Phu Nhuan Jewelry Joint Stock Company (“PNJ”)

PNJ specializes in jewelry manufacturing and retail with well-known retail chains such as PNJ Silver, PNJ Gold, Phuong Hoang PNJ - DongA Bank, and CAO FINE Jewelry.

PNJ’s network of distribution in general, and of jewelry retail stores in particular, is the largest of any jewelry company in Vietnam. Across the nation, PNJ has 19 branches, 94 retail stores and more than 3,000 wholesalers, which are well-located to reach targeted consumers. This network continues to expand.

Headquartered in Ho Chi Minh City, PNJ owns two separate factories, one for gold jewelry and one for silver jewelry, with an annual output of approximately 2 million products.

PNJ has been recognized with awards such as Retail Asia Pacific Top 500 Award by Singapore Retail Asia Magazine in 2004, 2005, 2006 and 2008, Vietnam High Quality Goods in ten consecutive years since 1998 and Vietnam the Best in Jewelry 2007.

PNJ’s revenue in 2008 increased 75.6% compared to previous year, up to U$246 million.

Investment Thesis

With a dominant brand and widespread distribution network, led by a dedicated management team, PNJ is well positioned to capture the growing demand in the local jewelry market. VAF also targets PNJ to achieve a valuation re-rating from the selling the Company’s significant non-core assets and continuous communication with the investment community.

Ability to Train and Develop Sales Team

PNJ’s brand managers teach the sales staff practical hands-on experience, while theories are taught by invited professors from various universities. The trainings are provided periodically and regularly, to solve the problem of insufficient sales staff when the company opens additional stores. PNJ always train staff in anticipation of needs. This is critical to developing their retail network since jewelry techniques and retail skills are not taught anywhere in Vietnam. This is an important factor allowing PNJ to develop a chain of 86 retail stores.

History of the Company

April 28th, 1988: Phu Nhuan Jewelry Store was opened with a small amount of capital – 14 millions VND.

During 1998 – 2003: The company opened branches in Ha Noi, Da Nang, Can Tho, and a large number of jewelry stores in HCMC.

From 1998: Started to export to Singapore, Malaysia and America.

More information on PNJ is available on their website www.pnj.com.vn.