Mekong Capital by Phan Thanh

Contents ABOUT MEKONG CAPITAL

Who We Are and What We Do Private Equity The Private Equity Leader in Vietnam Track Record in Post-Investment Value Creation

6 6 8 10

Our Vision

A Culture that Produces Results

Powerful and Cohesive Team

Proactive Post-Investment Value Creation Building Powerful Management Teams Inspiring Excellence in Leadership and Corporate Culture Enhancing Financial Management

19 21 22 23

Our Investment Criteria

Track Record of Consistent Results and Achievements

PORTFOLIO HIGHLIGHTS

Aa Corporation

Ngo Han

Icp

The Gioi Di Dong

Golden Gate

Mk Smart

Phu Nhuan Jewelry

Masan Food

Disclaimer This document (the “Brochure”) does not constitute an offer to sell (or the solicitation of an offer to buy) any securities or other financial instruments, nor does it constitute an offer to provide any investment management services. This Brochure is not intended to provide the sole basis of an evaluation by potential investors of any investment or investment service and should not be considered a recommendation by Mekong Capital Ltd that any investment or investment service mentioned is suitable for every recipient of a copy of this Brochure. Prospective investors in any investment fund managed or raised by Mekong Capital Ltd or any other Mekong Capital Ltd investment products, or persons wishing to engage Mekong Capital Ltd to provide any investment service, should contact Chris Freund – Managing Partner. Any such transaction or engagement will only be entered into in compliance with applicable laws and on the basis of appropriate legal documentation. In particular Mekong Capital Ltd is required by applicable law to carry out certain procedures on, and to request specific information from, all potential investors or clients in order to verify their identity. Some of the economic and financial market information in this Brochure (including certain forward looking statements and information) has been obtained from published sources and/ or prepared by other parties. While such information is believed to be reliable for the purpose for which it is used in this Brochure, Mekong Capital Ltd, and its affiliates and their respective directors, officers, employees, partners and shareholders, do not assume any responsibility for the accuracy of such information. Certain information in this Brochure constitutes “forward looking statements,” which can be identified by the use of forward looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “intend,” “continue,” or “believe”, their respective negatives and other comparable terminology. Due to various risks and uncertainties (including those mentioned below) actual events or results or the actual performance of any investment may differ materially from those reflected or contemplated in such forward looking statements. When considering the prior performance information contained herein, prospective investors and clients should bear in mind that past performance is not necessarily indicative of future results and there can be no guarantee or assurance that Mekong Capital Ltd will achieve comparable results to those quoted in relation to previous returns or to projected future returns. Prospective investors and clients should also note that market and macro economic conditions and the prevailing regulatory and tax constraints affecting Mekong Capital Ltd in the future may differ substantially from those applicable to the previous Mekong Capital Ltd funds referred to in this Brochure and that in the future Mekong Capital Ltd may operate with different investment and gearing strategies than those deployed in the funds referred to in this Brochure.

MEKONG CAPITAL 4

Private Equity Mekong Capital makes private equity investments in fast-growing Vietnamese companies. Our approach is to invest in companies whose shareholders and senior management are committed to rapid net profit growth and significant shareholder value creation.

We focus on companies that are committed to excellence in management, leadership and corporate culture, as we believe these are typically the most significant determinants of the growth and sustainability of Vietnamese companies. We have a longer investment time-horizon than most other investors active in Vietnam, and therefore most of the upside we expect from our investments is derived from those

companiesâ&#x20AC;&#x2122; net profit growth over the period in which we are an investor. We are responsible for adding value to each of our investments, beyond what would be expected from a passive investor. Therefore we work closely with our investee companies to empower their management, leadership and corporate cultures in ways that lead to sustainable net profit growth and long-term shareholder value creation.

The Private Equity Leader in Vietnam

We have always stayed focused on private equity, and we are committed to being the most consistently successful private equity investor in Vietnam. We have no plans to expand into other areas.

Established in 2001 as the first investor in Vietnam to focus specifically on private equity, Mekong Capital is at the forefront of private equity in Vietnam. Over the course of the last eight years, Mekong Capital has maintained our singular focus on private equity and has gained extensive experience as an investor in Vietnam. We have successfully: â&#x20AC;˘ Launched three investment funds with a total of $168.5 million in committed capital from over 50 shareholders. â&#x20AC;˘ Invested in more than 25 fast-growing companies in Vietnam. â&#x20AC;˘ Achieved attractive net profit growth rates at most of our investee companies. Many of our investee companies are among the most well-managed and fastest growing companies in Vietnam.

The Private Equity Leader in Vietnam

We have always stayed focused on private equity, and we are committed to being the most consistently successful private equity investor in Vietnam. We have no plans to expand into other areas.

Track Record in Post-Investment Value Creation Mekong Capitalâ&#x20AC;&#x2122;s post-investment value creation program began with the launch of our first fund, Mekong Enterprise Fund, Ltd., in 2002.

As the first investment fund established in Vietnam after the Asian financial crisis, Mekong Enterprise Fund was also the first private equity investor in Vietnam to employ a comprehensive post-investment value creation program. During the course of working closely with around 25 investee companies on post-investment value creation projects, we have continuously refined our approach by identifying what was working, what was not working, and what was missing. Consequently, we have shifted our involvement towards the areas where we have the biggest impact on long-term shareholder value creation, while developing our team in such a way that empowers them to make the largest possible impact on the long-term value of the companies for which they are responsible.

Track Record in Post-Investment Value Creation Mekong Capitalâ&#x20AC;&#x2122;s post-investment value creation program began with the launch of our first fund, Mekong Enterprise Fund, Ltd., in 2002.

Our Vision Mekong Capitalâ&#x20AC;&#x2122;s vision is to be the most consistently successful private equity investor in Asia, consistently generating exceptional investment returns (measured as net IRRs) for our funds.

We achieve this through our effectiveness at inspiring, empowering, holding accountable, and otherwise causing our investee companies to achieve consistently high net profit growth and create significant shareholder value. Our investee companies are Vietnamâ&#x20AC;&#x2122;s fastestgrowing, most well-managed, well-respected and most value-generating companies, companies which consistently set new standards for what is possible for Vietnamese companies. Mekong Capitalâ&#x20AC;&#x2122;s unique advantage is our results-oriented culture, a culture which brings out the best in our people, and provides a foundation for our team to consistently produce extraordinary results.

A Culture that Produces Results Mekong Capital is fundamentally organised around results. Mekong Capital has developed a corporate culture as the foundation on which our team produces consistent and extraordinary results. We have invested substantial time and resources in developing this culture, and it has had a sizeable positive impact on the results that we are producing. We are committed to continuously strengthening this culture as a source of inspiration and support that our team members can draw upon to produce results effectively.

The foundations of our corporate culture include the following: • Communication – We create a safe space for all employees to be self-expressed, to communicate directly, authentically and completely so that there is nothing in the way of producing results. Through complete communication, our team members take ownership and empower our objectives; • Integrity – We honor our word, we make clear commitments and we can be relied on to do what we commited to do, and do it on time; • Responsibility – We choose to be 100% responsible for everything involved in our work, including full responsibility to produce results; • Results – We are organized around results and do whatever is necessary to produce results, but always in a way that is consistent with our core values. We empower people to produce results, while also holding them accountable to deliver the results to which they have committed; • Leadership – We are committed that each of our team members is a leader who takes a strong stand for what is possible, inspires others, aligns people around a common objective, and causes them to take actions to turn that possibility into reality.

Powerful and Cohesive Team At Mekong Capital, we are a cohesive and effective team of around 40 carefullyselected professionals with complimentary expertise and skills compatible to the local business environment.

Each of our team members is committed to producing extraordinary results. We work as a team and empower each other to be successful, while each of us is also responsible for producing results in specific areas. We provide substantial training and coaching to each of our team members to ensure that they are empowered to produce the results for which they are accountable. Employees move up in our organization based on the results they produce, and the leadership they provide.

Proactive Post-Investment Value Creation

We are committed to making a significant positive impact on the long-term value of each of our investee companies.

Culture Inspire companies to develop cultures that lead to extraordinary results

Objectives Create clear long-term value-creation targets

Strategy Develop strategies and plans to execute on targets

Finance Enhance financial management, reporting and corporate governance

Execution Successfully execute on annual targets

Shareholder Value Achieve long-term value-creation targets

Management Work with companies to recruit and develop excellent management teams

We work closely with our investee companies to increase the long-term value by: • Setting long-term targets and formulating clear strategies to achieve those targets; • Recruiting and developing extraordinary management teams; • Empowering corporate culture transformation and leadership development; • Promoting excellence in financial reporting and corporate governance; • Empowering companies to achieve their targets, and working with them to eliminate anything standing in the way of achieving those targets; • Working closely with them in IPO preparation, investor communication, equity capital raising, merger and acquisition, etc.

Proactive Post-Investment Value Creation

We are committed to making a significant positive impact on the long-term value of each of our investee companies.

Culture Inspire companies to develop cultures that lead to extraordinary results

Objectives Create clear long-term value-creation targets

Strategy Develop strategies and plans to execute on targets

Finance Enhance financial management, reporting and corporate governance

Execution Successfully execute on annual targets

Shareholder Value Achieve long-term value-creation targets

Management Work with companies to recruit and develop excellent management teams

Building Powerful Management Teams We work closely with our investee companies to develop management teams that can successfully execute the companies’ business plan. In addition to working together with our companies to enhance their effectiveness at recruiting, integrating, maintaining and motivating an extraordinary management team, we also introduce candidates for senior management positions. We have an extensive track record of successfully filling senior management positions at our investee companies.

Senior positions filled in investee companies by the Mekong Capital recruitment team (2H05 – 2008) (Source: Mekong Capital’s Internal Report)

2H05

2006

2007

2008 0

35 5

Unit: people

Senior positions filled in investee companies by the Mekong Capital recruitment team (2H05 – 2008) (Source: Mekong Capital’s Internal Report)

2H05

2006

2007

2008 0

35 5

Unit: people

Enhancing Financial Management

Inspiring Excellence in Leadership and Corporate Culture We often work closely with our investee companies to identify opportunities to transform their corporate cultures in ways that will lead to greater business results. Having successfully transformed our own culture into one that is a foundation for extraordinary results, Mekong Capital is often effective at inspiring our investee companies by sharing our own experience in corporate culture transformation. Likewise, we are also committed to inspiring and empowering extraordinary leadership in our investee companies – leadership that opens up a bigger future for those companies than what previously seemed possible. Our fastest growing investee companies are the ones that are the most proactive about developing extraordinary leadership and corporate cultures.

Mekong Capital has a track record of having worked closely with around 25 Vietnamese companies to substantially enhance accounting practices. 100% of our investee companies in Mekong Enterprise Fund and Mekong Enterprise Fund II have transitioned to Big Four Auditing Firms. Almost all of our investee companies meet substantially higher financial reporting standards than what is typical in Vietnam. More specifically, we work closely with our investee companies to build their internal capacity in: • Management Reporting - Prepare insightful monthly management reports so management can make well-informed decisions;

• Budgeting - Implement budgets, and ensure compliance with budgets, to enable companies to achieve their annual net profit targets;

• Shareholder Reporting - Prepare standardized, timely and accurate financial reports for shareholders that comply with applicable accounting standards, and exceed the expectations of shareholders and regulatory agencies in Vietnam. This is important to prepare for a successful listing;

• Accounting Policies - Implement clear accounting policies based on best practices;

• Accuracy - Implement internal controls and internal auditing functions to ensure the accuracy of the company’s financial data;

• Full Transparency - Resolve any issues in the way of full transparency to increase the company’s attractiveness to shareholders. All of these give greater confidence to shareholders, therefore increasing the company’s attractiveness and increasing the valuations that institutional investors will accept when investing in the company.

Enhancing Financial Management

• Budgeting - Implement budgets, and ensure compliance with budgets, to enable companies to achieve their annual net profit targets;

• Accounting Policies - Implement clear accounting policies based on best practices;

• Accuracy - Implement internal controls and internal auditing functions to ensure the accuracy of the company’s financial data;

Track Record of Consistent Results and Achievements Our investment portfolios include many of the fastest growing companies in their sectors in Vietnam. Median revenue growth rate has been 35% per year on average, while one third of our companies have achieved annual revenue growth rates of more than 50% since we invested. (1) Some of our investee companies’ achievements include:

Our Investment Criteria Mekong Capital adheres to rigid investment criteria to ensure that each of our investments is successful. Some of our investment criteria include: • Fast growing companies with business models proven to be scalable in Vietnam and similar countries; • Companies with strong track records of net profit growth and successful execution of expansion plans; • Companies led by an outstanding management and leadership team who are committed to strengthening management and leadership on an ongoing basis; • Companies whose key shareholders and senior management have a strong commitment to maximizing long-term shareholder value; • Companies focused on a single business, or closely related businesses.

• Having launched the X-Men brand in 2003, ICP quickly developed it into the leading brand for men’s personal care products in Vietnam by 2004. More recently, ICP successfully expanded into cosmetics, with the L’OvitEÙ cosmetics brand, and into the beverage market, with brands including Orangina soft drink, TeaFres herbal tea and Xtra energy drink.

• Over the past two years, Traphaco has solidified its position as the Number 1 traditional medicine manufacturer in Vietnam, with over 50% of the market share (3). The firm has deeply penetrated new markets, with successful product launches such as Hoat Huyet Duong Nao and Boganic. Consequently, net profit CAGR reached approximately 70% for the two years ending 2008.

• With two initial stores opened by mid-2005, The Gioi Di Dong had rapidly expanded to 26 crowded stores throughout Vietnam by mid-2009 due to effective branding and marketing, as well as finding good locations and managing the stores with high efficiency. The Gioi Di Dong now represents approximately 10% of total mobile phone sales in Vietnam. (2)

• Since its first restaurant opened in late 2005, Golden Gate has grown rapidly to 12 outlets by mid 2009, positioned as the leading hotpot restaurant chain in Vietnam under the two brands: Ashima and Kichi-Kichi.

• With a strong ability to identify and launch new products and services complementary to its existing products to meet the needs of its customers, MK Smart’s revenue and net profit grew 115% and 198%, respectively, annualized for the two years ending in 2008. (1) The average revenue growth rate is the annualized growth rate of 2008 revenue as compared to revenue of the year prior to the year in which our fund made its initial investment. (2) (3) (4) Company estimates

• As of mid-2009, Phu Nhuan Jewelry ("PNJ") had the largest jewelry distribution network in Vietnam with 19 branches, 97 retail stores and more than 3,000 wholesalers across the nation. This makes it one of the country’s largest retail networks. • In 2008, Masan’s revenue and net profit rose 194% and 342% y-o-y, respectively, via the successful expansion of the market share of its soy sauce brand, Chin-Su, to 75% of the high-end sauce segment (4). At the same time, the Company successfully executed an expansion into the instant noodles market, with the Tien Vua and Omachi brands.

PORTFOLIO HIGHLIGHTS Mekong Capitalâ&#x20AC;&#x2122;s existing portfolio includes around 25 companies operating across various industries, from personal care products, food & beverage, retail, IT distribution to industrial products. Our companies are often the market leaders among Vietnamese companies in their respective sectors.

Our investee companies operate in scalable industries and have management teams that execute well on their expansion plans to capture the growth opportunities in Vietnamâ&#x20AC;&#x2122;s fast growing markets. Our investee companies have track records of notable achievements. Mekong Capital has contributed towards many of those achievements through our close involvement with our investee companies.

AA Corporation Established in 1993 as a construction company specializing in interior decoration, AA Corporation has progressively developed into one of the leading interior contracting companies and high quality indoor furniture manufacturers in Vietnam. AA Corporation is structured around three divisions: • AA Interior for domestic projects: provides fabrication and fit-out services for top hotels, residences, spas, retail shops, restaurants and offices for the domestic market in Vietnam – including Intercontinental, Sheraton, Park Hyatt, and Sofitel. • AA Furniture for export: manufactures and exports furniture for international furniture brands and leading international hotel brands. • AA Deùcor for retail: owns three major furniture brands namely Nha Xinh, AA Deco and Bellavita. Together, AA Deùcor has 10 shops and showrooms nation-wide, targeting mid-to-high end Vietnamese customers. Since our investment in the Company, through close co-operation between Mekong Capital and AA Corporation, AA Corporation has recruited a number of key management positions such as Chief Executive Officer for AA Furniture, HR Manager for AA Furniture, Financial Controller, Marketing Director, etc. and built up the management team in key functions to strengthen the Company’s overall management capabilities. As a result, the Company executed well on its sales and marketing plan, which contributed to an 85% increase in gross profit in 2008, despite the global financial crisis. www.aacorporation.com

Ngo Han Ngo Han Joint Stock Company is a leading manufacturer of magnet wire in Vietnam. Ngo Han’s production of magnet wire involves melting copper cathodes into copper rods, drawing (stretching) copper rods into thin wires and coating the wires with enamel or taping the wires with adhesive paper. Their products are used primarily in motors, transformers, ballasts, voltage stabilizers, electronic components and other items used to generate or transform electromagnetic fields. Since its establishment in 1987, the Company has grown to achieve revenue of $48.5 million in 2008 and commanded a 25% market share as of mid-2009.(5) Ngo Han’s focus on continuous improvement - being the only magnet wire company in Vietnam with Six Sigma, a data-driven methodology that helps reduce defects and errors - has enabled Ngo Han to manufacture superior quality, and technologically advanced products. Ngo Han is the local supplier of choice for many foreign-controlled manufacturers operating in Vietnam, particularly for those that have strict quality requirements. Recently, the Company began expanding business downstream in the value chain by developing and distributing bus-bars, thick strips of copper or aluminum that conduct electricity within switchboards or distribution boards in electrical power distribution. As part of Mekong Capital’s long-term value creation plan for Ngo Han, we facilitated Ngo Han’s transition from a family-owned business to a joint-stock company managed by a team of professional managers. We worked with the Company to recruit various senior management positions, including Chief Executive Officer, HR Manager, Chief Accountant, Account Manager to expand to the North, and Sales Manager to shift the sales mix to higher value added products. www.ngohanwire.com

(5) Company estimates.

International Consumer Products Founded in 2001, International Consumer Products Corporation (“ICP”) is the leading Vietnamese company in personal care and cosmetic products in Vietnam. ICP also recently expanded into the food and beverage industry. ICP’s core business focuses on several strong brands for household and personal care products: • • • •

Vegy for cleansing liquid for vegetables and fruits; Ocleen for household cleansing products; X-Men, Dr. Men and Teen-X for men’s personal care; L’OVITEÙ and QGirl for women cosmetics.

ICP is licensed by Schweppes International Limited to manufacture, market and distribute Orangina soft drinks in Vietnam and to market and distribute this product to nine other countries in the region. The Company subsequently introduced TeaFres and Xtra beverage brands shortly after launching Orangina on the local market. ICP owns an intensive distribution system nationwide, distributing directly to a majority of groceries stores, supermarkets and hypermarkets all over the country. During the second quarter of 2009, ICP acquired a controlling stake in Thuan Phat Foodstuff Joint Stock Company, a local FMCG company that produces and distributes packaged sauces, including fish sauce, soy sauce, chili sauce, and other local specialties. Mekong Capital worked closely with ICP to successfully identify and implement ICP’s acquisition of Thuan Phat, which created a foundation to leverage the Company’s strengths in marketing and distribution to expand into new product categories. ICP has been implementing a leadership development and corporate culture transformation program since 2008, which has provided a foundation for the Company to deliver extraordinary financial results. The percentage of sales staff that met and exceeded monthly sales targets increased from 35% to 65% as a result of the corporate culture transformation process. (6) ICP achieved an annualized revenue growth rate of 37% for the period from 2006 to 2008 due to an extraordinary senior management team that effectively implemented its expansion plans. ICP successfully implemented SAP, an ERP system in June 2008, substantially strengthening the Company’s capacity for excellent financial reporting. www.icpvn.com

(6) 35% was for the first 8 months of 2008, while 65% was for the last 4 months of 2008. The initial roll-out of their new culture occurred around August 2008.

Vegy for cleansing liquid for vegetables and fruits; Ocleen for household cleansing products; X-Men, Dr. Men and Teen-X for men’s personal care; L’OVITEÙ and QGirl for women cosmetics.

(6) 35% was for the first 8 months of 2008, while 65% was for the last 4 months of 2008. The initial roll-out of their new culture occurred around August 2008.

The Gioi Di Dong Founded in 2004, at a time when the consumer electronics retail market was highly fragmented, The Gioi Di Dong has quickly established its market leadership position and became the most prominent mobile phone retailer in Vietnam, specializing in mobile phones and related products including SIM cards, phone accessories, laptops, digital cameras, and other electronic gadgets. The Company also provides a range of relevant value-added services. The Gioi Di Dong is led by a highly capable team with an impressive track record of expansion and exceptional financial performance. Quickly upon its establishment, The Gioi Di Dongâ&#x20AC;&#x2122;s management took proactive steps in building up an extensive coverage network across the country. With two stores by mid-2005, The Gioi Di Dong was operating a chain of 26 branded outlets throughout Vietnam by mid-2009. The Gioi Di Dong achieved an annualized net revenue growth rate of 110% for the two years ending 2008, due to their strong branding and marketing, as well as effective working capital management, two key success drivers for the consumer electronics retail industry. Mekong Capital worked closely with The Gioi Di Dong to restructure its online reporting system into one that generates timely and systematic reports in order for managers to make strategic decisions based on realtime data. The Gioi Di Dong also implemented Oracle ERP in 2008, which has empowered The Gioi Di Dong to identify and close under-performing stores, while shifting its network towards stores that consistently meet or exceed their targets. www.thegioididong.com

Golden Gate Founded in 2005, and renamed Golden Gate in July 2008, the Company currently operates two restaurant chains, under the brands Ashima and Kichi-Kichi. Ashima is the first and leading mushroom hotpot restaurant chain in Vietnam. Its unique selling points are reflected by a new cuisine concept together with a distinguished service standard, aiming at the emerging middle class in Vietnam. Kichi-Kichi is a hotpot counter concept, targeting fast-food and casual customers. As of June 2009, the Company had a total of 8 Ashima restaurants in Hanoi, Ho Chi Minh City, Hai Phong and Da Nang and 4 Kichi-Kichi outlets throughout the country. The leadership team at Golden Gate has been very effective in implementing systematic processes in areas such as standardized service and supply chain management. This enables the Company to expand quickly with consistent quality. As a result, revenue doubled in 2008. As of mid-2009, the Company has rapidly and successfully built up a total of 12 hotpot restaurants from a total of 4 restaurants at the time Mekong Enterprise Fund II made its investment in the Company. To keep the growth momentum, Mekong Capital has worked closely with the Company to recruit a number of highly capable candidates for senior management positions, including the Chief Operating Officer and Chief Executive Officer positions. Mekong Capital also proactively worked with the Company to implement several post investment value creation projects, such as reducing cost of goods sold, improving service quality and providing advice on the roll out of the Kichi-Kichi chain to ensure it is implemented on schedule and successfully. www.ashima.com.vn

MK Smart MK Smart Joint Stock Company (â&#x20AC;&#x153;MK Smartâ&#x20AC;?) is a world-class manufacturer and service provider for bank cards, loyalty cards, SIM cards, scratch-off cards, and other value added services for loyalty and ID card clients. Its main clients are corporate customers, such as telecom operators, banks, insurance companies, and loyalty and ID market companies. MK Smart has a complete and large-scale, modern production line - from printing, chip embedding, personalization to packaging. MK Smart offers a high quality, secure, competitive, and fast turn-around solution with a wide range of products and services. MK Smart has been effective in identifying and launching new products and services that are complementary to its existing products and meet the needs of its existing customers. The Company has recently expanded to provide pre-printed business forms and direct mailing services for the Vietnam market. Since its establishment in 2003, MK Smart has quickly become the Number 1 local card manufacturer in the Vietnam market. Annualized revenue grew over 115% for the two-year period ending in 2008. To continuously and rapidly expand, MK Smart has been cooperating with Mekong Capital to fill key positions and develop its senior management team. We worked with the Company to recruit a Chief Financial Officer, a Compliance Manager, a Business Development Manager, and a Chief Operating Officer. Mekong Capital also provided consultancy to improve MK Smartâ&#x20AC;&#x2122;s accounting systems and implement new accounting software, which created a foundation for accurate and timely management reports. In addition, we worked closely with the Company to develop a detailed and workable costing system and insightful monthly management reporting in order to effectively meet profit targets. www.mksmart.com.vn

Phu Nhuan Jewelry Phu Nhuan Jewelry Joint Stock Company (“PNJ”) is engaged primarily in manufacturing and retail of gold and silver jewelries and the trading of physical gold under the well-established brand names PNJGold, PNJSilver, CAO Fine Jewelry and Phoenix PNJ – DongA Bank Gold Tale. PNJ was the first Vietnamese company to invest in advanced jewelry production technology. Since its establishment, PNJ has emerged as the largest jewelry retailer in Vietnam, and has one of the largest retail networks in any category in Vietnam. PNJ’s distribution and retail network includes 19 branches, 97 retail stores and more than 3,000 wholesalers across the nation. In addition, a labor force of well-trained technicians and almost 1,000 skilled goldsmiths provide a strong competitive advantage to PNJ in the local and overseas markets. PNJ successfully completed its listing on the Ho Chi Minh Stock Exchange in March 2009. Due to various communication activities, the Company is now wellreceived by the market. As the Company prepared to list, Mekong Capital coordinated to develop a sound investor relations campaign to communicate the Company’s key messages to the regional investment community. PNJ’s revenue and net profit growth were 53% and 96%, respectively, annualized for the two years ending 2008. www.pnj.com.vn

Masan Food Masan Food Corporation is the market leader in the sauces and condiments segment of Vietnam’s packaged foods industry. Masan Food’s most well-known brands are Chin-Su, Tam Thai Tu and Nam Ngu for soy sauce, fish sauce, chili sauce and granules. The Company recently expanded its offering to include instant noodles under the Tien Vua and Omachi brands and aims to capture over 20% of the instant noodles market by the end of 2009. Masan Food’s success is attributable to its management team, brand building expertise and extensive distribution network. The Company is led by a team of professionals with backgrounds as senior managers at major international consumer product companies in Vietnam and in the region, including Procter & Gamble, Unilever, and Nestleù. Its marketing-driven strategy has allowed it to dominate both the premium and mainstream segments in all of the categories where it competes. Masan Food’s distribution network and sales team directly reaches over 110,000 points of sales, covering all major cities and provinces in Vietnam. Masan aims to leverage its existing strengths to successfully launch new products in other food and beverage categories. In 2008, the Company reported revenue of VND1,943 billion and net profit of VND361 billion, a y-o-y increase of 194% and 342% respectively. The key revenue contributors were fish sauce and soy sauce, which together accounted for 68% of the Company’s 2008 revenue. www.masanfood.com

MEKONG CAPITAL

RESIDENT REPRESENTATIVE OFFICE OF MEKONG CAPITAL LTD IN HO CHI MINH CITY CAPITAL PLACE, 8TH FLOOR 6 THAI VAN LUNG STREET, DISTRICT 1 HO CHI MINH CITY, VIETNAM Tel: (84 8) 3827 3161 - Fax: (84 8) 3827 3162 E-mail: info@mekongcapital.com RESIDENT REPRESENTATIVE OFFICE OF MEKONG CAPITAL LTD IN HANOI HAREC BUILDING, 12TH FLOOR 4A LANG HA STREET, BA DINH DISTRICT HA NOI, VIETNAM Tel: (84 4) 3772 4888 - Fax: (84 4) 3772 4868 E-mail: info@mekongcapital.com