.9 - - 7.60 4.1 100

6Prasac - 54.4 1.3 0.7 1.1 26.6 - (0.00) 0.0 4.6 - - 3.0 8.2 100

7 WB Finance Co., Ltd - 25.1 0.6 0.6 0.8 55.0 1.56 0.3 - 12.4 - - - 3.6 100

Sub Total 0.3 48.7 1.1 0.5 1.0 30.6 0.3 0.2 0.6 5.6 0.3 - 3.7 7.1 100 Microfinance Institutions (MFIs) 8 Active People Microfinance Institution Plc. - - - 1.2 - 68.3 - 3.67 - 18.5 - - - 8.3 100 9 Amatak Capital Plc. - - - 0.05 1.12 42.54 - 0.44 - 41.50 - - - 14.34 100 10 ANAKUT Plc. - - - 0.1 0.1 71.7 - (0.00) 0.03 31.4 - - - (3.4) 100 11 Asia Pacific Finance Plc. - - - 0.11 0.25 259.99 - 0.12 17.53 199.86 - - - (377.86) 100 12 Atom Capital Plc. - - - 0.23 0.08 73.25 - - - 38.76 - - 0.17 (12.49) 100 13 Baitang Microheranhvathok Plc. - - - 0.34 0.21 1.61 - 0.70 0.34 96.47 - - - 0.33 100 14 Bamboo Finance Plc. - - - - - 58.3 - - 3.4 52.1 - - - (13.8) 100 15 Bayon Credit Limited - - - 0.4 0.2 1.5 - (0.00) 0.7 89.3 - - - 7.9 100 16 BNKC (Cambodia) Plc. - - - 0.0 0.5 - 0.11 0.01 5.6 101.0 - - - (7.2) 100 17 Borribo Plc. - - - 0.3 1.5 54.6 - - 0.06 31.1 - - - 12.3 100 18 Cambodia Labor Care Plc. - - - 8.96 0.46 49.24 - - 0.03 42.83 - - - (1.52) 100 19 Camma Microfinance Limited - - - 0.70 1.64 70.88 - 2.56 - 18.20 - - - 6.03 100 20 Century Cambo Development Plc. - - - - 0.5 - - - - 118.3 - - - (18.8) 100 21 Chailease Royal Finance Plc. - - - 35.4 3.5 - - 0.12 - 477.0 - - - (416.0) 100 22 Chamroeun Plc. 0.31 0.07 - 2.3 - 79.0 - 0.1 - 8.9 0.00 - 5.83 3.5 100 23 Chourk Chey Finance Plc. - - - 13.73 0.10 75.14 - 0.05 0.14 9.27 - - 5.25 (3.67) 100 24 City Microfinance Institution Plc. - - - 0.04 0.2 75.1 - 0.0 0.3 18.8 - - - 5.6 100 25 CMK Plc. 1.77 48.93 2.57 0.02 0.71 37.26 - 0.00 0.08 7.94 - - - 0.71 100 26 Collective Win (Cambodia) Plc. - - - 2.0 0.0 11.68 - 0.00 - 79.9 - - - 6.4 100 27 Delta Microfinance Plc. - - - - - 62.34 - 4.99 4.53 15.15 - - - 13.00 100 28 Entean Akpevath Pracheachun (EAP) Plc. - - - 0.15 0.17 - - - 0.91 77.09 - - - 21.68 100 29 Family Microfinance Plc. - - - - 0.19 - - - - 111.22 - - - (11.41) 100 30 Farmer Finance Ltd. - - - 0.18 - - - 0.48 0.02 114.39 - - - (15.07) 100 31 First Finance Plc. - - - 0.78 1.33 67.78 - - 0.06 16.08 3.93 - - 10.04 100 32 Funan Microfinance Plc. - - - 0.39 2.39 75.65 1.47 0.13 0.01 16.44 - - - 3.53 100 33 Futaba Microfinance Plc. - - - 1.23 0.92 34.74 - 3.55 10.90 49.11 - - - (0.45) 100 34 Golden Cash Plc. 0.18 - - 2.64 - 28.92 - 0.18 - 55.26 - - - 12.81 100 35 Grow Plc. - - - 0.04 1.53 17.83 - 0.86 - 88.76 - - - (9.02) 100 36 Idemitsu Saison Microfinance (Cambodia) Plc. - - - 0.4 0.4 54.41 1.01 - - 51.8 - - - (8.0) 100 37 Intean Poalroath Rongroeurng Ltd. - - - 0.07 0.25 7.54 - 0.69 - 39.79 - - - 51.66 100 38 JC Finance Plc. - - - 0.36 0.08 78.95 0.38 0.01 - 28.45 - - - (8.23) 100 39 Jet's Cash Box Finance Plc. - - - - 0.05 96.48 - 3.68 - 18.47 - - - (18.68) 100 40 Khemarak Microfinance Institution Limited - - - 0.36 0.13 - - - - 109.25 - - - (9.75) 100

--68-- PERCENTAGE DISTRIBUTION OF LIABILITIES AND EQUITY OF INDIVIDUAL MFIs AS OF DECEMBER 31, 2018 Table 25 Customer's deposit Shareholder's Equity Suspense Accountpayable Accrued Retained and Compulsory Voluntary Interest Loans Clearing and Other Paid up Premium on Hybrid Capital Reserves and TOTAL Liabilities and Others Expenses and Deferred Revenue Current Saving Saving Payable Payable interbranch Liabilities Capital Share Capital Investment Appropriations and Equity Liabilities Provision Profit/Loss Account

41 Khmer Capital Microfinance Institution Plc. - - - 0.0 0.2 66.2 - - 0.96 53.0 - - - (20.4) 100 42 LBP Microfinance Plc. - - - 1.09 0.53 77.59 - 0.20 - 24.56 - - - (3.98) 100 43 LED Plc. - - - 2.89 0.24 56.59 - 0.29 0.69 43.73 - - - (4.43) 100 44 LY HOUR Plc. - - - 0.7 0.6 72.8 - - 0.5 18.7 - - 0.25 6.3 100 45 Maxima Plc. - - - 0.19 0.9 57.8 0.10 0.39 0.05 24.7 7.46 - 0.55 7.8 100 46 MIA Financial Plc. - - - 0.65 0.35 70.18 - 0.27 - 27.22 - - - 1.33 100 47 Mohanokor Plc. - - - 0.78 3.1 23.42 - 0.6 - 59.9 - - - 12.2 100 48 Mothers Financial Japan Plc. - - - 0.7 0.6 76.6 - 0.43 1.57 50.2 - - - (30.1) 100 49 Niron Plc. - - - 0.29 2.67 - - 18.32 - 61.40 - - (0.00) 17.32 100 50 NongHyup Finance (Cambodia) Plc. - - - 0.3 1.8 65.8 0.01 0.3 0.62 25.3 - 0.47 0.42 5.0 100 51 Oro Financecorp Plc. - - - 0.02 0.29 (0.01) (0.25) 3.77 28.26 73.98 - - - (6.07) 100 52 PG Development Plc. - - - 1.16 0.02 - - - - 111.07 - - - (12.25) 100 53 Piphup Thmey Microfinance Plc. - - - 1.50 2.34 - - - - 30.66 - - 18.77 46.71 100 54 Ponleu Chaktomuk Plc. - - - - 0.4 - - (0.01) - 104.9 - - - (5.3) 100 55 Prasethpheap Finance Plc. - - - - 2.1 23.4 0.12 - 0.23 63.0 1.36 - 4.25 5.6 100 56 Prime MF Ltd. - - - 0.02 0.28 58.13 - 0.76 - 31.73 - - - 9.07 100 57 Queen Finance Plc. - - - - 0.5 - - 28.9 - 107.3 - - - (36.6) 100 58 Rolya Microfinance Institution Plc. - - - - 0.85 - - 0.58 - 98.79 - - - (0.22) 100 59 Royal Microfinance Plc. - - - 0.0 0.28 12.9 0.27 0.48 0.49 92.4 - - - (6.9) 100 60 Sabay Credit Commercial Plc. - - - 0.14 0.64 - - (0.00) - 91.93 - - - 7.29 100 61 Sachak Microfinance Plc. - - - - 0.5 45.2 - 0.14 0.0 45.5 - - - 8.7 100 62 Sahaka Plc. - - - 0.14 - 79.69 - - 1.21 25.08 - - - (6.12) 100 63 Sahakrinpheap Microfinance Plc. - - - 0.58 12.7 122.9 - 0.52 3.17 204.7 - - - (244.6) 100 64 Samaky Microfinance Institution Plc. - - - 0.35 0.38 - - 1.51 0.03 116.05 - - - (18.31) 100 65 Sambat Finance Plc. - - - 4.6 1.5 62.9 - 0.00 1.8 50.2 - - - (21.0) 100 Samporn Samakum Sahakreas Thuntoch 66 - - - 4.63 1.51 62.91 - 0.00 1.81 50.18 - - - (21.05) 100 neung matjum Kampuchea Plc. 67 Samrithisak Microfinance Limited - - - 0.0 1.3 47.0 - 0.6 - 40.1 - - - 11.1 100 68 Seilanithih Limited 1.85 - - 4.0 0.7 35.8 - 0.00 2.7 45.4 - - 17.2 (7.7) 100 69 Serey Oudom Microfinance Plc. - - - 0.07 0.99 62.74 0.01 (0.71) - 25.62 - - - 11.27 100 70 Sonatra Plc. - - - 0.5 0.1 60.6 0.05 0.04 - 35.0 - - - 3.7 100 71 Sunny Microfinance Plc. - - - - 51.6 - - 0.1 26.46 147.1 - - - (125.3) 100 72 T&Go Finance Plc. - - - 0.33 - 81.29 - 2.39 0.14 30.80 - - - (14.96) 100 73 Taca Microfinance Plc. - - - 0.17 1.55 6.82 - 3.93 - 92.51 - - - (4.97) 100 74 TBB (Cambodia) Microfinance Institution Plc. - - - 0.09 0.80 47.33 - 0.01 - 55.68 - - - (3.91) 100 75 Thida Srisawad Microfinance Plc. - - - 1.6 - - - - - 99.4 - - - (1.0) 100 76 Trop Khnhom Microfinance Plc. - - - - - 78.8 - - 1.23 17.2 - - - 2.8 100 77 Vithey Microfinance Plc. - - - 1.4 0.2 31.3 - 0.7 - 56.4 - - 12.53 (2.5) 100 78 Welcome Finance (Cambodia) Plc. - - - 0.9 1.5 71.2 - (0.1) 0.00 13.4 - - - 13.1 100 79 Woori Finance Cambodia Plc. - - - 0.1 1.2 76.0 - 0.2 0.00 15.8 - - - 6.6 100 80 YCP Microfinance Plc. - - - 15.46 0.59 - - 0.00 - 54.42 - - - 29.53 100 Sub Total 0.1 1.0 0.1 1.1 1.0 54.1 0.11 0.8 0.9 34.2 0.3 0.0 1.1 5.2 100 Total 0.2 42.2 1.0 0.6 1.0 33.8 0.3 0.2 0.7 9.5 0.3 0.0 3.3 6.8 100

--69-- PROFIT AND LOSS STATEMENT AS AT DECEMBER 31, 2018 Table 26 1 USD = 4,018 KHR (millions of KHR) Interest Net Interest Non-interest Operation Operating Net Profit from Grant Profit before Net Profit &Loss Interest income Tax on profit Expenses Income income income Expense Provision operation Income Taxes for 12 months 1 2 3=1-2 4 5=3+4 6 7 8=5-6-7 9 10=8+9 11 12=10-11 Microfinance Deposit Taking Institutions (MDIs) 1 AMK Plc. 178,117.40 71,981.55 106,135.85 62,147.02 168,282.87 120,096 14,661.37 33,525.88 664.59 34,190.47 7,426.57 26,764 2 Amret Plc. 487,252.21 190,489.75 296,762.45 34,139.76 330,902.22 181,186 31,726.56 117,989.50 - 117,989.50 23,748.33 94,241 3 Hattha Kaksekar Limited 429,485.35 182,852.94 246,632.41 33,378.80 280,011.21 153,441 21,874.05 104,695.77 - 104,695.77 21,244.20 83,452 4 Kredit Plc. 144,042.51 59,231.48 84,811.03 14,934.58 99,745.61 72,228 7,659.11 19,858.32 861.29 20,719.61 4,273.96 16,446 5 LOLC (Cambodia) Plc. 292,192.30 126,351.82 165,840.48 67,124.06 232,964.53 115,291 15,895.17 101,778.32 - 101,778.32 20,747.92 81,030 6 Prasac 1,141,736.71 482,892.35 658,844.36 39,453.67 698,298.03 257,412 47,816.50 393,069.42 5,668.30 398,737.72 82,757.16 315,981 7 WB Finance Co., Ltd 135,715.69 47,913.25 87,802.44 17,956.14 105,758.58 79,770 5,148.57 20,840.43 - 20,840.43 4,365.77 16,475 Sub Total 2,808,542 1,161,713 1,646,829 269,134 1,915,963 979,424 144,781 791,758 7,194 798,952 164,564 634,388 Microfinance Institutions (MFIs) 8 Active People Microfinance Institution Plc. 41,889.51 5,759.85 36,129.66 1,732.20 37,861.86 15,052 5,660.79 17,148.75 - 17,148.75 - 17,149 9 Amatak Capital Plc. 2,441.10 512.02 1,929.07 601.38 2,530.45 1,747 127.85 655.77 - 655.77 131.15 525 10 ANAKUT Plc. 2,483.86 754.85 1,729.01 565.79 2,294.80 1,910 84.89 299.84 - 299.84 30.69 269 11 Asia Pacific Finance Plc. 152.68 - 152.68 2.51 155.18 2,113 28.22 (1,986.28) - (1,986.28) 1.43 (1,988) 12 Atom Capital Plc. 5,331.19 1,412.70 3,918.49 451.31 4,369.80 3,697 7,077.34 (6,404.15) - (6,404.15) 55.99 (6,460) 13 Baitang Microheranhvathok Plc. 1,620.50 27.47 1,593.03 367.41 1,960.44 1,614 275.68 70.63 - 70.63 55.88 15 14 Bamboo Finance Plc. 2,903.67 773.35 2,130.32 - 2,130.32 1,661 441.41 27.49 - 27.49 - 27 15 Bayon Credit Limited 2,073.85 91.33 1,982.52 263.88 2,246.40 2,254 (93.30) 85.99 - 85.99 17.20 69 16 BNKC (Cambodia) Plc. 5,770.30 - 5,770.30 1,224.94 6,995.24 6,205 310.97 479.19 - 479.19 70.78 408 17 Borribo Plc. 3,757.30 663.16 3,094.14 904.13 3,998.27 2,492 279.33 1,227.43 - 1,227.43 - 1,227 18 Cambodia Labor Care Plc. 1,010.62 171.74 838.88 671.70 1,510.58 890 177.58 443.03 - 443.03 - 443 19 Camma Microfinance Limited 6,156.92 1,940.55 4,216.37 677.38 4,893.75 3,405 476.55 1,012.15 - 1,012.15 215.78 796 20 Century Cambo Development Plc. 4.82 - 4.82 4.66 9.48 389 - (379.96) - (379.96) - (380) 21 Chailease Royal Finance Plc. 69.22 - 69.22 5.66 74.89 1,227 92.03 (1,244.16) - (1,244.16) 0.75 (1,245) 22 Chamroeun Plc. 8,926.75 4,157.96 4,768.79 7,603.91 12,372.70 9,341 891.67 2,139.67 399.41 2,539.08 719.03 1,820 23 Chourk Chey Finance Plc. 4,642.07 1,763.90 2,878.17 1,552.96 4,431.13 5,195 468.13 (1,231.72) - (1,231.72) 62.01 (1,294) 24 City Microfinance Institution Plc. 5,164.76 1,526.84 3,637.92 673.80 4,311.72 3,027 1,008.76 276.36 - 276.36 - 276 25 CMK Plc. 7,548.10 2,184.65 5,363.45 2,877.29 8,240.74 6,777 926.36 537.80 - 537.80 70.86 467 26 Collective Win (Cambodia) Plc. 609.75 - 609.75 (4.28) 605.48 598 318.41 (310.67) - (310.67) 6.10 (317) 27 Delta Microfinance Plc. 10,886.26 1,522.32 9,363.94 6,259.60 15,623.54 9,074 105.09 6,444.24 - 6,444.24 - 6,444 28 Entean Akpevath Pracheachun (EAP) Plc. 827.42 - 827.42 37.61 865.03 1,045 397.15 (576.79) - (576.79) 8.66 (585) 29 Family Microfinance Plc. 2.49 - 2.49 (0.30) 2.19 620 - (618.04) - (618.04) 0.02 (618) 30 Farmer Finance Ltd. 367.38 - 367.38 76.94 444.32 565 34.59 (154.77) - (154.77) - (155) 31 First Finance Plc. 12,641.99 5,104.35 7,537.64 662.97 8,200.61 6,451 989.41 759.94 - 759.94 217.81 542 32 Funan Microfinance Plc. 28,638.41 10,107.94 18,530.46 13,448.13 31,978.59 21,364 2,470.04 8,144.46 - 8,144.46 1,715.23 6,429 33 Futaba Microfinance Plc. 6,411.30 285.35 6,125.95 636.97 6,762.92 4,112 514.50 2,135.97 - 2,135.97 528.94 1,607 34 Golden Cash Plc. 1,545.79 292.27 1,253.52 1,761.84 3,015.36 2,156 16.24 843.62 - 843.62 137.59 706 35 Grow Plc. 810.36 26.48 783.88 193.52 977.39 838 156.95 (17.18) - (17.18) 9.54 (27) 36 Idemitsu Saison Microfinance (Cambodia) Plc. 7,123.70 952.79 6,170.92 190.98 6,361.90 4,498 2,417.27 (553.45) - (553.45) - ( 553) 37 Intean Poalroath Rongroeurng Ltd. 5,877.51 689.56 5,187.95 1,070.01 6,257.97 3,751 1,918.50 588.55 - 588.55 171.11 417 38 JC Finance Plc. 1,943.28 378.07 1,565.21 543.46 2,108.67 3,390 247.68 (1,529.34) - (1,529.34) 24.65 (1,554) 39 Jet's Cash Box Finance Plc. 10.40 - 10.40 0.10 10.50 304 (1.80) (292.12) - (292.12) - (292) 40 Khemarak Microfinance Institution Limited 39.67 - 39.67 1.04 40.71 85 - (44.27) - (44.27) - (44)

--70-- PROFIT AND LOSS STATEMENT AS AT DECEMBER 31, 2018 Table 26 1 USD = 4,018 KHR (millions of KHR) Interest Net Interest Non-interest Operation Operating Net Profit from Grant Profit before Net Profit &Loss Interest income Tax on profit Expenses Income income income Expense Provision operation Income Taxes for 12 months 1 2 3=1-2 4 5=3+4 6 7 8=5-6-7 9 10=8+9 11 12=10-11 41 Khmer Capital Microfinance Institution Plc. 338.42 144.00 194.42 187.03 381.45 2,001 100.21 (1,719.34) - (1,719.34) 4.78 (1,724) 42 LBP Microfinance Plc. 3,022.22 1,169.51 1,852.72 566.45 2,419.17 2,068 401.13 (50.38) - (50.38) - (50) 43 LED Plc. 1,103.22 77.49 1,025.73 594.50 1,620.24 1,501 (271.03) 390.05 - 390.05 86.81 303 44 LY HOUR Plc. 41,714.99 14,063.89 27,651.10 5,662.92 33,314.02 23,649 2,894.86 6,770.50 - 6,770.50 1,354.10 5,416 45 Maxima Plc. 12,289.45 3,580.66 8,708.79 1,225.20 9,933.99 6,753 759.26 2,421.91 2.71 2,424.62 727.41 1,697 46 MIA Financial Plc. 2,601.13 774.12 1,827.02 311.66 2,138.68 1,357 93.79 687.91 - 687.91 - 688 47 Mohanokor Plc. 26,978.59 2,639.69 24,338.90 26,722.90 51,061.80 27,140 1,671.83 22,249.68 - 22,249.68 4,433.52 17,816 48 Mothers Financial Japan Plc. 3,161.40 266.63 2,894.77 54.65 2,949.42 2,833 1,497.90 (1,381.61) - (1,381.61) 32.24 (1,414) 49 Niron Plc. 1,306.99 - 1,306.99 6,934.26 8,241.25 8,161 (43.22) 123.22 - 123.22 168.66 (45) 50 NongHyup Finance (Cambodia) Plc. 11,859.40 4,974.12 6,885.28 4,400.60 11,285.88 10,100 488.61 697.13 151.74 848.87 190.08 659 51 Oro Financecorp Plc. 5,411.74 348.65 5,063.10 282.57 5,345.67 4,382 (823.61) 1,786.81 - 1,786.81 61.32 1,725 52 PG Development Plc. 85.90 - 85.90 33.37 119.27 595 15.48 (490.76) - (490.76) - (491) 53 Piphup Thmey Microfinance Plc. 35,868.70 14,987.64 20,881.06 1,820.16 22,701.22 9,250 (3,616.95) 17,068.33 - 17,068.33 2,836.71 14,232 54 Ponleu Chaktomuk Plc. 29.13 - 29.13 24.23 53.36 182 - (129.07) - (129.07) 0.79 (130) 55 Prasethpheap Finance Plc. 3,012.38 456.69 2,555.69 737.43 3,293.12 2,593 23.27 676.66 - 676.66 274.54 402 56 Prime MF Ltd. 7,896.21 3,220.77 4,675.44 4,849.23 9,524.67 6,113 125.28 3,286.43 - 3,286.43 - 3,286 57 Queen Finance Plc. 467.83 - 467.83 1.09 468.92 768 (215.77) (83.39) - (83.39) 4.81 (88) 58 Rolya Microfinance Institution Plc. 56.05 0.08 55.97 40.60 96.57 110 - (13.09) - (13.09) 0.53 (14) 59 Royal Microfinance Plc. 2,529.11 93.17 2,435.93 872.95 3,308.88 1,998 1,664.01 (353.58) - (353.58) 34.13 (388) 60 Sabay Credit Commercial Plc. 1,639.37 - 1,639.37 21.98 1,661.35 492 (358.22) 1,527.35 - 1,527.35 157.07 1,370 61 Sachak Microfinance Plc. 1,170.90 445.77 725.13 339.41 1,064.54 1,046 40.52 (21.64) - (21.64) 9.04 (31) 62 Sahaka Plc. 3,529.99 1,556.34 1,973.65 376.31 2,349.96 2,576 955.12 (1,180.73) - (1,180.73) 39.38 (1,220) 63 Sahakrinpheap Microfinance Plc. 367.30 46.06 321.24 399.30 720.54 2,956 (52.03) (2,183.17) - (2,183.17) - (2,183) 64 Samaky Microfinance Institution Plc. 387.49 - 387.49 75.89 463.38 533 (6.49) (62.67) - (62.67) 4.61 (67) 65 Sambat Finance Plc. 3,818.40 1,357.25 2,461.15 2,134.30 4,595.45 5,789 316.61 (1,509.71) - (1,509.71) 60.15 (1,570) Samporn Samakum Sahakreas Thuntoch 66 1,666.75 240.52 1,426.23 271.85 1,698.08 875 885.66 (62.93) - (62.93) 126.54 (189) neung matjum Kampuchea Plc. 67 Samrithisak Microfinance Limited 12,675.77 1,745.95 10,929.82 1,609.62 12,539.44 7,486 21.19 5,032.55 - 5,032.55 1,073.63 3,959 68 Seilanithih Limited 3,118.02 870.11 2,247.92 1,196.65 3,444.57 3,493 87.79 (136.42) - (136.42) 44.54 (181) 69 Serey Oudom Microfinance Plc. 4,415.96 590.49 3,825.47 132.22 3,957.69 2,418 60.26 1,479.60 - 1,479.60 319.88 1,160 70 Sonatra Plc. 7,319.34 3,060.08 4,259.26 835.34 5,094.60 3,557 - 1,537.49 - 1,537.49 - 1,537 71 Sunny Microfinance Plc. 222.95 39.79 183.16 414.74 597.90 1,469 228.66 (1,099.77) - (1,099.77) 5.52 (1,105) 72 T&Go Finance Plc. 1,579.82 740.85 838.97 446.37 1,285.34 1,339 473.36 (527.02) - (527.02) 20.47 (547) 73 Taca Microfinance Plc. 851.03 2.85 848.18 443.11 1,291.28 1,444 114.54 (267.23) - (267.23) 13.11 (280) 74 TBB (Cambodia) Microfinance Institution Plc. 6,855.95 899.18 5,956.77 936.38 6,893.15 6,143 4,454.83 (3,704.95) - (3,704.95) - (3,705) 75 Thida Srisawad Microfinance Plc. 0.64 - 0.64 - 0.64 60 - (59.16) - (59.16) - (59) 76 Trop Khnhom Microfinance Plc. 6,214.36 3,320.83 2,893.53 1,672.38 4,565.91 3,397 319.47 849.27 - 849.27 172.44 677 77 Vithey Microfinance Plc. 4,712.16 1,038.27 3,673.89 2,137.02 5,810.91 5,231 692.46 (112.07) - (112.07) 75.92 (188) 78 Welcome Finance (Cambodia) Plc. 18,126.68 5,663.52 12,463.17 6,583.44 19,046.61 8,417 74.26 10,554.96 - 10,554.96 1,896.45 8,659 79 Woori Finance Cambodia Plc. 34,968.93 7,641.51 27,327.42 3,465.24 30,792.66 14,996 1,551.48 14,245.21 - 14,245.21 3,923.73 10,321 80 YCP Microfinance Plc. 5,155.27 0.56 5,154.71 3,054.07 8,208.78 3,477 14.00 4,718.05 - 4,718.05 1,504.67 3,213 Sub Total 458,213 117,157 341,056 126,927 467,983 316,594 42,457 108,932 554 109,486 23,909 85,577 Total 3,266,755 1,278,870 1,987,885 396,061 2,383,946 1,296,018 187,238 900,690 7,748 908,438 188,473 719,965

--71-- Net Profit AS AT DECEMBER 31, 2018 Table 27 1 USD = 4,018 KHR (millions of KHR) 2018 As percentage of As percentage of Net profit Total Assets Loans 1 Assets Loans Microfinance Deposit Taking Institutions (MDIs) 1AMK Plc. 26,764 1,424,915 1.9% 1,016,447 2.6% 2Amret Plc. 94,241 3,896,739 2.4% 3,171,811 3.0% 3 Hattha Kaksekar Limited 83,452 3,696,916 2.3% 3,042,939 2.7% 4 Kredit Plc. 16,446 1,060,419 1.6% 891,765 1.8% 5 LOLC (Cambodia) Plc. 81,030 2,469,216 3.3% 1,958,756 4.1% 6Prasac 315,981 9,541,900 3.3% 7,883,354 4.0% 7 WB Finance Co., Ltd 16,475 965,937 1.7% 878,055 1.9% Sub Total 634,388 23,056,043 2.8% 18,843,128 3.4% Microfinance Institutions (MFIs) 8 Active People Microfinance Institution Plc. 17,149 217,553 7.9% 162,265 10.6% 9 Amatak Capital Plc. 525 14,522 3.6% 13,725 3.8% 10 ANAKUT Plc. 269 19,189 1.4% 17,268 1.6% 11 Asia Pacific Finance Plc. (1,988) 2,714 -73.2% 1,070 -185.8% 12 Atom Capital Plc. (6,460) 39,220 -16.5% 37,018 -17.5% 13 Baitang Microheranhvathok Plc. 15 12,495 0.1% 9,048 0.2% 14 Bamboo Finance Plc. 27 19,291 0.1% 17,514 0.2% 15 Bayon Credit Limited 69 13,500 0.5% 8,157 0.8% 16 BNKC (Cambodia) Plc. 408 59,682 0.7% 47,750 0.9% 17 Borribo Plc. 1,227 23,239 5.3% 22,323 5.5% 18 Cambodia Labor Care Plc. 443 28,146 1.6% 14,207 3.1% 19 Camma Microfinance Limited 796 46,433 1.7% 41,525 1.9% 20 Century Cambo Development Plc. (380) 5,093 -7.5% 37 -1026.8% 21 Chailease Royal Finance Plc. (1,245) 1,280 -97.2% 213 -584.2% 22 Chamroeun Plc. 1,820 67,568 2.7% 56,064 3.2% 23 Chourk Chey Finance Plc. (1,294) 65,014 -2.0% 52,970 -2.4% 24 City Microfinance Institution Plc. 276 42,691 0.6% 32,715 0.8% 25 CMK Plc. 467 75,933 0.6% 54,520 0.9% 26 Collective Win (Cambodia) Plc. (317) 7,543 -4.2% 7,203 -4.4% 27 Delta Microfinance Plc. 6,444 66,321 9.7% 59,429 10.8% 28 Entean Akpevath Pracheachun (EAP) Plc. (585) 19,545 -3.0% 6,010 -9.7% 29 Family Microfinance Plc. (618) 5,419 -11.4% - - 30 Farmer Finance Ltd. (155) 5,245 -3.0% 2,028 -7.6% 31 First Finance Plc. 542 89,991 0.6% 81,573 0.7% 32 Funan Microfinance Plc. 6,429 195,575 3.3% 188,722 3.4% 33 Futaba Microfinance Plc. 1,607 57,274 2.8% 51,450 3.1% 34 Golden Cash Plc. 706 10,906 6.5% 9,704 7.3% 35 Grow Plc. (27) 6,790 -0.4% 5,883 -0.5% 36 Idemitsu Saison Microfinance (Cambodia) Plc. (553) 77,538 -0.7% 75,948 -0.7% 37 Intean Poalroath Rongroeurng Ltd. 417 31,190 1.3% 26,864 1.6% 38 JC Finance Plc. (1,554) 28,248 -5.5% 23,825 -6.5% 39 Jet's Cash Box Finance Plc. (292) 5,438 -5.4% 68 -429.5% 40 Khemarak Microfinance Institution Limited (44) 9,195 -0.5% 290 -15.3% 41 Khmer Capital Microfinance Institution Plc. (1,724) 15,163 -11.4% 10,027 -17.2% 42 LBP Microfinance Plc. (50) 24,535 -0.2% 23,084 -0.2% 43 LED Plc. 303 13,783 2.2% 13,074 2.3% 44 LY HOUR Plc. 5,416 343,271 1.6% 308,625 1.8% 45 Maxima Plc. 1,697 82,799 2.0% 74,418 2.3% 46 MIA Financial Plc. 688 22,140 3.1% 21,350 3.2% 47 Mohanokor Plc. 17,816 201,118 8.9% 166,212 10.7% 48 Mothers Financial Japan Plc. (1,414) 27,998 -5.0% 23,592 -6.0% 49 Niron Plc. (45) 33,097 -0.1% 6,865 -0.7% 50 NongHyup Finance (Cambodia) Plc. 659 79,506 0.8% 70,632 0.9% 51 Oro Financecorp Plc. 1,725 38,016 4.5% 20,622 8.4% 52 PG Development Plc. (491) 7,235 -6.8% 1,548 -31.7% 53 Piphup Thmey Microfinance Plc. 14,232 128,411 11.1% 79,366 17.9% 54 Ponleu Chaktomuk Plc. (130) 5,746 -2.3% 56 -232.1% 55 Prasethpheap Finance Plc. 402 18,603 2.2% 16,802 2.4% 56 Prime MF Ltd. 3,286 63,310 5.2% 51,767 6.3% 57 Queen Finance Plc. (88) 6,252 -1.4% 3,643 -2.4% 58 Rolya Microfinance Institution Plc. (14) 6,101 -0.2% 2,659 -0.5% 59 Royal Microfinance Plc. (388) 17,388 -2.2% 14,664 -2.6% 60 Sabay Credit Commercial Plc. 1,370 21,853 6.3% 13,613 10.1% 61 Sachak Microfinance Plc. (31) 13,232 -0.2% 7,528 -0.4% 62 Sahaka Plc. (1,220) 28,840 -4.2% 22,589 -5.4% 63 Sahakrinpheap Microfinance Plc. (2,183) 2,931 -74.5% 2,538 -86.0% 64 Samaky Microfinance Institution Plc. (67) 6,925 -1.0% 2,559 -2.6% 65 Sambat Finance Plc. (1,570) 26,248 -6.0% 23,408 -6.7% Samporn Samakum Sahakreas Thuntoch 66 9,828 neung matjum Kampuchea Plc. (189) -1.9% 9,700 -2.0% 67 Samrithisak Microfinance Limited 3,959 100,313 3.9% 93,550 4.2% 68 Seilanithih Limited (181) 18,592 -1.0% 17,816 -1.0% 69 Serey Oudom Microfinance Plc. 1,160 31,370 3.7% 30,489 3.8% 70 Sonatra Plc. 1,537 63,129 2.4% 50,839 3.0% 71 Sunny Microfinance Plc. (1,105) 2,731 -40.5% 897 -123.2% 72 T&Go Finance Plc. (547) 19,567 -2.8% 7,806 -7.0% 73 Taca Microfinance Plc. (280) 6,515 -4.3% 5,815 -4.8% 74 TBB (Cambodia) Microfinance Institution Plc. (3,705) 144,312 -2.6% 118,690 -3.1% 75 Thida Srisawad Microfinance Plc. (59) 6,064 -1.0% - - 76 Trop Khnhom Microfinance Plc. 677 35,048 1.9% 33,051 2.0% 77 Vithey Microfinance Plc. (188) 32,058 -0.6% 24,317 -0.8% 78 Welcome Finance (Cambodia) Plc. 8,659 150,058 5.8% 127,557 6.8% 79 Woori Finance Cambodia Plc. 10,321 329,652 3.1% 319,305 3.2% 80 YCP Microfinance Plc. 3,213 39,131 8.2% 21,656 14.8% Sub Total 85,577 3,592,652 2.4% 2,970,112 2.9% Total 719,965 26,648,696 2.7% 21,813,240 3.3% 1-Loan and Advance to Customers

--72-- COMPARISION OF TOTAL DEPOSITS AS OF DECEMBER 31, 2018 Table 28 1 USD = 4,018 KHR (millions of KHR) 2018 2017 Change

Share Share 2018/2017

Microfinance Deposit Taking Institutions (MDIs) 1 AMK Plc. 638,165 5.7% 476,895 6.0% 33.8% 2 Amret Plc. 1,824,050 16.2% 1,413,618 17.7% 29.0% 3 Hattha Kaksekar Limited 1,929,066 17.1% 1,483,814 18.5% 30.0% 4 Kredit Plc. 527,189 4.7% 391,690 4.9% 34.6% 5 LOLC (Cambodia) Plc. 935,084 8.3% 364,599 4.6% 156.5% 6 Prasac 5,188,360 46.0% 3,694,311 46.1% 40.4% 7 WB Finance Co., Ltd 242,115 2.1% 182,180 2.3% 32.9% Sub Total 11,284,029 100.0% 8,007,107 100.0% 40.9% Microfinance Institutions (MFIs) 8 Active People Microfinance Institution Plc. - - - - - 9 Amatak Capital Plc. - - - - - 10 ANAKUT Plc. - - - - - 11 Asia Pacific Finance Plc. - - - - - 12 Atom Capital Plc. - - - - - 13 Baitang Microheranhvathok Plc. - - - - - 14 Bamboo Finance Plc. - - - - - 15 Bayon Credit Limited - - - - - 16 BNKC (Cambodia) Plc. - - - - - 17 Borribo Plc. - - - - - 18 Cambodia Labor Care Plc. - - - - - 19 Camma Microfinance Limited - - - - - 20 Century Cambo Development Plc. - - - - - 21 Chailease Royal Finance Plc. - - - - - 22 Chamroeun Plc. - - - - - 23 Chourk Chey Finance Plc. - - - - - 24 City Microfinance Institution Plc. - - - - - 25 CMK Plc. - - - - - 26 Collective Win (Cambodia) Plc. - - - - - 27 Delta Microfinance Plc. - - - - - 28 Entean Akpevath Pracheachun (EAP) Plc. - - - - - 29 Family Microfinance Plc. - - - - - 30 Farmer Finance Ltd. - - - - - 31 First Finance Plc. - - - - - 32 Funan Microfinance Plc. - - - - - 33 Futaba Microfinance Plc. - - - - - 34 Golden Cash Plc. - - - - - 35 Grow Plc. - - - - - 36 Idemitsu Saison Microfinance (Cambodia) Plc. - - - - - 37 Intean Poalroath Rongroeurng Ltd. - - - - - 38 JC Finance Plc. - - - - - 39 Jet's Cash Box Finance Plc. - - - - - 40 Khemarak Microfinance Institution Limited - - - - -

--73-- COMPARISION OF TOTAL DEPOSITS AS OF DECEMBER 31, 2018 Table 28 1 USD = 4,018 KHR (millions of KHR) 2018 2017 Change

Share Share 2018/2017

41 Khmer Capital Microfinance Institution Plc. - - - - - 42 LBP Microfinance Plc. - - - - - 43 LED Plc. - - - - - 44 LY HOUR Plc. - - - - - 45 Maxima Plc. - - - - - 46 MIA Financial Plc. - - - - - 47 Mohanokor Plc. - - - - - 48 Mothers Financial Japan Plc. - - - - - 49 Niron Plc. - - - - - 50 NongHyup Finance (Cambodia) Plc. - - - - - 51 Oro Financecorp Plc. - - - - - 52 PG Development Plc. - - - - - 53 Piphup Thmey Microfinance Plc. - - - - - 54 Ponleu Chaktomuk Plc. - - - - - 55 Prasethpheap Finance Plc. - - - - - 56 Prime MF Ltd. - - - - - 57 Queen Finance Plc. - - - - - 58 Rolya Microfinance Institution Plc. - - - - - 59 Royal Microfinance Plc. - - - - - 60 Sabay Credit Commercial Plc. - - - - - 61 Sachak Microfinance Plc. - - - - - 62 Sahaka Plc. - - - - - 63 Sahakrinpheap Microfinance Plc. - - - - - 64 Samaky Microfinance Institution Plc. - - - - - 65 Sambat Finance Plc. - - - - - Samporn Samakum Sahakreas Thuntoch 66 - - - - - neung matjum Kampuchea Plc. 67 Samrithisak Microfinance Limited - - - - - 68 Seilanithih Limited - - - - - 69 Serey Oudom Microfinance Plc. - - - - - 70 Sonatra Plc. - - - - - 71 Sunny Microfinance Plc. - - - - - 72 T&Go Finance Plc. - - - - - 73 Taca Microfinance Plc. - - - - - 74 TBB (Cambodia) Microfinance Institution Plc. - - - - - 75 Thida Srisawad Microfinance Plc. - - - - - 76 Trop Khnhom Microfinance Plc. - - - - - 77 Vithey Microfinance Plc. - - - - - 78 Welcome Finance (Cambodia) Plc. - - - - - 79 Woori Finance Cambodia Plc. - - - - - 80 YCP Microfinance Plc. - - - - - Sub Total - - - - - Total 11,284,029 100% 8,007,107 100% 40.9%

--74-- TOTAL DEPOSITS CLASSIFIED BY TYPE OF ACCOUNTS AS OF DECEMBER 31, 2018 Table 29 1 USD = 4,018 KHR (millions of KHR) 2018 Voluntary Saving Compusary Saving Demand Interest TOTAL Saving Term deposits Other deposit deposits deposits payable DEPOSITS

Microfinance Deposit Taking Institutions (MDIs)

1 AMK Plc. 62,657.2 159,777.81 - 415,729.81 - 14,288 652,453

2 Amret Plc. - 534,755.20 - 1,289,295.04 - 40,660 1,864,710

3 Hattha Kaksekar Limited - 357,805.84 - 1,571,260.56 - 45,242 1,974,308

4 Kredit Plc. - 48,557.19 - 469,792.42 8,839 16,234 543,423

5 LOLC (Cambodia) Plc. - 99,881.78 - 835,202.48 - 16,822 951,906

6 Prasac - 363,464.78 - 4,824,894.99 - 122,459 5,310,819

7 WB Finance Co., Ltd - 38,805.37 - 203,309.29 - 6,153 248,268

Sub Total 62,657.2 1,603,048 - 9,609,485 8,839 261,857 11,545,886

Microfinance Institutions (MFIs)

8 Active People Microfinance Institution Plc. ------

9 Amatak Capital Plc. ------

10 ANAKUT Plc. ------

11 Asia Pacific Finance Plc. ------

12 Atom Capital Plc. ------

13 Baitang Microheranhvathok Plc. ------

14 Bamboo Finance Plc. ------

15 Bayon Credit Limited ------

16 BNKC (Cambodia) Plc. ------

17 Borribo Plc. ------

18 Cambodia Labor Care Plc. ------

19 Camma Microfinance Limited ------

20 Century Cambo Development Plc. ------

21 Chailease Royal Finance Plc. ------

22 Chamroeun Plc. ------

23 Chourk Chey Finance Plc. ------

24 City Microfinance Institution Plc. ------

25 CMK Plc. ------

26 Collective Win (Cambodia) Plc. ------

27 Delta Microfinance Plc. ------

28 Entean Akpevath Pracheachun (EAP) Plc. ------

29 Family Microfinance Plc. ------

30 Farmer Finance Ltd. ------

31 First Finance Plc. ------

32 Funan Microfinance Plc. ------

33 Futaba Microfinance Plc. ------

34 Golden Cash Plc. ------

35 Grow Plc. ------

36 Idemitsu Saison Microfinance (Cambodia) Plc. ------

37 Intean Poalroath Rongroeurng Ltd. ------

38 JC Finance Plc. ------

39 Jet's Cash Box Finance Plc. ------

40 Khemarak Microfinance Institution Limited ------

--75-- TOTAL DEPOSITS CLASSIFIED BY TYPE OF ACCOUNTS AS OF DECEMBER 31, 2018 Table 29 1 USD = 4,018 KHR (millions of KHR) 2018 Voluntary Saving Compusary Saving Demand Interest TOTAL Saving Term deposits Other deposit deposits deposits payable DEPOSITS

41 Khmer Capital Microfinance Institution Plc. ------

42 LBP Microfinance Plc. ------

43 LED Plc. ------

44 LY HOUR Plc. ------

45 Maxima Plc. ------

46 MIA Financial Plc. ------

47 Mohanokor Plc. ------

48 Mothers Financial Japan Plc. ------

49 Niron Plc. ------

50 NongHyup Finance (Cambodia) Plc. ------

51 Oro Financecorp Plc. ------

52 PG Development Plc. ------

53 Piphup Thmey Microfinance Plc. ------

54 Ponleu Chaktomuk Plc. ------

55 Prasethpheap Finance Plc. ------

56 Prime MF Ltd. ------

57 Queen Finance Plc. ------

58 Rolya Microfinance Institution Plc. ------

59 Royal Microfinance Plc. ------

60 Sabay Credit Commercial Plc. ------

61 Sachak Microfinance Plc. ------

62 Sahaka Plc. ------

63 Sahakrinpheap Microfinance Plc. ------

64 Samaky Microfinance Institution Plc. ------

65 Sambat Finance Plc. ------Samporn Samakum Sahakreas Thuntoch 66 ------neung matjum Kampuchea Plc. 67 Samrithisak Microfinance Limited ------

68 Seilanithih Limited ------

69 Serey Oudom Microfinance Plc. ------

70 Sonatra Plc. ------

71 Sunny Microfinance Plc. ------

72 T&Go Finance Plc. ------

73 Taca Microfinance Plc. ------

74 TBB (Cambodia) Microfinance Institution Plc. ------

75 Thida Srisawad Microfinance Plc. ------

76 Trop Khnhom Microfinance Plc. ------

77 Vithey Microfinance Plc. ------

78 Welcome Finance (Cambodia) Plc. ------

79 Woori Finance Cambodia Plc. ------

80 YCP Microfinance Plc. ------

Sub Total ------

Total 62,657 1,603,048 - 9,609,485 8,839 261,857 11,545,886

As Percentage of Total Deposits 0.5% 13.9% - 83.2% 0.1% 2.3% 100%

--76-- LOAN AND NON-PERFORMING LOANS ( NPLS) AS OF DECEMBER 31, 2018 Table 30 1 USD = 4,018 KHR (millions of KHR) 2018 2017

NPLs Loans NPLs Ratio NPLs Loans NPLs Ratio

Microfinance Deposit Taking Institutions (MDIs) 1 AMK Plc. 16,991 1,016,447 1.7% 12,348 836,791 1.5%

2 Amret Plc. 7,753 3,171,811 0.2% 8,755 2,788,131 0.3%

3 Hattha Kaksekar Limited 20,345 3,042,939 0.7% 25,017 2,328,865 1.1%

4 Kredit Plc. 9,028 891,765 1.0% 8,127 769,745 1.1%

5 LOLC (Cambodia) Plc. 16,178 1,958,756 0.8% 16,017 1,306,554 1.2%

6 Prasac 50,148 7,883,354 0.6% 46,768 6,252,745 0.7%

7 WB Finance Co., Ltd 6,063 878,055 0.7% 11,879 686,784 1.7%

Sub Total 126,508 18,843,128 0.7% 128,912 14,969,616 0.9%

Microfinance Institutions (MFIs)

8 Active People Microfinance Institution Plc. 19,540 162,265 12.0% 13,917 116,028 12.0%

9 Amatak Capital Plc. 307 13,725 2.2% 321 11,708 2.7%

10 ANAKUT Plc. 58 17,268 0.3% 22 10,251 0.2%

11 Asia Pacific Finance Plc. 146 1,070 13.7% - 1,123 -

12 Atom Capital Plc. 10,461 37,018 28.3% 2,129 36,263 5.9%

13 Baitang Microheranhvathok Plc. 502 9,048 5.5% 1,922 9,110 21.1%

14 Bamboo Finance Plc. 1,241 17,514 7.1% 2,619 8,502 30.8%

15 Bayon Credit Limited 373 8,157 4.6% 572 12,607 4.5%

16 BNKC (Cambodia) Plc. 206 47,750 0.4% 116 23,852 0.5%

17 Borribo Plc. 302 22,323 1.4% 88 17,631 0.5%

18 Cambodia Labor Care Plc. 79 14,207 0.6% 47 3,384 1.4%

19 Camma Microfinance Limited 812 41,525 2.0% 846 31,272 2.7%

20 Century Cambo Development Plc. - 37 - - - -

21 Chailease Royal Finance Plc. 48 213 22.4% 46 739 6.3%

22 Chamroeun Plc. 889 56,064 1.6% 1,403 41,640 3.4%

23 Chourk Chey Finance Plc. 287 52,970 0.5% 663 10,165 6.5%

24 City Microfinance Institution Plc. 4,382 32,715 13.4% 4,174 32,926 12.7%

25 CMK Plc. 865 54,520 1.6% - - -

26 Collective Win (Cambodia) Plc. - 7,203 - 204 6,899 3.0%

27 Delta Microfinance Plc. 4,133 59,429 7.0% 4,069 58,250 7.0%

28 Entean Akpevath Pracheachun (EAP) Plc. 1,582 6,010 26.3% 1,248 9,303 13.4%

29 Family Microfinance Plc. ------

30 Farmer Finance Ltd. 12 2,028 0.6% 47 759 6.2%

31 First Finance Plc. 2,101 81,573 2.6% 2,838 80,958 3.5%

32 Funan Microfinance Plc. 2,248 188,722 1.2% 1,514 115,976 1.3%

33 Futaba Microfinance Plc. - 51,450 - - 43,186 -

34 Golden Cash Plc. 74 9,704 0.8% 305 7,166 4.3%

35 Grow Plc. 177 5,883 3.0% 145 3,445 4.2%

36 Idemitsu Saison Microfinance (Cambodia) Plc. 13,731 75,948 18.1% 11,449 51,327 22.3%

37 Intean Poalroath Rongroeurng Ltd. 2,491 26,864 9.3% 1,765 36,503 4.8%

38 JC Finance Plc. 46 23,825 0.2% - - -

39 Jet's Cash Box Finance Plc. - 68 - - 249 -

40 Khemarak Microfinance Institution Limited 260 290 89.7% 481 823 58.4%

--77-- LOAN AND NON-PERFORMING LOANS ( NPLS) AS OF DECEMBER 31, 2018 Table 30 1 USD = 4,018 KHR (millions of KHR) 2018 2017

NPLs Loans NPLs Ratio NPLs Loans NPLs Ratio

41 Khmer Capital Microfinance Institution Plc. 30 10,027 0.3% - 273 -

42 LBP Microfinance Plc. 540 23,084 2.3% 43 12,836 0.3%

43 LED Plc. 128 13,074 1.0% 566 7,066 8.0%

44 LY HOUR Plc. 298 308,625 0.1% 587 200,462 0.3%

45 Maxima Plc. 378 74,418 0.5% 499 61,086 0.8%

46 MIA Financial Plc. - 21,350 - - 12,027 -

47 Mohanokor Plc. 3,390 166,212 2.0% 3,032 117,227 2.6%

48 Mothers Financial Japan Plc. 10,034 23,592 42.5% 794 12,914 6.1%

49 Niron Plc. 183 6,865 2.7% 393 11,957 3.3%

50 NongHyup Finance (Cambodia) Plc. 1,161 70,632 1.6% 1,935 65,368 3.0%

51 Oro Financecorp Plc. 12,265 20,622 59.5% 27,177 45,388 59.9%

52 PG Development Plc. - 1,548 - - 171 -

53 Piphup Thmey Microfinance Plc. 22,449 79,366 28.3% 33,958 170,526 19.9%

54 Ponleu Chaktomuk Plc. - 56 - - 210 -

55 Prasethpheap Finance Plc. 346 16,802 2.1% 324 16,098 2.0%

56 Prime MF Ltd. 418 51,767 0.8% 421 47,908 0.9%

57 Queen Finance Plc. 2,185 3,643 60.0% 2,718 2,829 96.1%

58 Rolya Microfinance Institution Plc. - 2,659 - - - -

59 Royal Microfinance Plc. 2,414 14,664 16.5% 738 11,645 6.3%

60 Sabay Credit Commercial Plc. 541 13,613 4.0% 1,158 10,088 11.5%

61 Sachak Microfinance Plc. 68 7,528 0.9% 70 6,057 1.2%

62 Sahaka Plc. 3,481 22,589 15.4% 1 21,201 0.0%

63 Sahakrinpheap Microfinance Plc. 245 2,538 9.7% 699 2,188 31.9%

64 Samaky Microfinance Institution Plc. 308 2,559 12.0% 366 1,261 29.0%

65 Sambat Finance Plc. 328 23,408 1.4% 580 17,825 3.3% Samporn Samakum Sahakreas Thuntoch 66 567 9,700 5.8% 202 9,514 2.1% neung matjum Kampuchea Plc. 67 Samrithisak Microfinance Limited 458 93,550 0.5% 847 54,138 1.6%

68 Seilanithih Limited 877 17,816 4.9% 956 16,417 5.8%

69 Serey Oudom Microfinance Plc. - 30,489 - - 24,578 -

70 Sonatra Plc. - 50,839 - - 44,682 -

71 Sunny Microfinance Plc. 487 897 54.3% 461 2,109 21.9%

72 T&Go Finance Plc. 5,157 7,806 66.1% 2,486 9,364 26.6%

73 Taca Microfinance Plc. 270 5,815 4.7% 357 5,002 7.1%

74 TBB (Cambodia) Microfinance Institution Plc. 8,403 118,690 7.1% 3,250 54,424 6.0%

75 Thida Srisawad Microfinance Plc. ------

76 Trop Khnhom Microfinance Plc. 1,001 33,051 3.0% 1,199 30,112 4.0%

77 Vithey Microfinance Plc. 1,016 24,317 4.2% 761 24,148 3.2%

78 Welcome Finance (Cambodia) Plc. 711 127,557 0.6% 482 81,177 0.6%

79 Woori Finance Cambodia Plc. 123 319,305 0.0% - 170,854 -

80 YCP Microfinance Plc. 1,359 21,656 6.3% 1,616 27,068 6.0%

Sub Total 148,975 2,970,112 5.0% 141,627 2,190,242 6.5%

Total 275,483 21,813,240 1.3% 270,539 17,159,858 1.6%

--78-- TOTAL LOANS CLASSIFIED BY TYPE OF BUSINESSES AS OF DECEMBER 31, 2018

Table 31 1 USD = 4,018 KHR (millions of KHR) 2018 2017 Growth Rate (%)

Amount Share Amount Share 2018/2017

Type of Businesses

1 Financial Institutions 10,436 0.0% 2,126 0.0% 391.0%

2 Agriculture 4,593,579 21.1% 4,394,265 25.5% 4.5%

3 Manufacturing 146,854 0.7% 128,568 0.7% 14.2%

4 Trade and Commerce 3,836,290 17.6% 3,235,787 18.8% 18.6%

5 Services 2,390,728 11.0% 1,800,973 10.4% 32.7%

6 Transportation 1,096,312 5.0% 799,958 4.6% 37.0%

7 Construction 911,965 4.2% 681,306 4.0% 33.9%

8 Household 8,007,373 36.7% 5,818,571 33.8% 37.6%

9 Others 819,703 3.8% 374,892 2.2% 118.7%

Total 21,813,240 100% 17,236,445 100% 26.6%

--79-- LOANS CLASSIFIED BY TYPE OF BUSINESSES AS OF DECEMBER 31, 2018 Table 32 1 USD = 4,018 KHR (millions of KHR) Financial Trade and Agriculture Manufacturing Service Transportation Contruction Household Others Total Institutions Commerce Microfinance Deposit Taking Institutions (MDIs) 1AMK Plc. - 308,652 - 177,454 80,783 15,341 262,148 146,445 25,626 1,016,447 2Amret Plc. - 864,517 26,795 672,461 284,117 331,723 116,385 838,812 37,000 3,171,811 3 Hattha Kaksekar Limited - 521,993 31,705 530,661 268,572 128,476 115,625 1,445,907 - 3,042,939 4 Kredit Plc. - 170,786 - 164,356 123,548 - - 101,537 331,539 891,765 5 LOLC (Cambodia) Plc. - 744,785 16,286 288,876 242,378 21,839 180,516 453,598 10,480 1,958,756 6Prasac - 1,290,141 62,886 1,439,315 1,040,161 440,000 44,829 3,566,022 - 7,883,354 7 WB Finance Co., Ltd - 347,720 8,072 110,342 100,713 44,183 - 266,409 615 878,055 Sub Total - 4,248,594 145,743 3,383,464 2,140,272 981,562 719,503 6,818,731 405,261 18,843,128 Microfinance Institutions (MFIs) 8 Active People Microfinance Institution Plc. - 12,936 - 16,033 6,452 139 185 107,667 18,854 162,265 9 Amatak Capital Plc. - 52 - 2,340 9,476 361 225 1,254 17 13,725 10 ANAKUT Plc. - 40 - 4,126 1,007 20 24 7,727 4,323 17,268 11 Asia Pacific Finance Plc. ------322 720 29 1,070 12 Atom Capital Plc. - 8,294 - 28,724 - - - - - 37,018 13 Baitang Microheranhvathok Plc. - 7,764 - 1,221 - - - - 63 9,048 14 Bamboo Finance Plc. - 9 - 29 487 - 66 717 16,204 17,514 15 Bayon Credit Limited - 324 95 3,665 175 158 729 2,902 110 8,157 16 BNKC (Cambodia) Plc. - 340 - 5,350 5,365 1,693 - 8,465 26,536 47,750 17 Borribo Plc. - 465 - 509 351 356 532 8,663 11,447 22,323 18 Cambodia Labor Care Plc. - 92 - 243 1 - 9,773 676 3,421 14,207 19 Camma Microfinance Limited - 580 - 4,874 2,268 595 343 31,546 1,319 41,525 20 Century Cambo Development Plc. ------37 - 37 21 Chailease Royal Finance Plc. - - - 90 - 26 - 98 - 213 22 Chamroeun Plc. - 10,196 - 26,039 8,690 2,711 3,120 3,007 2,300 56,064 23 Chourk Chey Finance Plc. - 328 - 3,031 8 181 10,208 39,029 186 52,970 24 City Microfinance Institution Plc. - 291 - - 248 26 227 - 31,923 32,715 25 CMK Plc. - 217 - 3,547 245 142 4,471 45,246 652 54,520 26 Collective Win (Cambodia) Plc. - 106 25 5,798 170 - - 1,104 - 7,203 27 Delta Microfinance Plc. - 3,930 - 15,505 204 8,463 15,905 15,361 61 59,429 28 Entean Akpevath Pracheachun (EAP) Plc. - 387 - 3,579 389 78 422 1,155 - 6,010 29 Family Microfinance Plc. ------30 Farmer Finance Ltd. - 25 - - 1,560 - 60 4 380 2,028 31 First Finance Plc. ------81,573 - 81,573 32 Funan Microfinance Plc. - 34,458 - 28,402 8,149 4,745 11,334 100,434 1,199 188,722 33 Futaba Microfinance Plc. - 717 - 8,178 1,433 2,796 6,140 30,150 2,035 51,450 34 Golden Cash Plc. - 3,547 - 2,507 80 39 211 2,047 1,273 9,704 35 Grow Plc. - 54 - 2,220 - - 451 3,156 3 5,883 36 Idemitsu Saison Microfinance (Cambodia) Plc. - 22,883 ------53,065 75,948 37 Intean Poalroath Rongroeurng Ltd. - 24,348 - 2,516 - - - - - 26,864 38 JC Finance Plc. - 23,712 ------113 23,825 39 Jet's Cash Box Finance Plc. - - - 0 13 - - 54 - 68 40 Khemarak Microfinance Institution Limited - - - 3 - 18 173 96 - 290

--80-- LOANS CLASSIFIED BY TYPE OF BUSINESSES AS OF DECEMBER 31, 2018 Table 32 1 USD = 4,018 KHR (millions of KHR) Financial Trade and Agriculture Manufacturing Service Transportation Contruction Household Others Total Institutions Commerce 41 Khmer Capital Microfinance Institution Plc. 800 - - 2,717 3,697 1,725 856 232 - 10,027 42 LBP Microfinance Plc. - 471 - 3,716 249 1,763 1,223 15,662 - 23,084 43 LED Plc. - - - 24 3,583 - - 9,339 128 13,074 44 LY HOUR Plc. - 65,882 - 32,345 14,999 7,667 3,004 184,335 394 308,625 45 Maxima Plc. - 11,864 - 8,744 8,043 9,072 27,400 1,374 7,921 74,418 46 MIA Financial Plc. - 120 437 4,750 1,456 257 3,260 9,299 1,770 21,350 47 Mohanokor Plc. - 41,447 207 26,717 3,627 621 1,334 82,952 9,306 166,212 48 Mothers Financial Japan Plc. - 24 - - - - - 23,568 - 23,592 49 Niron Plc. - 1,346 - 1,293 726 17 47 3,136 300 6,865 50 NongHyup Finance (Cambodia) Plc. - 20,229 - 9,548 4,101 1,951 18,048 16,741 13 70,632 51 Oro Financecorp Plc. - 7,194 - 4,574 7,774 - 14 636 429 20,622 52 PG Development Plc. - - - 498 - 39 - 1,010 - 1,548 53 Piphup Thmey Microfinance Plc. ------79,366 - 79,366 54 Ponleu Chaktomuk Plc. ------56 - 56 55 Prasethpheap Finance Plc. - 980 - 2,767 74 317 4,289 7,902 473 16,802 56 Prime MF Ltd. - 887 - 28,198 - 6,151 16,458 - 73 51,767 57 Queen Finance Plc. - 194 - 444 35 - 1,402 328 1,239 3,643 58 Rolya Microfinance Institution Plc. - - - - 41 - 162 156 2,300 2,659 59 Royal Microfinance Plc. - 9 - - - 261 155 23 14,216 14,664 60 Sabay Credit Commercial Plc. - - - 3,890 - - 7,655 2,067 - 13,613 61 Sachak Microfinance Plc. - 7,528 ------7,528 62 Sahaka Plc. - 2 - 10,691 - - - 11,896 - 22,589 63 Sahakrinpheap Microfinance Plc. - 318 - 467 195 34 225 1,300 - 2,538 64 Samaky Microfinance Institution Plc. - - - 2,511 - - - 48 - 2,559 65 Sambat Finance Plc. - 459 122 1,338 1,148 - - 20,340 - 23,408 Samporn Samakum Sahakreas Thuntoch 66 - 1,382 - 3,950 3,224 4 - 720 421 9,700 neung matjum Kampuchea Plc. 67 Samrithisak Microfinance Limited - 1,766 - 9,191 2,516 472 518 9,995 69,093 93,550 68 Seilanithih Limited - 4,294 92 7,888 5,542 - - - - 17,816 69 Serey Oudom Microfinance Plc. - 837 - 5,613 951 2,695 4,049 16,099 246 30,489 70 Sonatra Plc. - - - - 8,197 - - 42,642 - 50,839 71 Sunny Microfinance Plc. - 391 57 51 48 - - 351 - 897 72 T&Go Finance Plc. - 2,895 27 1,242 2,008 33 1,601 - - 7,806 73 Taca Microfinance Plc. - 1,122 - 884 3,239 163 112 174 120 5,815 74 TBB (Cambodia) Microfinance Institution Plc. 9,636 1,607 - 8,297 58,714 1,572 3,313 18,920 16,631 118,690 75 Thida Srisawad Microfinance Plc. ------76 Trop Khnhom Microfinance Plc. - 5,851 - - - 19,651 271 - 7,278 33,051 77 Vithey Microfinance Plc. - 4,752 - 5,660 2,294 562 503 10,323 222 24,317 78 Welcome Finance (Cambodia) Plc. - - - 48,448 - - - 78,280 829 127,557 79 Woori Finance Cambodia Plc. - 4,854 - 39,795 67,049 37,140 30,542 34,526 105,400 319,305 80 YCP Microfinance Plc. - 185 49 8,047 153 37 1,098 11,960 128 21,656 Sub Total 10,436 344,986 1,111 452,826 250,456 114,750 192,462 1,188,642 414,442 2,970,112 Total 10,436 4,593,579 146,854 3,836,290 2,390,728 1,096,312 911,965 8,007,373 819,703 21,813,240 As Percentage of Total Loans 0.0% 21.1% 0.7% 17.6% 11.0% 5.0% 4.2% 36.7% 3.8% 100.0%

--81-- LOAN TO DEPOSIT AS OF DECEMBER 31, 2018 Table 33 1 USD = 4,018 KHR (millions of KHR) 2018 2017 Loans to Loans to Type of Businesses Loans Deposits Loans Deposits Deposit Ratio Deposit Ratio

Microfinance Deposit Taking Institutions (MDIs)

1 AMK Plc. 1,016,447 638,165 159.3% 836,791 487,926 171.5%

2 Amret Plc. 3,171,811 1,824,050 173.9% 2,788,131 1,449,602 192.3%

3 Hattha Kaksekar Limited 3,042,939 1,929,066 157.7% 2,328,865 1,517,732 153.4%

4 Kredit Plc. 891,765 527,189 169.2% 769,745 403,947 190.6%

5 LOLC (Cambodia) Plc. 1,958,756 935,084 209.5% 1,306,554 370,737 352.4%

6 Prasac 7,883,354 5,188,360 151.9% 6,252,745 3,784,985 165.2%

7 WB Finance Co., Ltd 878,055 242,114.7 362.7% 686,784 187,288.09 366.7%

Sub Total 18,843,128 11,284,029 167.0% 14,969,616 8,202,218 182.5%

Microfinance Institutions (MFIs)

8 Active People Microfinance Institution Plc. 162,265 - - 116,028 - -

9 Amatak Capital Plc. 13,725 - - 11,708 - -

10 ANAKUT Plc. 17,268 - - 10,251 - -

11 Asia Pacific Finance Plc. 1,070 - - 1,123 - -

12 Atom Capital Plc. 37,018 - - 36,263 - -

13 Baitang Microheranhvathok Plc. 9,048 - - 9,110 - -

14 Bamboo Finance Plc. 17,514 - - 8,502 - -

15 Bayon Credit Limited 8,157 - - 12,607 - -

16 BNKC (Cambodia) Plc. 47,750 - - 23,852 - -

17 Borribo Plc. 22,323 - - 17,631 - -

18 Cambodia Labor Care Plc. 14,207 - - 3,384 - -

19 Camma Microfinance Limited 41,525 - - 31,272 - -

20 Century Cambo Development Plc. 37 - - - - -

21 Chailease Royal Finance Plc. 213 - - 739 - -

22 Chamroeun Plc. 56,064 256 21872.7% 41,640 524 7940.7%

23 Chourk Chey Finance Plc. 52,970 - - 10,165 - -

24 City Microfinance Institution Plc. 32,715 - - 32,926 - -

25 CMK Plc. 54,520 40,452 134.8% - - -

26 Collective Win (Cambodia) Plc. 7,203 - - 6,899 - -

27 Delta Microfinance Plc. 59,429 - - 58,250 - -

28 Entean Akpevath Pracheachun (EAP) Plc. 6,010 - - 9,303 - -

29 Family Microfinance Plc. ------

30 Farmer Finance Ltd. 2,028 - - 759 - -

31 First Finance Plc. 81,573 - - 80,958 - -

32 Funan Microfinance Plc. 188,722 - - 115,976 - -

33 Futaba Microfinance Plc. 51,450 - - 43,186 - -

34 Golden Cash Plc. 9,704 20 48718.9% 7,166 43 16750.7%

35 Grow Plc. 5,883 - - 3,445 - -

36 Idemitsu Saison Microfinance (Cambodia) Plc. 75,948 - - 51,327 - -

37 Intean Poalroath Rongroeurng Ltd. 26,864 - - 36,503 - -

38 JC Finance Plc. 23,825 - - - - -

39 Jet's Cash Box Finance Plc. 68 - - 249 - -

40 Khemarak Microfinance Institution Limited 290 - - 823 - -

--82-- LOAN TO DEPOSIT AS OF DECEMBER 31, 2018 Table 33 1 USD = 4,018 KHR (millions of KHR) 2018 2017 Loans to Loans to Type of Businesses Loans Deposits Loans Deposits Deposit Ratio Deposit Ratio

41 Khmer Capital Microfinance Institution Plc. 10,027 - - 273 - -

42 LBP Microfinance Plc. 23,084 - - 12,836 - -

43 LED Plc. 13,074 - - 7,066 - -

44 LY HOUR Plc. 308,625 - - 200,462 - -

45 Maxima Plc. 74,418 - - 61,086 - -

46 MIA Financial Plc. 21,350 - - 12,027 - -

47 Mohanokor Plc. 166,212 - - 117,227 - -

48 Mothers Financial Japan Plc. 23,592 - - 12,914 - -

49 Niron Plc. 6,865 - - 11,957 - -

50 NongHyup Finance (Cambodia) Plc. 70,632 - - 65,368 - -

51 Oro Financecorp Plc. 20,622 - - 45,388 - -

52 PG Development Plc. 1,548 - - 171 - -

53 Piphup Thmey Microfinance Plc. 79,366 - - 170,526 - -

54 Ponleu Chaktomuk Plc. 16,802 - - 210 - -

55 Prasethpheap Finance Plc. 51,767 - - 16,098 - -

56 Prime MF Ltd. 56 - - 47,908 - -

57 Queen Finance Plc. 3,643 - - 2,829 - -

58 Rolya Microfinance Institution Plc. 2,659 - - - - -

59 Royal Microfinance Plc. 14,664 - - 11,645 - -

60 Sabay Credit Commercial Plc. 13,613 - - 10,088 - -

61 Sachak Microfinance Plc. 7,528 - - 6,057 - -

62 Sahaka Plc. 22,589 - - 21,201 - -

63 Sahakrinpheap Microfinance Plc. 2,538 - - 2,188 - -

64 Samaky Microfinance Institution Plc. 2,559 - - 1,261 - -

65 Sambat Finance Plc. 23,408 - - 17,825 - - Samporn Samakum Sahakreas Thuntoch 66 9,700 - - 9,514 - - neung matjum Kampuchea Plc. 67 Samrithisak Microfinance Limited 93,550 - - 54,138 - -

68 Seilanithih Limited 17,816 344 5175.2% 16,417 782 2098.5%

69 Serey Oudom Microfinance Plc. 50,839 - - 24,578 - -

70 Sonatra Plc. 30,489 - - 44,682 - -

71 Sunny Microfinance Plc. 897 - - 2,109 - -

72 T&Go Finance Plc. 7,806 - - 9,364 - -

73 Taca Microfinance Plc. 5,815 - - 5,002 - -

74 TBB (Cambodia) Microfinance Institution Plc. 118,690 - - 54,424 - -

75 Thida Srisawad Microfinance Plc. ------

76 Trop Khnhom Microfinance Plc. 33,051 - - 30,112 - -

77 Vithey Microfinance Plc. 24,317 - - 24,148 - -

78 Welcome Finance (Cambodia) Plc. 127,557 - - 81,177 - -

79 Woori Finance Cambodia Plc. 319,305 - - 170853.61 - -

80 YCP Microfinance Plc. 21,656 - - 27,068 - -

Sub Total 2,970,112 41,072 7231.5% 2,190,242 1,349 162301.0%

Total 21,813,240 11,325,101 192.6% 17,159,858 8,203,567 209.2%

--83--

10,000 15,000 20,000 25,000 30,000 35,000

Trade 5,000

Financial Billions of KHR ‐

100 200 300 400 500 600 700 800

‐ and Transportation Manufacturing Construction

Agriculture

Commerce Household Institution Services 0321 0521 072018 2017 2016 2015 2014 2013 55% Others 0321 0521 072018 2017 2016 2015 2014 2013 39% 15,708

Total 214 ‐ 1,000 ‐

Loans 25% 70% 19,590 Total 363 Net

Classified 2,000

Number

Employees Profits 2018 16% Net 48%

3,000

22,704 538 of

Staff Profit 2017

by

4,000

Percentage Type of 17% 2016

0% All

26,568 5,000 540

of Change MFIs Billions

change Businesses

6,000

of 7% 2%

KHR 551 28,302

7,000

8,000 31% 7% 720 30,182

9,000 ‐ 0% 10% 20% 30% 40% 50% 60% 70% 80% 10% 0% 10% 20% 30% 40% 50% 60% 100% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0% Billions of KHR Billions of KHR --84--

10,000 15,000 20,000 10,000 15,000 20,000 25,000

5,000 5,000 ‐ ‐ 0321 0521 072018 2017 2016 2015 2014 2013 25% 75% 301% 0321 0521 072018 2017 2016 2015 2014 2013 5,251 2013 0.6% 1,745 5,262 Foreign 23% 77% 227%

8,219 and Loan 2014

3,621 Foreign

Loans 0.6% Cambodian

8,219 Loans

share

32% 68% Loans to 231%

Deposit 12,244 and

% Deposits 0.9%

5,301

NPLs Share 2015 Cambodian 10,220 NPLs

Ratio

of Ratio 213% Loan

39% 61% 12,661 Ratio

Paid share

to 5,957

Depo 1.4%

%

up 2016

Ratio

12,661 Capital 17,236 210% 33% 67% 8,204 2017 1.6% 21,813 193% 17,236 24% 11,325 76% 0% 50% 100% 150% 200% 250% 300% 350% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 1.8%

Appendix 3 THE BANKING SYSTEM IN CAMBODIA AS OF 31 DECEMBER 2018

NATIONAL BANK OF CAMBODIA (CENTRAL BANK)

43 Commercial Banks 14 Specialized Banks 5 Representative Offices

1. Standard Chartered 13 Foreign Branch Banks 13 Locally incorporated 17 Subsidiary Banks 1 State owned 2. Bank for Investment‐Development of 1. Rural Development Bank Vietnam 1. First Commercial Bank Phnom 1. Foreign Trade Bank of Cambodia 1. Cambodian Commercial Bank Ltd. 3. MUFG Bank Ltd. Penh Branch 2. Cambodia Asia Bank LTD. 2. Cambodian Public Bank Plc. 5 Locally incorporated 4. Sumitomo Mitsui Banking Corporation 2. Krung Thai Bank Phnom Penh 3. Canadia Bank Plc. 3. Maybank (Cambodia) Plc. 5. Shanghai Commercial & Savings Bank 1. First Investment Specialized Bank Branch 4. Cambodia Mekong Bank 4. ANZ Royal Bank (Cambodia) Ltd. 2. ANCO Specialized Bank 3. Bank of India Phnom Penh Branch 5. Vattanac Bank 5. Advanced Bank of Asia Limited 4. Bank of China (Hong Kong) 6. ACLEDA Bank Plc. 6. Bank for Investment & Development of 3. Wing (Cambodia) Specialized Bank Limited Phnom Penh Branch 7. Sathapana Bank Plc. Cambodia Plc. Limited 5. Mega International Commercial 8. Booyoung Khmer Bank 7. Shinhan Bank (Cambodia) Plc. 4. Khmer Specialized Bank Plc. Bank‐ Phnom Penh Branch 9. Phnom Penh Commercial Bank 8. Kookmin Bank Cambodia Plc. 5. Asia‐Pacific Development Specialized 6. ICBC Limited Phnom Penh Branch 10. Cambodia Post Bank Plc. 9. RHB Indochina Bank Limited Bank Plc. 2,779 Money Changers 7. MB Bank Plc. Phnom Penh Branch, 11. Chief (Cambodia) Bank Plc. 10. CIMB Bank Plc. 8 Foreign Banks Total Phnom Penh: 129 Cambodia 12. B.I.C (Cambodia) Bank Plc. 11. Saigon Thuong Tin Cambodia Bank Plc. 8. Taiwan Cooperative Bank Phnom 13. Prince Bank Plc. 12. Hong Leong Bank (Cambodia) Plc. 1. PHSME Specialized Bank Banks 25 Penh Branch 13. Cathay United Cambodia Corporation 2. KB Daehan Specialized Bank Plc. 9. Bangkok Bank Public Company Bank Limited 3. Angkor Capital Specialized Bank Limited, Cambodia Branch 14. Union Commercial Bank Plc. 4. Camko Specialized Bank Plc. 10. Branch of Kasikornbank Public 15. Phillip Bank Plc. 5. DGB Specialized Bank Plc. ‐ License Microfinance institutions 25 Company Limited (Phnom Penh) 16. Saigon‐Hanoi Cambodia Bank (SHB) Plc. 6. Oxley Worldbridge Specialized Bank Plc. 11. Branch of Mizuho Bank, Ltd. 17. BRED Bank (Cambodia) Plc. 7. Aeon Specialized Bank (Cambodia) Plc. 8. Southern Capital Specialized Bank Plc. 12. Vietnam Bank for Agriculture & Rural Development Cambodia Legal/ Natural person 23 Branch (Agribank) 13. Branch of Industrial Bank of Korea “Phnom Penh” ‐ Authorization : 56

Total Provincial : 2,650 Note: ‐ License : 0 ‐ Chief (Cambodia) Bank Plc. upgraded from Chief (Cambodia) Specialized Bank Plc. ‐ Authorization : 2,650 ‐ Prince Bank Plc. upgraded from Prince Finance Plc. ‐ Shinhan Bank (Cambodia) Plc. changed from Shinhan Khmer Bank Limited ‐ KB Daehan Specialized Bank Plc. changed from Tomato Specialized Bank

--85--

81 Micro Finance Institutions 273 Rural Credit Institutions 21 NBC Provincial Branches 5 Third Parties 1. Phnom Penh 12. Kampong Speu 1. Western Union

2. Kampong Cham 13. Koh kong 2. Money Gram 3. Sihanouk Ville 14. Ratanakiri 3. IME 74 Microfinance Institutions 7 Microfinance Taking Deposit Institutions 4. Siemreap 15. Prey Veng 4. Express Money 5. Battambang 16. Takeo 5. Continental Exchange 1. Seilanithih Limited 41. Sunny Microfinance Plc. 1. AMRET Plc. 6. Bunteay Meanchey 17. Kampong Chnaing Solutions, Inc. dba RIA 2. Welcome Finance (Cambodia) Plc. 42. Funan Microfinance Plc. 2. Hattha Kaksekar Limited 7. SvayRieng 18. Preah Vihear Financial Services 3. Maxima Plc. 43. Samporn Samakum Sahakreas 3. AMK Plc. 8. Kandal 19. Kratie 4. Intean Poalroath Rongroeurng Ltd. Thuntoch Neung Matjum 4. WB FINANCE CO., LTD 9. Kampot 20. Steung Treng 5. NongHyup Finance (Cambodia) Plc. Kampuchea Plc. 5. KREDIT Plc. 10. Kampong Thom 21. Mondolkiri 6. Entean Akpevath Pracheachun (EAP) Plc. 44. Samaky Microfinance Institution 6. PRASAC 11. Pursath 7. Farmer Finance Ltd. Plc. 7. LOLC (Cambodia) Plc. 8. Atom Capital Plc. 45. CAMBODIA LABOR CARE PLC. 9. First Finance Plc. 46. COLLECTIVE WIN (CAMBODIA) 10. YCP Microfinance Plc. PLC. 15 Leasing Companies 11. Samrithisak Microfinance Limited 47. Asia Pacific Finance Plc. 12. Camma Microfinance Limited 48. FUTABA Microfinance Plc. 10 Audit Firms 16 Payment Service Institutions 13. Khemarak Microfinance Institution Limited 49. Idemitsu Saison Microfinance 14. Prime MF Ltd. (Cambodia) Plc. 1. GL Finance Plc. 1. KPMG Cambodia 1. True Money (Cambodia) Plc. 15. Sonatra Plc. 50. Mothers Financial Japan Plc. 2. BSP Finance (Cambodia) Plc. 2. MORISON KAK & ASSOCIES 2. Ly Hour Pay Pro Plc. 3. Pi Pay Co., Ltd. 16. Woori Finance Cambodia Plc. 51. Sahaka Plc. 3. Mega Leasing Plc. 3. PRICEWATERHOUSE 17. Chamroeun Plc. 52. Golden Cash Plc. 4. Suosdey Finance Plc. COOPERS 4. Smart Axiata Co., Ltd. 18. Active People Microfinance Institution Plc. 53. Chourk Chey Finance Plc. 5. KK Fund Leasing Plc. 4. ANGKOR CERTIFIED 5. Asia Cash Express Co., Ltd. 19. Bayon Credit Limited 54. Sabay Credit Commercial Plc. 6. TOYOTA Tsusho Finance (Cambodia) ACCOUNTANT NETWORK 6. Seatel Financial Service Plc. Mc MILLAN WOODS 20. BORRIBO PLC. 55. Jet’s Cash Box Finance Plc. Plc. 7. Speed Pay Plc. (CAMBODIA) Co., Ltd. 8. Canadia‐Fullerton Mobile Money Plc. 21. Queen Finance Plc. 56. LED Plc. 7. ELIN Leasing Plc. 5. ERNST & YOUNG 22. CITY Microfinance Institution Plc. 57. LBP Microfinance Plc. 8. I‐Finance Leasing Plc. 9. Coolbill Plc. 6. BDO (Cambodia) Ltd. 23. LY HOUR Plc. 58. Prasethpheap Finance Plc. 9. Ly Hour Leasing Plc. 10. Edeel (Cambodia) Plc. 7. GRANT THORNTON 24. AMATAK CAPITAL Plc. 59. T & Go Finance Plc. 10. Chailease Royal Leasing Plc. (Cambodia) Ltd. 11. Ipay88 (Cambodia) Plc. 12. Bongloy Payments Plc. 25. Sachak Microfinance Plc. 60. ANAKUT Plc. 11. JACCS Finance (Cambodia) Plc. 8. Deloitte (Cambodia) Co., Ltd. 13. Tian Xu International Technology Plc. 26. ORO Financecorp Plc. 61. Grow Plc. 12. Komatsu Leasing (Cambodia) Plc. 9. HRDP & ASSOCIATES 27. NIRON Plc. 62. Baitang Microheranhvathok Plc. 13. Kubota Leasing (Cambodia) Plc. 10. Crowe (KH) Co., Ltd. 14. Huione Pay Plc. 28. DELTA Microfinance Plc. 63. MIA Financial Plc. 14. L O D Leasing Plc. 15. E‐Money Payment Solution Plc. 29. CENTURY Cambo Development Plc. 64. Ponleu Chaktomuk Plc. 15. RPTN ALLIANCE FINANCIAL 16. PayGo Sea (Cambodia) Co., Ltd. 30. TACA Microfinance Plc. 65. Vithey Microfinance Plc. LEASING PLC. 31. PIPHUP THMEY Microfinance Plc. 66. TROP KHNHOM MICROFINANCE 32. SEREY OUDOM Microfinance Plc. PLC. 33. SAMBAT Finance Plc. 67. Khmer Capital Microfinance Credit Bureau (Cambodia) Co., Ltd. 34. BNKC (Cambodia) Plc. Institution Plc. 35. BAMBOO Finance Plc. 68. PG Development Plc. Note: 36. SAHAKRINPHEAP Microfinance Plc. 69. JC Finance Plc. ‐ WB Finance Co., Ltd changed from Visionfund (Cambodia) Ltd 37. Chailease Royal Finance Plc. 70. CMK Plc. ‐ Chailease Royal Finance Plc. changed from Cellcard Finance Plc 38. TBB (Cambodia) Microfinance Institution Plc. 71. Rolya Microfinance Institution Plc. ‐ NongHyup Finance (Cambodia) Plc. changed from SAMIC Microfinance Institution Plc 39. MOHANOKOR Plc. 72. Thida Srisawad Microfinance Plc. ‐ Queen Finance Plc. changed from KEY Microfinance Institution Plc 40. Royal Microfinance Plc. 73. Family Microfinance Plc. ‐ Sunny Microfinance Plc. changed from Apple Finance Plc 74. Propey Microfinance Plc.

--86--