Shareholders

MAEH's major shareholders include

Shareholders of
Modern Asia Environmental Holdings Inc.

The HSBC Private Equity Fund 3 Limited (HPEF3)

The HSBC Private Equity Fund 3 Limited (HPEF3) is the fifth Asian regional private equity fund advised by HSBC Private Equity ( Asia) and the third under the HSBC brand name. Its objective is to achieve long-term capital appreciation by developing a diversified portfolio of private equity investments in the Asian region. HPEF3 has commitments of USD700 million and started in December 2004 with capital provided by institutional, private investors and the HSBC Group.

HPEF3 invests across a range of industries in companies with proven management teams. The principal geographic markets for investment are China, South Korea, Taiwan, India and Southeast Asia. Principal sectors for investment include: consumer goods and services, industrial and manufacturing, and electronics and technology.

Management

Management owns shares in the company either directly or indirectly.

Thai Strategic Capital Ltd

Thai Strategic Capital's primary activity is private equity investing through its investment fund, Thai Strategic Partners LP. The firm invests primarily in management buyout ("MBO") and expansion capital opportunities in Thailand. In expansion capital investing the firm invests in companies that require additional capital to expand capacity or for making acquisitions. As a separate activity TSC also provides corporate finance advice on mergers and acquisitions and capital raising.



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