In the News: 2006

Lombard's portfolio company, S&P Syndicate, secures long-term strategic partner

PR Newswire
November 17, 2006


Lombard Investments, Inc.'s portfolio company, S&P Syndicate Public Company Limited ("S&P") (ticker: S&P.BK), recently forged a long-term partnership with Minor International Public Company Limited ("MINT"). At the end of October 2006, MINT acquired a 16.60% stake in S&P on a fully-diluted basis, valued at over US $12.5 million.

According to Mrs. Patara Sila-on, the Chairperson of S&P, "We will benefit substantially from this strategic partnership. S&P has a strong local brand and well-known products, while Mr. Heinecke (MINT's founder and CEO) and his team of capable managers can assist us in our strategic expansion plans."

Lombard assisted the major shareholders and senior management of S&P in evaluating various strategic and expansion options, including partnering with local and international operators. According to Mr. Pote Videt, Managing Director of Lombard, "This partnership with MINT is an ideal natural step forward for S&P. With its existing strong domestic platform and the addition of MINT as an experienced, complementary, and dynamic partner, S&P will be well positioned for significant future growth, especially abroad."

Patara Fine Thai Cuisine, Geneva, Switzerland		Patio, Taiwan

About S&P Syndicate:

Established 33 years ago, S&P is one of Thailand's largest and best-known restaurant and bakery operators with approximately US $90 million in revenue. The Company is widely recognized for high-quality food products, including frozen ready-to-eat meals, snack foods and bakery products. S&P owns and manages more than 100 domestic and overseas restaurants under various brand names, as well as a network of 150 bakery outlets.

About MINT:

MINT was founded in 1976 by Mr. William E. Heinecke, a prominent U.S. entrepreneur based in Thailand. Today, MINT is one of the country's leading hospitality and food service groups and one of the largest in Southeast Asia. MINT owns and manages 13 luxury hotels and resorts under the Four Seasons, Marriot and Anantara brands, as well as over 700 popular quick service restaurants, including the Pizza Company, Sizzler, Burger King, Swensen's and Dairy Queen. In 2005, MINT's revenues were more than US $270 million.

About Lombard Investments:

Lombard Investments, headquartered in San Francisco and with offices in Bangkok, Hong Kong and Vietnam, is a highly experienced private equity manager and one of the earliest successful private equity firms active in Asia. The firm has had a continuous presence in Asia since 1997, with experience investing directly or indirectly in more than 50 Asian companies. Lombard's investors include the California Public Employees' Retirement System ("CalPERS"), IFC, Asian Development Bank, DEG (a member of Germany's KfW Group), and other leading institutions.