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, CAO FINE Jewelry, Jemma and Yabling. 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, 150 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, 2007, 2008, 2009 and 2010, Vietnam High Quality Goods every year since 1998 and Vietnam the Best in Jewelry 2007, 2008, 2009 and 2010.

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Investment Thesis

Phu Nhuan Jewelry will experience sustained high net profit growth by continuing to expand its existing jewelry retail chain, and leveraging its experience in retail management to launch new retail concepts in the areas of women fashion and accessories.

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 150 retail stores.

History of the Company

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

From 1998: Start to export to Singapore, Malaysia and America. Up to now, PNJ has exported to other countries such as Denmark, Germany, US, Australia and Dubai.

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

2005: Open CAO Fine Jewelry, a premium and luxury brand.

Late 2009: The Company establishes Cao Fashion Company to introduce jewelry and handbags trademarked as Jemma, aiming at young consumers.

Late 2010: Launch Yabling, targeting teenagers and young adults who look for fashion at a low price.

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