ARUN Newsletter No. 20 November 2012

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In our Newsletter, we explain ARUN’s activities and social investment.Our readers’ interests vary: some are interested in social investment,while others are interested in Cambodia.Let’s think
together about the social investment and its future!

11/30/2012 ARUN Newsletter No.20

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<1> Forward

<2> Reflecting on International Symposium   Kazuyuki Tsuchiya, Director

<3> Plans for the Future

<4> Afterword

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<1> Forward

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Thank you for your continual support for ARUN.

ARUN is a Limited Liability Company with 82 investors (private and incorporated).We aim to support social enterprises in developing countries through investments, while building a
socialinvestment platform originating in Japan.

Last month, ARUN held the International Symposium on Social Investment.We invited entrepreneurs we invest in from Cambodia, as well as representatives from the socialinvestment organizations from
the Netherlands, the United States and India. The two-day event attractedover 200 participants.We sincerely thank all the participants and those who contributed to the symposium.(Please find out
more details of the symposium in the report below.)

This month in Cambodia, one of our invested companies, Frangipani Villa Co., Ltd., opened a new hotel,Frangipani Royal Palace. It is conveniently situated in the capital of Cambodia, Phnom Penh
near theRoyal Palace and the national museum, looking over the Mekong River.

Three unique Cambodian entrepreneurs established Frangipani; an architect, a development consultant,and a financial ministry official. Art, Home and Hospitality are the three pillars that support
the relaxingspace with a Cambodian ambience. The backbone of the management is their entrepreneurial spirit toadvance, tirelessly aiming for the best service and high morality. If you have a
chance to visit Cambodia,this is the place to stay!http://www.frangipanipalacehotel.com

ARUN endorses Frangipani’s management that is sensitive to employment and the environment.( http://www.arunllc.com/english-page/investment-scheme/frangipani/)In Cambodia, there are schools and NGOs which give training opportunities for orphans, single-motherfamilies and
people from impoverished rural areas. Frangipani works with such organizations and hire

Satoko Kono, President

Satoko Kono, President

graduates from those schools. Also, they participate in charitable activities such as selling products madein orphanages, giving financial support and donating bicycles. They promote eco tourism
and stronglyoppose sex tourism.

Learning from the symposium, ARUN will strive to build the system for the new social investment.Up until now, we invested in social entrepreneurs in Cambodia using your investments as
capital.Investing in ARUN LLC is not only monetary but also participatory, where you are in a dialogue with theentrepreneurs and in the planning of social investment platform. While this model is
important, we alsolearned that there are some limitations as well. Next year, we are planning to start a new system wheremore people can participate. We are preparing a new investment vehicle,
ARUN 2 (tentative).We will keep you posted for the New Year!

Satoko Kono

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<2> Reflecting on the International Symposium

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Here is the gist of the report from the Symposium Director, Kazuyuki Tsuchiya.

In this symposium, we learned from presentations by the leading social investment organizations. Oneimportant finding is that social investment can have various schemes. Acumen Fund in the United
Statesmanages a philanthropy fund as capital and invests in the small-to-medium social businesses. Oikocreditin the Netherlands is based on the individual investments, investing mainly in
microfinance organizationsbut also investing directly in small-to-medium social businesses. Aavishkaar in India aims for high returnswhile taking the risk, based on the institutional investments.
We became aware of the very uniquecharacteristics of each fund through this Symposium, and realized that it is almost impossible to explainsocial investment under one umbrella.

For more details of the report (in Japanese), please visit:http://sifc.seesaa.net/article/302495584.html)Please see the
photos from the symposium here:http://www.arunllc.com/2012/10/27/pictures/

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<3> Moving Forward

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ARUN 3-year Anniversary Symposium

Date:Location:

Guests:Research

Mr. Daisuke Iwase, ARUN Partner, Co-Founder and Representative Director of LifenetInsurance Company.

by Kazuyuki Tsuchiya

Thursday, February 7th, 7-9 pm (followed by a reception)Iki Iki Plaza Ichiban-cho (Hanzomon Station, or Kojimachi Station)

Dr. Seiichiro Yonekura, Professor of Hitotsubashi University Institute of Innovation

Program (tentative):

1.2.3.

ARUN activities report 2012Guest lectures (Dr. Yonekura and Mr. Iwase)Talk session with the guest speakers and ARUN directors.

We will open the registration soon. Stay tuned!

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<4> Afterword

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President Obama, winning the second term, has visited Asian countries. In one of the articles of his visits,it said that the United States is providing counter-terrorism education in Cambodia as
they see the dangerof her becoming al-Qaeda’s stronghold. With the stagnant economic growth in China, Southeast Asia isgetting the spotlight and many organizations, businesses and nations are
showing interest. We would liketo discuss what role ARUN should play in such an environment.

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Issued by: ARUN LLC.[Edit] PR Team[WEBwww.arunllc.com

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