Half Yearly Report

Press Release 16 September 2014

All Asia Asset Capital Limited

("All Asia Asset Capital", "AAA" or the "Company")

Unaudited Interim Results for the six months ended 30 June 2014

All Asia Asset Capital (AIM: AAA), an investment company focused on investing in the growing markets of the Asia Pacific region, today announces its unaudited interim results for the six months ended 30 June 2014.

Highlights:

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For further information:

About AAA

AAA is an investment company that has been established as a platform for investors looking to access growing markets in the Asia Pacific region. The Company invests in a portfolio of companies with at least the majority of operations (or early stage companies that intend to have at least the majority of their operations) in the Asia Pacific region in industries with high growth potential including, but not limited to: agriculture, forestry and plantations, mining, natural resources, property and/or technology. AAA is publicly quoted and its shares are traded on the AIM Market, which is operated by the London Stock Exchange.

Chairman's Statement

I am pleased to report on the first six months of 2014 for All Asia Asset Capital and present the results of the Company together with its subsidiary (the "Group"), which cover the six-month period ending 30 June 2014.

Business review

Since listing on AIM, we have made strategic investments in two projects, namely Andaman and Power Utility Company ("APU"), a Thailand and Myanmar-focused power generation group, and Myanmar Allure Group Co. Ltd. ("MAG"), which operates a hospitality and entertainment business in Myanmar. Our two investments to date have been in Myanmar and our commitment to this developing country would appear to have been a positive move. A number of developments over the last year have contributed to the rise in Myanmar's international profile as an investment destination. These include the awarding of telecommunications licenses to Norway's Telenor and Qatar's Ooredoo, the selection of investors from the Republic of Korea, Singapore and Japan as preferred bidders for development of the country's airports, and Myanmar's hosting of both the World Economic Forum on East Asia and of the Southeast Asia Games.One of the key obstacles identified in developing the country is its electricity supply, with the Asian Development Bank recently stating that 'concerted efforts to reform and develop the electricity supply' are critical for the country.

On 8 July 2014, the Company announced the acquisition of a further 4.5 per cent. of APU, increasing AAA's holding to a total of 7.0 per cent. On the back of APU's initial signing of a Memorandum of Understanding ("MOU") with the Government of the Republic of the Union of Myanmar (the "Government of Myanmar") to act as an electricity and utility provider of Dawei, APU signed an agreement with the Government of Myanmar for a 20 MW Gas Engine Rental project and a binding agreement with Aggreko to be the solution provider for this 20 MW project. This was signed in the presence of the Minister of Electric Power of the Government of Myanmar at the office of the Foreign and Commonwealth Office of the United Kingdom in London.

In addition, on 1 September 2014 the Company announced that APU signed an agreement with the Government of Myanmar for the development of a 200 MW power plant (the "Power Plant"), which is expected to be fully operational by 2017. The Power Plant is intended to provide electricity for the Tanintharyi region in Myanmar and be a major driver in the vitalisation of the local economy. It is hoped that this will help unlock both the region and the country's potential as it opens up to foreign direct investment by creating a solid foundation to facilitate further investment opportunities in the area, stimulating local job creation and helping the local people to attain better and more sustainable livelihoods.

Financial Review

During the six-month period ended 30 June 2014, the Group incurred a loss of £0.29 million, mainly attributable to administrative expenses. As at 30 June 2014, the Group's investments in APU and MAG were valued at £2.35 million and the Group's net assets were £3.10 million.

Economic Outlook

In my last Chairman's Statement I commented that a number of mixed reports on the growth prospects of the Asia Pacific region were entering circulation. However, what we are seeing now is a more positive comment on Myanmar's future.

The International Monetary Fund forecasted Myanmar's economy to post higher annual GDP growth of 7.8 per cent. in both 2014 and 2015, benefiting from rising investment and improved business confidence since the Government of Myanmar started to rejuvenate and open the economy three years ago. The Government of Myanmar has initiated a broad array of reforms: unifying the exchange rate, improving monetary policy, increasing tax collection, reorientating public expenditure toward social and physical infrastructure, improving the business and investment climate, developing the financial sector, and liberalising agriculture and trade policy.

Board Changes

In June 2014 the Company announced that Mr Yuhi Horiguchi resigned from the Board in order to pursue other business opportunities. We wish him well in his future endeavours. In August 2014 the Board announced the appointment of Mr Akekachat Leelapanyalert as an executive director of the Company. We are confident that his background, network and experience will bring additional values which will be of great benefit to the Company.

Appreciation

As ever, I would like to thank the executive directors and our advisers for their work, and of course our shareholders for their continuing support for AAA. We are investing in an ever-evolving, dynamic part of the world which I do believe has sustainable growth prospects and, as a result, I hope that the Company will continue to enjoy such support towards the development of the Group in the years to come.

Robert Berkeley

Chairman

London, 16 September 2014

ALL ASIA ASSET CAPITAL LIMITED

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHERCOMPREHENSIVE INCOME

ALL ASIA ASSET CAPITAL LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Approved and authorised for issue by the board of directors on 15 September 2014.

ALL ASIA ASSET CAPITAL LIMITED

CONSOLIDATED STATEMENT OF CHANGE IN EQUITY

ALL ASIA ASSET CAPITAL LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

ALL ASIA ASSET CAPITAL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. GENERAL INFORMATION

All Asia Asset Capital Limited (the "Company") is an investment company incorporated in British Virgin Islands on 14 September 2012 with its registered office located on Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, British Virgin Islands. The shares of the Company are admitted to trading on the AIM market, operated by the London Stock Exchange on 2 May 2013.

The principal activity of the Company is to invest in growing markets of Asia Pacific region.

The financial information relating to the six-month period ended 30 June 2014 is unaudited and does not constitute statutory accounts.

2. ACCOUNTING POLICIES

The consolidated financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting'. The consolidated financial statements have been prepared on a going concern basis. The consolidated financial statements have not been audited or reviewed by the Group's auditors on the review of interim financial information.

For the purpose of preparing and presenting the consolidated financial statements, the Group has adopted the following new and revised IFRSs that are effective for the accounting period beginning on 1 January 2014:

IAS 19 (2011) Employee Benefits

IAS 27 (2011) Separate Financial Statements

IAS 28 (2011) Investments in Associates and Joint Ventures

IFRS 10 Consolidated Financial Statements

IFRS 11 Joint Arrangements

IFRS 12 Disclosure of Interest in Other Entities

IFRS 13 Fair Value Measurement

IFRIC - Int 20 Stripping Costs in the Production Phase of a Surface Mine

IFRIC - Int 21 Levies

Amendments to IAS 1 Presentation of Items of Other Comprehensive Income

Amendments to IFRS 10, Consolidated Financial Statements, Joint Arrangements and

IFRS 11 and IFRS 12 Disclosure of Interests in Other Entities:

Transition Guidance

Amendments to IFRS 10, Investment Entities

IFRS 12 and IAS 27

Amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities

Amendments to IAS 39 Novation of Derivatives and Continuation of Hedge

Accounting

There have been no changes to the accounting policies described in the 2013 annual financial statements upon the adoption of the above amendments and interpretation to existing standards. The adoption of these amendments and interpretation do not have any significant impact on the results or financial position of the Group.

The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

ALL ASIA ASSET CAPITAL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

2. ACCOUNTING POLICIES (CONTINUED)

The following Standards or Interpretations have been issued by the IASB but not yet effective and adopted by the Company:

IFRS 9 Financial Instruments3

IFRS 14 Regulatory Deferral Accounts4

IFRS 15 Revenue from Contracts with Customers6

Amendments to IFRSs Annual Improvements to IFRSs 2010-2012 Cycle1

Amendments to IFRSs Annual Improvements to IFRSs 2011-2013 Cycle2

Amendments to IAS 16 and Clarification of Acceptable Methods of Depreciation and

IAS 38 Amortisation5

Amendments to IAS 16 and Agriculture: Bearer Plant5

IAS 41

Amendments to IFRS 9 Mandatory Effective Date of HKFRS 9 and Transition

and HKFRS 7 Disclosures3

Amendments to IFRS 11 Accounting for Acquisition of Interests in Joint

Operations5

1 Effective for annual periods beginning on or after 1 July 2014, with limited exceptions

2 Effective for annual periods beginning on or after 1 July 2014

3 Available for application - the mandatory effective date will be determined when the outstanding phases of HKFRS 9 are finalised

4 Effective for first annual HKFRS financial statements beginning on or after 1 January 2016

5 Effective for annual periods beginning on or after 1 January 2016

6 Effective for annual periods beginning on or after 1 January 2017

The Group is in the process of assessing their impact on the Group's results and financial position.

3. OTHER INCOME

4. LOSS FROM OPERATIONS

Loss from operations is arrived at after charging:

ALL ASIA ASSET CAPITAL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

5. DIRECTORS' REMUNERATION

For six months period ended 30 June 2014, no emoluments were paid by the Group to the Directors as an inducement to join or upon joining the Group or as compensation for loss of office.

For six months period ended 30 June 2014 (unaudited):

For the period from 14 September 2012 (date of incorporation) to 30 June 2013 (unaudited):

Note:

1 Resigned on 16 June 2014.

6. TAXATION

There were no changes to income tax arises in the period as there were no taxable profits in the period. The Company and its subsidiaries, except the Hong Kong subsidiary, were incorporated in BVI and are not subject to any income tax.

The Hong Kong subsidiary of the Company did not record any assessable profits during the period (H1 2013: nil).

No deferred tax asset has been recognised in respect of the tax loss due to the loss not being recognised by the tax authority of relevant jurisdictions.

ALL ASIA ASSET CAPITAL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

7. LOSS PER SHARE

(a) Basic loss per share

During the period, the calculation of basic loss per share is based on the loss for the period attributable to shareholders of £209,623 (H1 2013: £179,627) divided by the weighted average number of 198,861,072 ordinary shares in issue during the period (H1 2013: 198,861,072).

(b) Diluted loss per share

No adjustment has been made to the basic loss per share presented for the six-month period ended 30 June 2014 in respect of a dilution as there was no diluting event during the period. (H1 2013: N/A).

8. AVAILABLE-FOR-SALE FINANCIAL ASSETS

The unlisted equity securities are measured at fair value and are classified as Level 3 fair value measurement. Fair value is estimated using Discounted Cash Flow ("DCF") method. There were no changes in valuation techniques during the periods.

9. SHARE CAPITAL

ALL ASIA ASSET CAPITAL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

10. EVENTS AFTER REPORTING PERIOD

On 8 July 2014, the Company has entered into sales and purchase agreement with Andaman Power and Utility Company Limited ("APU") to acquire additional 4.5% equity shares of APU by issuing 11,000,000 new shares of the Company and cash payment of US$550,000.

APU is a privately held company based in Myanmar and Thailand which operates in the development of utility plants and the provision of electricity. On 7 July 2014, APU signed an agreement with the Government of Republic of Union of Myanmar for a 20 MW Gas Engine Rental project. APU has also signed an agreement with the Government of Myanmar for the development of a 200 MW Combined Cycle Power Plant.

The transaction was completed on 5 September 2014.