Company Report

August 16, 2013

Asia Entertainment & Resources Ltd.

HK Listing soon; Top-line improvements now; Lowering ests due to offering dilution; Lowering target price
Our Call We maintain our Buy rating and adjust estimates following the completion of AERLs rights offering, which transforms a ~$60m shareholder loan into permanent capital. Shareholder loans are not allowed under the Listing Rules of the Stock Exchange of Hong Kong (SEHK), and AERLs upcoming HK listing should unlock equity value for investors. Rights offering. Management/insiders (management) purchased ~$14.9m of stock at $4.50 and $19.3m at $3.00. Investors purchased $29.3m of stock at $3.00. We believe managements backstop, purchasing 54% of the transaction at a 17% blended premium with a 24-month lock-up demonstrates their realization of AERLs undervalued equity ahead of its HK Listing, as well as its long-term commitment and confidence in its business. HK Listing. The Listing should be completed before the end of this year (prospectus near finalized) and be by Introduction with no new shares offered. A dual-listing decision was driven by overtures from Asian-based institutional investors, combined with management/BOD frustration over its US market equity multiple. AERL has engaged one of the largest i-banks in Mainland China to structure its Listing roadshow throughout Asia, as well as a top 10 audit firm. Business improvements started more to come into HK listing. July rolling chip turnover (RCT) was ~+15% YoY, AERLs first double digit % YoY increase since May CY12. July results compared to Macau market-wide RCT of ~ +12% YoY. We expect the full impact of AERLs Le Royal Arc room acquisition in August/September as it completes credit checks on new agents before extending them significant cage capital. Managements latest outlook for China macro is fluid but with a positive bias and we expect it to more aggressively utilize its ~$40m in idle capital in coming months. Earnings adjustments and valuation. 1Q13 results, 19.5m additional shares outstanding from the offering and new assumptions for higher agent commission costs lowers our CY13/CY14 EPS to $0.91/$0.95 from $1.42/$1.93. We initiate CY15 EPS at $1.14. Assumptions do not include any table/room expansion, which we believe is likely. We believe estimate reductions are expected following dilution from its right's transaction and 1Q13 agent commission increases. We lower our target price to $9.50 from $16, 10x our new CY14 EPS. We consider our new target as conservative, although it still represents a ~140% gain from yesterdays close. Shares trade for 4.1x CY14E EPS and 2.6x gross FCF per share. Greater detail of all the above is continued on the following pages.

Buy
AERL Price: Last $3.92 Price Target $9.50
Leisure & Entertainment
David Bain (949) 721-6651
dbain@sterneagee.com

Company Data
Rating Price: Last Price Target 52-Week Range Market Capitalization (M) Shares Outstanding (M) Avg. Daily Vol. (000) Dividend Dividend Yield Assets (M) Buy $3.92 $9.50 $2.70 - $5.18 $161.0 60.0 202.0 $0.28 7.1% $377.5

Price Performance FYE Dec

EPS ($) Q1 (Mar) Q2 (Jun) Q3 (Sept) Q4 (Dec) FY EPS P/E

2013E (Prev)
0.41 0.29 0.34 0.39 1.42

2013E (Curr)
0.32A 0.32 0.16 0.18 0.91 4.3x

2014E (Prev)
0.39 0.45 0.53 0.56 1.93

2014E (Curr)
0.20 0.23 0.25 0.28 0.95 4.1x

2015E (Curr)
0.23 0.27 0.30 0.34 1.14 3.4x

6 5 4 4 4 3 2 Aug-12 Nov-12 Feb-13 May-13 Aug-13 Asia Entertainment & Resources Ltd. The Consumer Discretionary Select Sector Index (CDI)

Source: FactSet

Important Disclosures regarding Price Target Risks, Valuation Methodology, Regulation Analyst Certification, Investment Banking, Ratings Definitions, and potential conflicts of interest begin on Page I of the Appendix Section. 800 Shades Creek ParkwaySuite 700Birmingham, AL 35209205-949-3500
Sterne, Agee & Leach Inc. is Member NYSE, FINRA, SIPC

August 16, 2013

The shareholder rights offering Why was it necessary? Management had loaned AERL $60m in the form of a shareholder friendly convertible note (no interest, convertible at $20 per share). Shareholder loans are not allowed under the Listing Rules of the SEHK. The SEHK requires an entity to demonstrate financial independence from shareholders at the time of the HK listing. Were there alternatives to a rights offering? In our view, in order to proceed with a HK listing, the rights offering was the fairest transaction for AERLs investor base. Of note, transaction types were limited given AERLs market cap size and liquidity. One alternative mentioned as been a convertible preferred. In our view, the issuance of a convertible security would have been restrictive in terms of covenants, carried a high interest cost (eating into FCF), and possess a strike price conversion premium that would have still equated to significant dilution, especially given likely warrant coverage. Other alternatives, such as a private investment in a public (PIPE) would have been restrictive in size, been more dilutive than a convertible (and also carried warrant coverage) and AERLs full investor base would not have a chance to participate. In the shareholder rights transaction, AERLs investor base had an opportunity to partic ipate at discounted prices to management, which agreed to backstop the entire transaction. Management offered to purchase 34% of the $63m transaction at $4.50 per share, a 50% premium to the exercise price of the rights for ordinary shareholders and it also offered to buy any remaining unexercised portion of the transaction. Transaction results. Management purchased ~$14.9m of stock at $4.50 and $19.3m at $3.00. It also restricted itself from selling its transaction shares for 24-months. Investors purchased $29.3m worth of stock at $3.00. Total new shares issued from the transaction was 19.5m.
Rights Offering Shares Price Insider 3,312,620 $ 4.50 Insider 6,430,380 $ 3.00 Total Insider 9,743,000 $ 3.51 Ordinary SH 9,767,550 $ 3.00 Total Raised

Amount $ 14,906,790 $ 19,291,140 $ 34,197,930 $ 29,302,650 $ 63,500,580

Source: Company reports and Sterne Agee Estimates

HK Listing Timeline? AERL is in the process of finalizing its prospectus for its HK Listing. The final listing is scheduled for completion before the end of the year. Given our forecast for ~20% 4Q13 YoY RCT growth, we believe the timeline should be beneficial from an Asian-based marketing/roadshow perspective. The HK Listing should be by Introduction. In a Listing by Introduction, a Company which has shares already in issuance on another exchange can list its shares on the SEHK (provided it meets certain requirements) without raising new funds/issuing new shares. Why dual list? A dual-listing decision was driven by overtures from Mainland Chinese and HK institutional investors, combined with management/BOD frustration over its US market equity multiple. Ahead of committing itself to the HK Listing process, AERL management met with several HK-based institutional investors and analysts which relayed support for a listing on the SEHK. The dual listing widens exposure to an investor audience throughout

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August 16, 2013

Asia (HK, Mainland China, Japan, Singapore, Korea, etc). We believe investors active in HK listed securities better understand AERLs business (some may even be patrons in their rooms). AERL has engaged one of the largest i-banks in Mainland China to structure its upcoming roadshow throughout Asia. It also engaged a top 10 audit firm - AERL will now be audited by two separate entities. In our view, there is not a good comparison group on the SEHK to mark against AERL for potential HK valuation. While there are a small handful of businesses which have a promoter license in listed vehicles on the HK exchange, most have various profit sharing schemes, as well as opaque and disconnected business lines. None of the businesses that have a promoter division on the HK exchange release monthly chip turnover, issue dividends or have been active with a share repurchase program. Business improvements started more to come into HK listing. July rolling chip turnover (RCT) was ~+15% YoY, AERLs first double digit % YoY increase since May CY12. July results compared to Macau market-wide RCT of ~+12% YoY. Le Royal Arc acquisition should kick in within 30 days. We expect the full impact of AERLs Le Royal Arc room acquisition in late August/early September as it completes credit checks on new agents before extending them significant cage capital. We continue to believe Le Royal Arc represents geographic and demographic diversity from AERLs existing room locations, agent base and player reach. Most AERL locations/rooms are tailored toward the higher-end VIP, whereas Le Royal Arc VIP rooms are geared toward a steadier, yet slightly lower bet size type of VIP, in our view (not exactly grind VIP, but close). In addition, the 18% table-base increase should work to mitigate hold variances, allowing for better overall cash flow visibility. We also believe revenue share rates at Le Royal Arc will likely be higher than AERLs historical average. Managements latest outlook for China macro is fluid but with a positive bias. While acknowledging some choppy macro data out of the Mainland in previous months, it also seemed to indicate it views the current landscape as stable. As such, we expect AERL to more aggressively utilize its ~$40m in idle capital in coming months. Earnings adjustments. As a result of 1Q13 results, additional shares outstanding from the rights offering and our new assumption of higher junket commission costs, our CY13/CY14 EPS goes to $0.91/$0.95 from $1.42/$1.93. Our 2Q13 EPS estimate goes to $0.32 from $0.29, mostly as a result of higher than theoretical hold. We initiate CY15 EPS at $1.14. Beginning in 3Q13, we add 19.5m shares to our share count forecast. We note that CY13 only carries two quarters of new shares from AERLs rights offering whereas CY14 possesses it in all four quarters (resulting in Y% EPS decline off of Y% forecasted top line growth). We have also raised our commission to agents assumption given our view for a continuance of a higher level cash agents. Cash agents do not require AERL to loan them capital, and as such, receive a higher commission from the Company. Due to this adjustment, we are now below AERLs Non-GAAP income guidance of between $60m and $75m. Notably, we expect commissions to agents to drop over time as AERL more actively utilizes/extends its $40m in idle capital and as mix (non-marker and direct play) adjusts closer to its historical mean.

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August 16, 2013

Our assumptions do not include any table/room expansion, which we believe is likely in CY14. We also do not include share repurchases. We expect share repurchase decisions to be fluid. One consideration by management is its near-term intent to begin to more aggressively extend credit to agents. Of note, our SG&A assumptions extract HK Listing costs, which we view as one-time expenses, separate from operating/ongoing costs. Price target reduction. We lower our target price to $9.50 from $16, 10x our new CY14 EPS. Our new price target represents a ~140% gain from yesterdays close. Given AERLs unique dynamic as a pure-play in the worlds largest gaming market, CY14 forecasted top line growth of over 20%, upcoming HK listing, and shareholder friendly policies (transparency, dividends, repurchases), our new target likely over-acknowledges current sentiment, which should rise over the next several months.

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Quarterly Income Statement
($millions, except per share data) REVENUE Cage Capital Est. Turns per month Est. Rolling Chip Turnover % seq. % yoy. Fixed Commission Operation Roll from fixed commission operation % of total rolling chip win Revenue from fixed Commission % commission rate Revenue S hare Operation Win from revenue share operation % of total rolling chip win Gross Revenue from revenue share % VIP hold % revenue share rate Gross Revenue Est. Adjustment, including Service Revenue % of gross revenue Revenue from VIP gaming operations % yoy. EXPENS ES Commission to Junket agents % of Rolling Chip Turnover SG&A % of Rollling Chip Turnover Special Rolling Tax % of total revenue EBITDA % margin % of Rolling Chip D&A Income including pre-acquisition profit Prior owners' interest in pre-acquisition profit* Net Income Attributable to ordinary shareholders % Margin Other Comprehensive Loss Foreign Currency Translation adjustment Adjusted Income Adjusted EPS % yoy. Ave shares outstanding DEC CY12 262.35 5.79 18,196.0 -9% -9% 15,628.0 117% 160.6 1.25% na na na 2.85% 45.0% 216.6 0.0 0% 236.3 -6% 220.6 0.83% 18.3 0.101% 1.8 0.8% 61.6 26% 0.34% 6.6 55.0 0.0 55.0 23% 0.000 55.0 1.30 -29% 42.4 Mar 13 Q1:13 275.77 4.98 4,070.0 -1% -24% 0.0 0% 0.0 1.25% 4,070.0 100% 60.4 3.33% 45.6% 61.9 2.5 4% 64.4 -4% 40.3 0.99% 5.9 0.145% 0.4 0.6% 15.3 24% 0.38% 2.4 12.9 0.0 12.9 20% 0.000 12.9 0.32 -21% 40.7 Jun 13 Q2:13E 285.50 5.36 4,460.0 10% -5% 0.0 0% 0.0 1.25% 4,460.0 100% 64.1 3.15% 45.6% 64.1 0.0 0% 64.1 10% 43.6 0.98% 5.6 0.125% 0.5 0.8% 14.4 22% 0.32% 1.7 12.8 0.0 12.8 20% 0.000 12.8 0.32 -7% 40.5 S ep 13 Q3:13E 286.06 5.73 4,787.9 7% 19% 0.0 0% 0.0 1.25% 4,787.9 100% 64.0 2.93% 45.6% 64.0 0.0 4% 64.0 19% 46.7 0.98% 5.7 0.119% 0.5 0.8% 11.2 17% 0.23% 1.7 9.5 0.0 9.5 15% 0.000 9.5 0.16 -49% 60.0 Dec 13 Q4:13E 297.90 5.90 5,199.0 9% 27% 0.0 0% 0.0 1.25% 5,199.0 100% 68.9 2.90% 45.7% 68.9 0.0 0% 68.9 22% 50.2 0.97% 5.7 0.110% 0.5 0.8% 12.5 18% 0.24% 1.7 10.8 0.0 10.8 16% 0.000 10.8 0.18 -27% 61.1 DEC CY13E 297.90 5.49 18,516.9 2% 2% 0.0 100% 0.0 1.25% 18,516.9 100% 237.5 2.85% 45.0% 237.5 2.5 1% 240.0 2% 180.8 0.98% 22.9 0.123% 1.9 0.8% 53.4 22% 0.29% 7.4 46.0 0.0 46.0 19% 0.000 46.0 0.91 -30% 50.6 Mar 14 Q1:14E 289.35 5.65 5,073.6 -2% 25% 0.0 0% 0.0 1.25% 5,073.6 100% 67.3 2.90% 45.7% 67.3 0.0 0% 67.3 5% 47.4 0.94% 5.7 0.112% 0.5 0.8% 13.7 20% 0.27% 1.7 12.0 0.0 12.0 18% 0.000 12.0 0.20 -38% 61.1 Jun 14 Q2:14E 303.66 5.97 5,347.2 5% 20% 0.0 0% 0.0 1.25% 5,347.2 100% 70.9 2.90% 45.7% 70.9 0.0 0% 70.9 11% 49.2 0.92% 5.7 0.107% 0.5 0.8% 15.5 22% 0.29% 1.7 13.8 0.0 13.8 19% 0.000 13.8 0.23 -28% 61.1 S ep 14 Q3:14E 312.27 6.10 5,670.9 6% 18% 0.0 0% 0.0 1.25% 5,670.9 100% 75.4 2.90% 45.8% 75.4 0.0 0% 75.4 18% 51.9 0.92% 5.7 0.101% 0.6 0.8% 17.2 23% 0.30% 1.7 15.5 0.0 15.5 21% 0.000 15.5 0.25 59% 61.8 Dec 14 Q4:14E 324.72 6.37 6,119.5 8% 18% 0.0 0% 0.0 1.25% 6,119.5 100% 81.3 2.90% 45.8% 81.3 0.0 0% 81.3 18% 56.0 0.92% 5.7 0.093% 0.6 0.8% 19.0 23% 0.31% 1.7 17.3 0.0 17.3 21% 0.000 17.3 0.28 56% 62.9 DEC CY14E 324.72 6.02 22,211.2 20% 20% 0.0 0% 0.0 1.25% 22,211.2 100% 294.9 2.90% 45.8% 294.9 0.0 0% 294.9 23% 204.5 0.92% 22.8 0.103% 2.2 0.8% 65.4 22% 0.29% 6.8 58.6 0.0 58.6 20% 0.000 58.6 0.95 4% 61.7 Mar 15 Q1:15E 320.19 5.68 5,613.3 -8% 11% 0.0 0% 0.0 1.25% 5,613.3 100% 74.6 2.90% 45.8% 74.6 0.0 0% 74.6 11% 51.9 0.92% 5.7 0.102% 0.6 0.8% 16.5 22% 0.29% 1.7 14.8 0.0 14.8 20% 0.000 14.8 0.23 20% 62.9 Jun 15 Q2:15E 337.19 6.13 6,098.5 9% 14% 0.0 0% 0.0 1.25% 6,098.5 100% 81.1 2.90% 45.8% 81.1 0.0 0% 81.1 14% 56.3 0.92% 5.7 0.093% 0.6 0.8% 18.4 23% 0.30% 1.7 16.7 0.0 16.7 21% 0.000 16.7 0.27 18% 62.9 S ep 15 Q3:15E 357.23 6.43 6,721.7 10% 19% 0.0 0% 0.0 1.25% 6,721.7 100% 89.4 2.90% 45.8% 89.4 0.0 0% 89.4 19% 62.1 0.92% 5.7 0.085% 0.7 0.8% 20.9 23% 0.31% 1.7 19.2 0.0 19.2 21% 0.000 19.2 0.30 20% 63.5 Dec 14 Q4:15E 374.12 6.73 7,439.2 11% 22% 0.0 0% 0.0 1.25% 7,439.2 100% 98.9 2.90% 45.8% 98.9 0.0 0% 98.9 22% 68.7 0.92% 5.7 0.077% 0.8 0.8% 23.7 24% 0.32% 1.7 22.0 0.0 22.0 22% 0.000 22.0 0.34 23% 64.6 DEC CY15E 374.12 6.25 25,872.7 16% 16% 0.0 0% 0.0 1.25% 25,872.7 100% 343.9 2.90% 45.8% 343.9 0.0 0% 343.9 17% 239.1 0.92% 22.8 0.088% 2.7 0.8% 79.4 23% 0.31% 6.8 72.6 0.0 72.6 21% 0.000 72.6 1.14 20% 63.5

Source: Company reports and Sterne Agee estimates

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APPENDIX SECTION
Company Description:
Macau licensed casino operators grant AERL exclusive use of VIP gaming rooms within their casino facilities and AERL promotes and manages its own network of junket agents and players to optimize the casino gaming within the rooms. In return, AERL is paid on volume-based commission or a share of the gaming win. ~85% - 90% of VIP player chip volume in Macau casinos is generated utilizing the room promoter system.

IMPORTANT DISCLOSURES: Regulation Analyst Certification:

I, David Bain, hereby certify the views expressed in this research report accurately reflect my personal views about the subject security(ies) or issuer(s). I further certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by me in this report.

Research Disclosures:
Sterne, Agee & Leach, Inc. makes a market in the following subject company Asia Entertainment & Resources Ltd. Sterne, Agee & Leach, Inc. managed or co-managed a public offering of securities for the following subject company in the past 12 months: Asia Entertainment & Resources Ltd.. Sterne, Agee & Leach, Inc. provided and received compensation for providing investment banking services for the following subject company within the past 12 months: Asia Entertainment & Resources Ltd.. Sterne, Agee & Leach, Inc. provided and received compensation for providing non-investment banking securities related services for the following subject company within the past 12 months: Asia Entertainment & Resources Ltd.. Sterne, Agee & Leach, Inc.'s research analysts receive compensation that is based upon various factors, including Sterne, Agee & Leach, Inc.'s total revenues, a portion of which is generated by investment banking activities. Sterne Agee & Leach, Inc. expects to receive or intends to seek compensation for investment banking services from the subject company and/or companies in the next three months.

Price Target Risks & Related Risk Factors:

Investment risks associated with the achievement of the price target include, but are not limited to, a company's failure to achieve Sterne, Agee & Leach, Inc., earnings and revenue estimates; unforeseen macroeconomic and/or industry events that adversely affect demand for a company's products or services; product obsolescence; changes in investor sentiment regarding the specific company or industry; intense and rapidly changing competitive pressures; the continuing development of industry standards; the company's ability to recruit and retain competent personnel; and adverse market conditions. For a complete discussion of the risk factors that could affect the market price of a company's shares, refer to the most recent Form 10-Q or 10-K that a company has filed with the Securities Exchange Commission.

Company Specific Risks:

Risks to AERL include softness in the Chinese economy; unanticipated Mainland Chinese government intervention/regulation, including visa controls or other aspects negatively impacting visitation or patron spend in Macau; unanticipated Macau Government legislation; and/or the potential for higher junket operator commissions paid by promoters.

Valuation Methodology:
Methodology for assigning ratings and target prices includes qualitative and quantitative factors including an assessment of industry size, structure, business trends and overall attractiveness; management effectiveness; competition; visibility; financial condition; and expected total return, among other factors. These factors are subject to change depending on overall economic conditions or industry or company-specific occurrences. Sterne, Agee & Leach, Inc., analysts base valuations on a combination of forward looking earnings multiples, price-to-revenue multiples, and enterprise-value-to-revenue ratios. Sterne, Agee & Leach, Inc., believes this accurately reflects the strong absolute value of earnings, the strong earnings growth rate, the inherent profitability, and adjusted balance sheet factors. Additional company-specific valuation methodology is available through Sterne, Agee & Leach, Inc.

Company Specific Valuation:

Our valuation is based on a multiple of earnings per share.

Definition of Investment Ratings:

BUY: We expect this stock to outperform the industry over the next 12 months. NEUTRAL: We expect this stock to perform in line with the industry over the next 12 months. UNDERPERFORM: We expect this stock to underperform the industry over the next 12 months.

Appendix Section, Page I

August 16, 2013 RESTRICTED: Restricted list requirements preclude comment.

Ratings Distribution:
Rating Category Buy Neutral Underperform Count 220 229 21 Percent 46.81% 48.72% 4.47% Count 27 12 1 IB Serv./ Past 12Mos. Percent 12.27% 5.24% 4.76%

ADDITIONAL INFORMATION AVAILABLE UPON REQUEST: Contact Robert Hoehn at 1-212-338-4731. Other Disclosures: Opinions expressed are our present opinions only. This material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Sterne, Agee & Leach, Inc., its affiliates, or one or more of its officers, employees, or consultants may, at times, have long or short or options positions in the securities mentioned herein and may act as principal or agent to buy or sell such securities. Copyright 2013 Sterne, Agee & Leach, Inc. All Rights Reserved.

To receive price charts or other disclosures on the companies mentioned in this report, please visit our website at https:// sterneagee.bluematrix.com/sellside/Disclosures.action or contact Sterne, Agee & Leach, Inc. toll-free at (800) 240-1438 or (205) 949-3689.

Appendix Section, Page II

Founded in 1901, Sterne Agee has been providing investors like you with high-quality investment opportunities for over a century. During the early years, our founders prominently established themselves in the financial securities industry in the southeastern United States. Today, we have expanded to serve all regions of the country. Sterne, Agee is headquartered in Birmingham, Alabama with offices in 22 states. Sterne Agee is one of the largest independent firms in the country. Sterne, Agee & Leach, Inc. is a division of Sterne Agee Group, Inc., which also includes The Trust Company of Sterne, Agee & Leach, Inc.; Sterne Agee Asset Management, Inc.; Sterne Agee Clearing, Inc.; and Sterne Agee Financial Services, Inc.www.sterneagee.com

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