Masan Group Qwik Report

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http://masangroup.com/en/qwik-report[12/27/2011 8:18:58 AM]
ABOUT US
OVERVIEW
We are one of Vietnam's largest private sector companies and have a track record of actively building, acquiring and
managing market-leading businesses in several of the fastest growing areas of Vietnam's economy. Our businesses
include Masan Consumer, Techcombank and Masan Resources, leading large scale operating platforms in the consumer
products, financial services and resources sectors, respectively.
Our vision is to become Vietnam's local private sector champion in terms of scale, profitability, and shareholder return and
to become the country's growth partner and employer of choice. In order to achieve this vision, we operate in sectors
where a local private sector company can be a market leader and we can develop scale through focus and consolidation.
Our management team is comprised of professionals with global risk management and capital allocation expertise,
Vietnamese managers with local execution experience and, at our operating businesses, senior industry executives with a
track record at multinational corporations.
LEADING BUSINESSES
Masan Consumer - one of the largest and fastest growing diversified FMCG companies in Vietnam with a dominant
market share in the condiments and convenience food categories. With a portfolio of some of the most recognized
brands and the largest food distribution network in the country, Masan Consumer aims to carry its success to other
attractive consumer categories.
Techcombank - the 3rd largest joint stock commercial bank in Vietnam in terms of total assets and the most profitable
bank in Vietnam as measured by ROAE in 2010 and 2009. With one of the fastest growing branch and ATM networks in
the country, Techcombank achieved the second largest total deposits of all the private sector banks in Vietnam for the
year ended 2010. Today, Techcombank is a leading financial services platform focused on its core retail and SME
banking businesses. In 2010, Techcombank was awarded "Best Bank in Vietnam" by Euromonitor.
Masan Resources - with a vision to create Vietnam's largest private sector resource company, Masan Resources
completed the largest Vietnamese M&A deal of the year in 2010, by acquiring Nui Phao Mining Joint Venture Company
Ltd, a world-class tungsten and base metal mining project. Once operational, the Nui Phao project is expected to be the
largest producer of tungsten outside of China and one of the largest single-point producers of fluorspar and bismuth
globally.
Notes: Figures in brackets show effective ownership by Masan Group as at 31st May 2011
* Due to Vietnam laws and regulations, a company is currently not permitted to own more than 20% of the outstanding shares of a

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Vietnamese bank. Masan Group's effective ownership includes convertible instruments and we are Techcombank's largest
stakeholder.
STRATEGY
We believe scale, operating platforms and cash flows are important components of a successful and sustainable business
in Vietnam.
Blueprint to build Vietnam’s premier private sector group
Sustainable Cash Flows - As a developing market, Vietnam is susceptible to macroeconomic volatility. We believe
sustainable growth in such a market requires building cash flow generating businesses. We do not engage in asset
trading, such as purchasing land banks or participating in short term speculation.
In 2010, our EBITDA was over US$100 million. Our EBITDA is expected to exceed US$500 million in 2013
organically.
Leading platform - Sustainable growth can only be achieved through building best-in-class systems and operating
platforms. Business and operating platforms vary within each sector but may include, without limitations, nationwide
distribution networks, financial controls, brand portfolios, management information systems, research and development
capabilities and professional management teams.
We have three market leading operating platforms that are the top three in their respective sectors
Scale - Being a market leader of size allows us to successfully compete in an economy with a fragmented local private
sector and where competition from multinational companies and state-owned enterprises is intense. As a market leader,
Masan has greater access to capital, professional talent and scale to invest in building systems and operating platforms.
We build scale through focus and consolidation.
We are Vietnam’s largest private sector group in terms of market capitalization
OUR EXECUTION STRATEGY
In a dynamic market where there are many opportunities, we believe in being disciplined.
Right Sector Selection - We only compete in sectors that can provide scale with strong growth fundamentals and
where there is a proven private sector regional business model. We have identified consumption and resources as our
sector focus.
Target the "Lowest Hanging Fruit” - We first target the "lowest hanging fruit”, categories or products that are
fragmented, have large markets, and where the path to market leadership is clear.

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Rigorous Strategy Development and Proven Execution Approach - Upon sector entry, we develop a bespoke
strategy and repeatable models to drive market leadership in each business line. This enables us to continually invest in
best-in-class operating platforms.
Stringent Capital Allocation and Capital Structure - We have collectively raised over US$500 million in long-term
capital in the last few years but have only utilized the proceeds to consolidate the stakes in our businesses. The
acquisition of the Nui Phao project was primarily cashless. Masan Group has not invested in property or public equities.
We believe in having a conservative balance sheet.
World-class MNC Management - We have professional management at all levels of our organization and incentivize
them by making them shareholders.
Reputable Partners - We have selectively partnered with globally reputable firms who can provide a sounding board
and validation on strategy, information on opportunities and access to long-term capital.
Deep Local Access and Execution - We have developed a platform to manage aspects of our businesses that require
greater understanding of local issues and regulations.
Growth through M&A - To be a consolidator, we intend to accelerate our growth with acquisitions while growing our
existing businesses. We only do control transactions of businesses we believe can become market leaders.
WHAT WE ARE NOT ABOUT
We have strong views on what we are not about and what we will not do.
Real Estate - We do not invest our excess cash to trade property or land. We believe in building cash flow generating
businesses.
Minority Stakes - We believe in having majority ownership or other forms of control in our businesses and not making
passive investments. This allows us to drive value and implement best practices.
Family Management - We are not a family run and managed company. We hire professional managers at all levels of
our organization and make them shareholders.
Cross Shareholdings - Our operating businesses do not invest in each other and they do not own shares of Masan
Group. We believe this increases transparency and prevents conflict of interest.
Intercompany Transactions - Our businesses are not interlinked or partnered with one another. For example, Masan
Consumer does not borrow from Techcombank and Masan Resources will not enter into a joint venture with Masan
Consumer.
GROUP FUNCTIONS
At the group level, we perform several key strategic functions to enhance the value of our businesses, capture Vietnam’s
growth opportunities and address Vietnam’s private sector constraints. We focus on executing on transformative initiatives
and risk management, areas which we believe are critical value drivers for multi-sector companies competing in Vietnam.
By centralizing key functions, we are able to benefit from scale, create synergies, allocate capital more strategically and
provide strategic leverage to our subsidiaries and affiliate, who can therefore focus on building best-in-class operations
and gaining market share.
New Business Initiatives - We are responsible for undertaking new business initiatives we believe will be
transformational for the group and our businesses. We conduct market research, screen new business opportunities and
evaluate entry strategies in order to determine the right execution approach. As part of these efforts, we are also
responsible for developing group-wide macro, industry and company views.
Transaction and Business Execution - We execute transactions and business initiatives at all levels of the Company.
We are responsible for M&A, capital raising and key subsidiary business initiatives. Our M&A initiatives include control
acquisitions and joint venture partnerships. Through centralizing the execution of certain corporate tasks at the group,
we are able to consolidate our access to potential targets and partners, leverage our relationships with advisors and
recruit the best execution team. This structure not only creates greater execution efficiencies and reduces cost, but also
provides more bandwidth to our subsidiaries and allows them to focus on operating and growing their businesses.
Business Intelligence Unit - We develop business plans and budgets and monitor the performance of the Company
and the subsidiaries. To achieve our objectives, we have implemented and continue to enhance group-wide information
systems that combine business reporting with analytics. Our management information systems consolidate information

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provided by our businesses, third party market audits (including the benchmarking of comparable companies and
consumer surveys) and in-house analytics. This allows us to identify operating, financial, industry and macroeconomic
trends to manage risks and facilitate management decision making.
Talent Recruiting and Management - We are responsible for the recruiting efforts for our subsidiaries to fill key senior
executive positions. Our global network and experience at the group allows us to cast a wide but targeted net to
efficiently find the right people for each job. This has allowed us to build a professional team with an optimal mix of
multinational credentials and local execution experience at all levels of the organization.
Local Execution - We execute and manage aspects of our projects that require greater understanding of local issues
and regulations. In particular, we work with local banks for debt financing, manage relationships with regulators and
state authorities and handle community matters. Our ability to execute in a local context has been instrumental in de-
risking the Nui Phao project after the acquisition with the acceleration of the compensation and resettlement efforts,
renewal of key permits and licenses and local project finance.
Stakeholder Relationships, Corporate Communications & Branding - We are responsible for corporate
communications for the entire company and work closely with our businesses to provide regular updates and reports to
our stakeholders. We provide periodic and robust information on our strategy, business operations and financial
performance to create a culture of transparency and accountability. We value our partnerships and actively manage our
relationships.
Group Control and Governance - We are responsible for the controls, compliance, governance and risk management
processes and policies of the company and our subsidiaries. These responsibilities are shared and managed by our
functional sub-departments which include Legal and Compliance and Finance and Accounting.
OUR CULTURE
Our shared values have enabled us to focus on building business leaders.
Passion - Building business leaders means developing a team of pioneering professionals and building companies that
are passionate about being the best at what they do.
Teamwork - We operate under a unique partnership model, the "Masan Way”, where different stakeholders within
Masan Group collaborate as equals and play to their strengths to execute on scalable business building. We believe in
having the best people for each job.
Winning - We are a results-oriented culture. We provide our professionals and businesses the space to explore and test
their boundaries, encouraging them to think outside the box, but we are focused on results. We reward our winners by
making them shareholders.
SHAREHOLDERS
Our shareholders and investors are some of the most reputable and recognizable institutions in the region and world.
Major shareholders on a primary basis
Masan Corporation
BankInvest
R.F.Chandler
House Foods
Dragon Capital
515,272,269 total outstanding shares
Major shareholders on a fully diluted basis
Masan Corporation

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BankInvest
Dragon Capital
TPG
Management
R.F. Chandler
House Foods
Goldman Sachs
IFC
744,108,724 estimated fully diluted number of shares
Masan Corporation includes shares of its board members and subsidiaries. Diluted share count includes conversion shares from all
existing equity-linked instruments that are "in the money” as of June 30, 2010.
GOVERNANCE
Masan Group is committed to good governance, best-in-class procedures and policies and corporate transparency. In
addition to oversight from our major institutional investors and the governance committees prescribed by Vietnam law, such
as our Board of Directors, Supervisory Board and Management Board, we have the following committees to ensure higher
governance standards:
Compliance and Controls Committee - This committee is comprised of executives from our Legal and Finance and
Accounting teams and reports to the Board. The committee is responsible for developing and monitoring our compliance
and controls platform, which includes periodic audits and reviews covering issues or new initiatives.
Transaction Execution Committee - This committee is comprised of members of our Executive Team and senior
executives from our various departments. From initial exploratory discussions to final deal documentation, the committee
applies a rigorous process to ensure that the appropriate level of scrutiny and approvals has been applied when
executing a transaction. A transaction will be evaluated for its strategic rationale, commercial implications, accounting
impact, structure, legality and compliance with existing agreements and potential to affect future corporate actions.
Subsidiary Performance Committee - Comprising members of our Executive Team and professional from our
Business Intelligence Unit, this committee develops and approves the KPIs used to measure and evaluate the
performance of our subsidiaries. The committee engages independent parties to conduct periodic reviews to report to
the Board and benchmark its own findings. This committee enhances accountability within our company and ensures
that the performance of our businesses and people is measured as objectively as possible.
VIETNAM
Vietnam is Masan Group’s primary area of focus as Southeast Asia’s fastest growing economy. Real GDP has grown at a
compound annual growth rate ("CAGR”) of 7.3% between 2004 and 2010. While Vietnam’s growth has been supported by
low labor costs and productivity gains as a result of the Doi Moi ("renovation”) reforms which opened up the markets, we
believe Vietnam’s true value lies in its domestic consumption potential and untapped natural resources.
THE MIDDLE CLASS STORY
Vietnam’s demographic advantages support strong continued growth in domestic consumption:
Large and Young Population - Vietnam has a population of over 89 million in 2010, a high proportion of which is in the
workforce, supporting higher consumer spending. With much of the population (68% under the age of 40) set to enter
the workforce in the next 10 to 15 years, growth in consumer spending is expected to continue.
Rapidly Rising Income Levels - Based on real GDP per capita and adjusted for purchasing power parity, income levels

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Masan Consumer is one of Vietnam’s
largest local diversified FMCG companies.
We manufacture and distribute a range of
food products, including soya sauce, fish
sauce, chili sauce, instant noodles and
cooking oil.
[read more]
have increased threefold in the past 20 years, from US$840 in 1988 to approximately US$2,500 today, leading to a
doubling in the size of the middle class over the past 5 years.
The Middle Class is Driving Growth - Rising affluence accounts for the expansion in basic sectors such as food and
beverage, which will continue to account for more than 50% of total consumption, and in financial services (shown by
the 280-fold growth in the number of debit cards issued between 2003 and 2008).
UNDERDEVELOPED RESOURCES POTENTIAL
Mineral resources, agriculture and energy together constitute a significant percentage of Vietnam’s GDP with further
growth anticipated from the development of the downstream sectors and related infrastructure.
Mineral Resources - Vietnam is richly endowed with mineral wealth, holding some of the world’s largest reserves in
bauxite and tungsten and significant deposits of rare earths, titanium and iron ore. Other mineral resources include
copper, gold, nickel, zinc, tin, lead, chromite and manganese. Vietnam mineral resources potential remains largely
untapped as many areas remain unexplored.
Agribusiness - Agriculture, forestry and fisheries constitutes 21% of Vietnam’s 2010 GDP. The country is a major player
in the rice, coffee, rubber and cashew trades and exported US$5 billion of seafood products (5.6 million ton) in 2010.
Rising domestic consumption, new export markets and institutional support from government and trade groups will drive
the sector’s growth.
Oil & Gas - Vietnam ranks third in Southeast Asia for petroleum resources. The sector has produced almost one billion
barrels of crude oil and 300 billion cubic feet of natural gas over the past several decades. Oil and gas are anticipated in
almost 50 fields and prospects, with reserves of approximately 4.5 billion barrels of oil and 23 trillion cubic feet of gas.
Vietnam’s economic growth will drive development and opportunities in many adjacent and related sectors, including
power, infrastructure, logistics and a more dynamic financial services industry to allocate capital more efficiently to drive
growth.
VIETNAM’S CONSTRAINTS DRIVE OUR BUSINESS MODEL
Vietnam has recently experienced macroeconomic challenges, including high inflation and currency depreciation as it
focused on GDP growth. Also, the private sector, while growing strongly, remains fragmented as demonstrated by turnover
and market share. Private sector companies are further challenged by constrained availability of long-term capital, lack of
professional expertise and competition from larger multinationals.
Masan Group manages these risks and addresses Vietnam’s private sector constraints by building scale and leading
operating platforms to weather financial cycles, consolidation and growing market share.
Source: Spire Consulting, McKinsey, GSO, PetroVietnam
LEADING BUSINESSES
Our businesses are market leaders backed by world-class management teams. We operate in sectors where our enterprise
can create national champions, successfully competing with multinational companies and large state-owned enterprises.

MASAN CONSUMER

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Techcombank was established in
September 1993 as the Technological and
Commercial Joint Stock Commercial Bank.
We are currently one of the largest joint-
stock commercial banks in Vietnam by
total assets with a leading retail deposit
and SME lending franchise.
[read more]
Masan Resources is one of the largest
private sector natural resource companies
in Vietnam, currently developing the world-
class Nui Phao polymetallic project in
northern Vietnam.
[read more]

TECHCOMBANK

MASAN RESOURCES

FAST MOVING CONSUMER GOODS ("FMCG")
MASAN CONSUMER OVERVIEW
We are one of Vietnam's largest local diversified FMCG companies. We manufacture and distribute a range of food
products, including soya sauce, fish sauce, chili sauce and instant noodles. We commenced operations in 2000 and have
subsequently grown our product portfolio, domestic sales and distribution channels to establish a leading position in
Vietnamese branded consumer food products. Our key brands include Chin-su (soya, fish, chili sauces), Tam Thai Tu
(soya sauce), Nam Ngu (fish sauce) and Omachi, Oh Ngon and Tien Vua (instant noodles). With the completion of our
restructuring in 2011 from Masan Food to Masan Consumer, we aim to leverage our operating platforms to enter into other
food and beverage categories.
Vision
To become:
Vietnam's leading consumer company in terms of sales, profitability and brand recognition;
A primary destination for top talent and recognition as the best workplace in Vietnam; and
A symbol for quality and a source of pride among Vietnamese.
Sector
The food and beverage sector is a critical focal area as it underpins Vietnam's robust consumption story. Further, it is a
scaled sector with long-term sustainable growth across financial cycles and where a local can build a dominant market
position. Successful regional food and beverage players demonstrate the importance of selecting the correct products to
"play in" and we have developed the appropriate product selection strategy for Vietnam. We are focused on scale
unorganized sectors that require a deep understanding of local taste, provide a path to penetrate other high growth
adjacencies and where there is a clear opportunity to brand to achieve above average margins. We currently have
identified the condiments and instant noodles segment as the foundation for our food and beverage business where we are

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the #1 and #3 player, respectively.
FAST MOVING CONSUMER GOODS (FMCG)
STRATEGY
Sector Strategy
Masan Consumer deploys a strategic framework in deciding "where to play”. Our sector selection criteria include:
Food and beverage categories where the market opportunity is large and there is a potential market size of at least
US$500 million
Markets where we have the ability to build a premium brand and generate high margins (typical gross margins of at least
30%)
Competitive landscapes where the market is dominated by state owned enterprises or is fragmented and there is a clear
path to consolidation
Markets where we can create value by product localization, through focusing on local taste and health
Execution Strategy
Our execution strategy is to:
Come to market with a differentiated product
Create a premium brand and launch with a strong marketing effort
Leverage our extensive distribution platform and premium brand equity to penetrate mass market segments
Employ and incentivize a world-class experienced management team by making them stakeholders in the business
Financial Strategy
We have a disciplined financial strategy. We:
Aim to achieve 30%+ gross margins which allows us to maintain our strong marketing strategy and reinvest in acquiring
and consolidating business platforms to achieve a sustainable leadership position
Deploy low capital expenditure - we have an asset light entry strategy for new categories in order to focus on generating
a 25%+ ROE
Maintain a conservative balance sheet with leverage below 3x debt/EBITDA ratio in order to adhere to the standards of
a BBB credit rated company
Use a "cash on delivery” model, enabling us to optimize our working capital position and help fund our growth
Growth Strategy
We are focused on growing this platform to enable us to become a market leader:
In our existing categories, we focus on shifting consumers to premium brands and changing consumer behavior towards
higher consumption
We enter into high growth adjacent categories by leveraging premium brand halo and an underleveraged platform
We enter into new attractive categories that fit our sector strategy through inorganic growth
FAST MOVING CONSUMER GOODS (

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TRACK RECORD
Over the span of five years (2006-2010), with the right team and a proven business model, Masan Consumer has come to
dominate the domestic sauce market and gained the second spot in the highly competitive instant noodle market. In the
process, we have delivered strong financial results and became one of the fastest growing consumer companies of scale
in Asia.

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FAST MOVING CONSUMER GOODS (
LEADERSHIP PLATFORM
Our strong performance is attributable to our experienced management team with backgrounds from multinational
consumer companies, investment in building premium brands, a deep understanding of Vietnamese consumer behavior
and an extensive distribution network.
Unparallelled Brand Equity
Our brands are among the most widely recognized consumer food brands in Vietnam. In 2008, Nielsen identified Chin-su,
Tam Thai Tu, Nam Ngu and Omachi as a few of the most recognized brands in Vietnam. Our Chin-su sauce brand was
voted among the top 25 brands in Vietnam in a 2009 Nielsen survey and Omachi was the number one brand in the super-
premium instant noodles segment by retail value in 2010.
Extensive Distribution Network
Masan Consumer's distribution and sales logistics network allows us to deliver our products anywhere in Vietnam within
one day. As of December 31, 2010, our distribution network comprised five distribution centers located throughout
Vietnam, a strong sales force of 168 exclusive distributors and 1,381 salespeople, enabling us to have our products reach
over 141,000 points of sale nationwide.
Experienced Management Team
The key to our success lies in our seasoned management team. Our executives have an average of 18 years of
experience in the domestic food and beverage industry with leading multinational consumer companies such as P&G,
Unilever, Nestle and Kimberly-Clark.
For more information, please visit: www.masanconsumer.masangroup.com
FAST MOVING CONSUMER GOODS
VIETNAM FMCG SECTOR
Vietnam’s consumer products sector is forecast to continue its robust performance of the past several years, underpinned
by strong economic growth, rising living standards of Vietnamese families and the corresponding increase in domestic
consumption.

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Strong industry fundamentals underpinning strong growth in the F&B
sector
For our current product categories, per capita food spending in Vietnam is relatively low compared to other Asian
economies, signifying considerable room for growth in the industry. Busier lifestyles and rising incomes are expected to
drive increased consumption of convenience and packaged foods. While price remains the most important factor in
purchasing decisions, quality and brand recognition are becoming more important to a discerning consumer market in
Vietnam.

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FINANCIAL SERVICES
TECHCOMBANK OVERVIEW
We were established in September 1993 as the Technological and Commercial Joint Stock Commercial Bank. We are
currently one of the largest joint-stock commercial banks in Vietnam by total assets with a leading retail deposit and SME
lending franchise. Techcombank is led by a seasoned management team from leading multinational and local financial
institutions and is supported by our strategic partner, HSBC. Techcombank has successfully ridden the wave of financial
liberalization and the ensuing rapid growth of financial service sector in Vietnam in the past 18 years to become among the
largest and most profitable banks in the country.
Vision
To become:
The preferred and most trusted financial partner of our corporate, SME and retail clients, providing them with a full range
of financial products and services tailored to their needs;
A great working environment where our employees have multiple opportunities to develop, contribute and build a
successful career; and
The best bank and a leading business in Vietnam by 2014, with best-in-class risk management practices.
Sector
The banking sector is the backbone of any economy and particularly in Vietnam will be instrumental in unlocking Vietnam’s
economic potential. It is inherently tied to the bottom-up consumption story as the sector’s growth is interlinked with the rise
of the affluent middle class and the increasing contribution of the private corporate sector to Vietnam’s economy.
Techcombank is focused on the most underpenetrated segments that are backed by strong profitability fundamentals and
where there is a clear path to consolidate to become a market leader. Moreover, Techcombank operates in segments that
are underserved by the state owned banks and where foreign institutions lack the structural flexibilities and capabilities to
compete. Techcombank sector strategy is to solely cater to affluent and mass affluent customers and private sector SME.
Rising income level will continue to drive penetration of retail banking products and the lack of access to capital for the
SME sector validate Techcombank’s sector focus.

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FINANCIAL SERVICES
STRATEGY
Techcombank aims to concentrate on extending its franchise as a leading retail and private enterprise bank by
emphasizing the strategy pillars:
Apply a disciplined customer segment focus to drive sustainable high-quality growth.
Invest in distribution to attract customers via physical footprint and pioneer e-channels.
Grow deposit base primarily from retail customers.
Lend to core customers offering high-margin loan products with robust credit controls.
Drive transaction and fee services to generate high margin, low risk, loyalty-building income streams.
Continue to invest to consolidate market share and profitability via new product offerings and world class customer
service.
Continually enhance the risk management platform with a particular focus on:
Low cost funding through deep retail deposits penetration
Focus on secured, asset back lending
Maintain a diversified loan portfolio with minimal exposure to SOE sector and real estate
Maintain high capitalization ratios in excess of regulatory requirements
FINANCIAL SERVICES
TRACK RECORD
Techcombank has capitalized on the liberalization and growth of Vietnam’s banking sector to achieve strong financial
results over the past five years.
Techcombank was awarded "Best Bank in Vietnam in 2010" by Euromoney for being, among other achievements:
No. 1 among joint-stock commercial banks in branches opened
No. 1 among joint-stock commercial banks in new ATMs
No. 2 among joint stock commercial banks in profit before tax
No. 2 among joint stock commercial banks in total deposits
No. 3 among joint stock commercial banks in total assets

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FINANCIAL SERVICES
PLATFORM
Techcombank has the second largest total deposits among private sector banks in Vietnam, with VND80,550 billion in total
deposits at the end of 2010. Techcombank has rapidly grown its branch network in order to increase our reach, expand our
customer network and improve our service platform. As of December 31, 2010, we had a network of over 282 branches
and transaction centers in 35 provinces and cities throughout Vietnam. Techcombank has its own network of 1,021 ATMs
and has joined card alliances to give our retail customers access to approximately 9,350 ATMs and 14,000 points of sale
nationwide. This emphasis on branch banking and retail customers is targeted at acquiring customers and low cost funding
from deposits which we believe are the foundations of a market leading bank.
Prudent Risk Management Model

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Techcombank's rigorous and comprehensive risk management practices are regarded as among the best in the
Vietnamese banking market. Through our strategic partnerships with HSBC, a leading global bank and McKinsey, a world
class advisory firm, Techcombank has built a robust risk management platform underpinned by:
Secured lending;
Diversified loan book;
Low real estate exposure; and
Streamlined process and prudent policy.
Well Diversified and Highly Experienced Management Team
Techcombank’s management team consists of local and international bankers with deep experience working for leading
multinational banks such as Citigroup, Deutsche Bank, HSBC, DBS and ABN-AMRO.
Technology and System Orientation
Techcombank has consistently been a technology pioneer. In 2002, we were the first joint-stock bank in Vietnam to
implement a core banking system, the T24 core banking system developed by Temenos. We were the first financial
institution in Vietnam to execute a Business Process Management (BPM) platform for the retail and SME credit application
processes.
Techcombank is also the first joint-stock bank to become a member of the Smartlink-Banknetvn ATM network, which today
provides its customers with access to approximately 9,350 ATMs throughout Vietnam. Most recently, in 2010, we
implemented the Data Warehouse Model by Oracle to streamline and improve operations. In the same year, we are also
the first financial institution in Vietnam to adopt an automated front and middle office treasury solution.
For more information, please visit: www.techcombank.com.vn
FINANCIAL SERVICES
SECTOR OVERVIEW
According to McKinsey, as of 2010, there were only 15 million bank accounts in Vietnam, despite a total population of 89
million. There is a large gap in deposit and credit levels between Vietnam and other Asian countries. Credit per capita in
Vietnam is only approximately 20% of the level of Thailand, 10% of the level of Malaysia and 3% of the level of Singapore
(Source: ADB, 2009).
The banking sector continues to grow faster than GDP as the financial system of Vietnam modernizes. With approximately
70% of the population under 40 years of age, Vietnam’s young population will drive continued high growth rates for the
local banking industry. The population’s rising affluence also drives familiarity with and demand for banking products and
services, fueling growth. Similarly, growth in business, manufacturing and trading activities, in particular from SMEs,
represents a major growth opportunity for banks able to deploy an appropriate suite of products, such as working capital
financing, deposit accounts, trade finance, foreign exchange, cash management services and other banking products.
RESOURCES
MASAN RESOURCES OVERVIEW

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Masan Resources is one of the largest private sector natural resource companies in Vietnam, currently developing the
world-class Nui Phao polymetallic project in northern Vietnam.
Vision
With Nui Phao as the flagship, we aim to acquire, develop and explore other assets to build the premier private sector
resources company in Vietnam.
Sector & Products
The resource sector is one of our core areas that we believe represents Vietnam value. It is an underdeveloped and
fragmented sector where a local private sector company can achieve scale and develop market leadership. The Nui Phao
project fits Masan’s entry strategy and product selection criteria. Nui Phao will be a globally significant producer of
tungsten, fluorspar and bismuth - niche industrial minerals that are large enough to establish a private sector leader that
can generate cash flows to consolidate the sector.
RESOURCES
STRATEGY
Execution…
Leverage local relationships to access and execute on opportunities
First on scene - Leverage local networks to obtain preferential access to quality assets
Vietnam expertise - Proficient at navigating central and local government and regulatory requirements
Swift execution - Governmental and community ties to accelerate onsite progress
Use capital to acquire and develop quality assets
Brownfield assets - Inject required capital to complete development of brownfield assets to generate cash flows
Optimize production - Inject expansion capital to scale up operations for significant productivity gains
Value addition - Put capital to use in building infrastructure to improve asset efficiency and cost competitiveness
Significantly de-risking projects through the Masan platform
Macroeconomic risk - Hedged against commodity price fluctuations with Masan Resources’ diversified basket of
metals and minerals
Financial risk - Access to Masan Group’s stable capital flows and investor networks
Operational risk - Access to Masan Group’s trading partners, customers and professional management expertise to
solve operational issues
… With Global Standards
Masan Resources is committed to working to achieve global standards as we develop and expand our business. We have
has assembled a team of world-class professionals with extensive international and regional experience who is passionate
about building Masan Resources into Vietnam’s resources champion. Our partners including Jacobs Engineering Group,
Knight Piesold and Golder Associates are assisting us in achieving this vision. We care deeply about the impact of our
projects on the environment and community surrounding them. Thus, our environmental and social action plans are built in
accordance with Equator Principles (the ‘gold standard’ for social and environmental sustainability for mining projects) to
minimize any adverse impacts from our projects and also to add value to the communities surrounding our projects. We
have provided some additional infrastructure to the people relocating to the resettlement sites provided by our projects, as

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well as providing training to help them to be able to pursue alternate careers. For more information on our community
initiatives, please refer to the section on Community.
RESOURCES
PROJECT HIGHLIGHTS
Nui Phao represents the ideal platform to build Masan Resources into Vietnam’s leading private-sector resource company.
Unique Asset of Scale - Nui Phao is a unique mine with one of the world’s largest deposits of tungsten, fluorspar and
bismuth, as well as deposits of copper with traces of gold. When in full production, Nui Phao is expected to generate
over US$400 million in revenue annually*.
The Right Commodities - A distributed revenue base provides the project stability in a volatile environment for
commodities. In addition, given the concentration of supply for tungsten, fluorspar and bismuth and the prospects for
copper linked to emerging markets growth, the view on future prices for these commodities is favorable.
Low Cost of Operations - As an open-pit mine with a low strip ratio, Nui Phao will be one of the lowest cost producers
of tungsten. Cash costs on a tungsten basis are projected to be negative, which will help the project withstand
commodity price fluctuations.
Significant Progress - Over US$130 million had already been invested into the project prior to Masan Group’s
acquisition, with resources and reserves established, a feasibility study completed and a substantial amount of long
lead-time equipment already on site. This significantly reduces both the risk for Masan Group in developing this project
and time to revenue generation.
Infrastructure Availability - The project is located only 80 km from Hanoi and around 180 km and 240 km from the Hai
Phong and Quang Ninh ports, respectively. Basic infrastructure including roads, rail lines and access to power and water
are in place, allowing a shorter project development timeline.
(*) Using commodity prices as of March 1, 2011
RESOURCES
TRACK RECORD
Critical areas of focus that helped de-risk the Nui Phao project and aided successful development include:
Licenses and Approvals - Prior to closing of the transaction to purchase Nui Phao, we obtained a new Investment
Certificate and Mining License for Nui Phao, immediately addressing key regulatory concerns.
Management Team - Masan Group helped re-build the management team at Masan Resources by hiring Dominic
Heaton, a mining industry veteran with over 20 years of experience developing and operating mining projects.
Compensation and Resettlement - We worked with the provincial and local government authorities to accelerate the
compensation and resettlement (C&R) process for the project. As of June 2011, we had obtained approvals for the
compensation plan for 97% of the land required immediately for the project, as opposed to only 44% before acquisition,
and acquired over 90% of this land. Apart from making land available for construction, accelerating the C&R process
also helped demonstrate visible progress and built confidence in the local community.
Financing - Soon after acquiring the project, Masan Group forged ahead with financing discussions with potential
partners. In December 2010, Masan Group agreed with Mount Kellett, a global private equity firm, for an equity
investment of US$100 million into Masan Resources. In 2011, Masan Group signed loan agreements with Vietnam
Development Bank and with a syndication of local banks for over US$200 million in additional financing.
RESOURCES

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SECTOR OVERVIEW
Vietnam is endowed with significant deposits of a variety of bulk and niche minerals, including bauxite, rare earths,
tungsten, titanium, phosphate, coal and iron ore. However, with the exception of coal, a majority of the current mining
projects in the country are small in scope, representing an untapped opportunity for development on a larger scale.
Despite the contribution of the coal sector the mineral industry constitutes only about 4.0% of Vietnam’s GDP, suggesting
significant growth potential. According to the General Statistics Office of Vietnam, about US$1.48 billion (in 1994 constant
dollars) was invested in Vietnam’s mining and quarrying sector in 2009, which was about 7% of the total investments in the
country. In the same year, the sectors employed 475,000 people, or approximately 1% of the total number of employed
people in the country.
OUR PEOPLE
EXECUTIVE COMMITTEE
Comprising our founders and senior members of our management team, our Executive Committee directs the group’s
vision and provides guidance on critical strategic and financial decisions for new and existing businesses.
Dr. Nguyen Dang Quang
Chairman
Dr. Nguyen Dang Quang is the Chairman of Masan Group’s Board of Directors. In addition, he is the Chairman of Masan
Consumer, First Vice Chairman of Techcombank, and Chairman of the Member’s Council of Nui Phao Mining Company
Limited.
Dr. Quang has been highly instrumental in the establishment and development of many of our businesses and subsidiary
companies. He is a visionary who has professionalized Masan Group at an early stage of development while still keeping
our Vietnamese culture and values intact.
Dr. Quang has a Doctorate degree in Technical Sciences from the National Academy of Sciences of Belarus and a
Master’s degree in Administration and Business Management from the Plekhanov Russian Economic University.
Ho Hung Anh
Vice Chairman
Ho Hung Anh is the Vice Chairman of Masan Group’s Board of Directors. He also serves as a board member of Masan
Consumer and is the Chairman of Techcombank. Hung Anh has contributed to the early stages of Masan Group’s
development and provides strategic guidance as a Vice Chairman. He devotes time his leading Techcombank, a Masan
Group affiliated company, to become Vietnam’s leading private sector bank.
Hung Anh holds a Bachelor’s degree in Electronics from the Kiev Polytechnic Institute.

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Madhur Maini
Chief Executive Officer
Madhur Maini is Masan Group’s CEO and board member of Masan Group, Masan Consumer, Techcombank and Vice
Chairman of Nui Phao Mining Limited.
Prior to joining Masan, Madhur spent over 14 years with Merrill Lynch and Deutsche Bank where he has extensive
experience in building successful businesses in Asia. Some of the businesses he built include Malaysia, Thailand,
Financial Institutions Group and the Principal and Private Equity business for Southeast Asia at Deutsche Bank.
Madhur has been instrumental in transforming Masan from a food company into a leading private sector group in Vietnam.
Madhur has consolidated the company’s economic interest in its businesses, overseen growth in the underlying operations
and added a new resources vertical through the establishment of Masan Resources.
Madhur is a graduate of the Management and Technology program at the University of Pennsylvania, where he was a
Benjamin Franklin Scholar. He had a BS in Economics with a concentration in Finance from the Wharton School and a BS
in Applied Sciences from the School of Engineering and Applied Sciences, both at the University of Pennsylvania.
Nguyen Thieu Nam
Deputy CEO
Nguyen Thieu Nam is Deputy CEO and member of the Board of Directors. He has previously held senior executive roles at
our subsidiary and affiliated companies such as Masan Consumer and Techcombank.
At Masan Group, Nam manages the relationships with key partners and leads local execution. He was instrumental in
accelerating the compensation and resettlement efforts of the Nui Phao project, advancing the land acquisition process to
91% of of the land required immediately for the project by June 2011, as opposed to only 2% before acquisition.
Nam graduated from the Vietnam University of Commerce with a BA in Economics.
PORTFOLIO EXECUTIVES
At our operating businesses, our leadership comprises experienced professionals with an extensive track record of
executing in emerging markets at multinational companies.
Truong Cong Thang
Masan Consumer
Truong Cong Thang is the CEO and a board member of Masan Consumer. Prior to joining Masan Consumer, Thang spent
six years at Procter & Gamble Vietnam as Marketing Director where he successfully launched some of the company’s
global brands in the Vietnamese market.
At Masan Consumer, Thang was the driving force behind the company’s development of its domestic business and is the
architect behind Masan Consumer’s brand strategy and market share dominance.
Thang graduated from Hanoi National Economics University.

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Nguyen Duc Vinh
Techcombank
Nguyen Duc Vinh is one of the most experienced executives in the Vietnamese banking industry, and has served as CEO
of Techcombank since 2000.
Vinh has an MBA from Institut Supérieur des Affaires, Groupe HEC in Paris.
Dominic Heaton
Masan Resources
Dominic Heaton is responsible for developing Nui Phao, leading exploration activities and building Masan Resources into a
scale multi-asset resource company.
Since joining Masan Resources, Dominic has assembled a world-class management team to build Masan Resources into
Vietnam’s resources champion and has been instrumental in advancing the development of the Nui Phao Mine.
He has over 20 years of mining experience in Southeast Asia at Placer Pacific, Aurora Gold, Oxiana, OZ Minerals and
MMG. He has been General Manager of the Sepon mine in Laos and General Manager of Operations of the Martabe mine
in Indonesia.
Dominic graduated from James Cook University and La Trobe University in Australia.
MANAGEMENT TEAM
The teams responsible for the group functions are comprised of young, global, proven and flexible professionals who can
execute on diverse projects we believe create the most transformation and add the most value.
BUSINESS DEVELOPMENT
Michael H. Nguyen
Executive Vice President
Michael H. Nguyen is primarily responsible for the development of Masan Group's transaction and business execution
platform to support the company's subsidiaries and the company's growth in new sectors. He has functioned as "Chief of
Staff" to the CEO in executing the transformation of Masan from a food company into a leading private sector group.
Michael has contributed to the build out of the transaction and business execution platform by helping to raise over US$500
million in capital for the company.
Before joining Masan Group, Michael helped build out JP Morgan's Vietnam investment bank execution team and worked
on M&A, capital markets and privatization transactions with financial, real estate and consumer clients. Prior to Vietnam,

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Michael advised and provided structured solutions to multinational clients at JP Morgan in New York.
He graduated from Harvard University with a BA in Sociology.
Preetinder S. Panjrath
Senior Vice President
Preetinder S. Panjrath leads Masan Group’s Business Intelligence Unit and plays a senior role in Masan’s new business
initiatives. He is responsible for investment analysis of M&A opportunities and assessing the viability of potential business
initiatives. He is also responsible for monitoring and analyzing the financial and operating performance of Masan’s current
businesses as well as in-house financial forecasting of these businesses. Preetinder has been instrumental in building the
market intelligence unit at Masan that performs competitive analysis as well as macro-economic analysis for business risk
management.
Prior to join Masan Group, Preetinder worked as a Technology Analyst at Deutsche Bank, New York, and prior to Deutsche
Bank, Preetinder worked at Oracle where he built the ilearing.oracle.com business from the ground up into a multi-million
dollar business.
Preetinder holds an MBA from INSEAD, France and a Bachelors of Engineering from Thapar Institute of Engineering and
Technology, India.
Samresh Kumar
Samresh Kumar is responsible for business building, execution of capital raising and M&A transactions and identifying new
areas for growth. He has played a key role in establishing and strengthening our relationship with the International Finance
Corporation and led our transaction and partnership with global investment firm KKR. Samresh played a critical role in the
business transformation of Masan Consumer from a packaged food company into a broader consumer company, including
enhancing its environment, health and safety practices.
Samresh has more than ten years of previous corporate experience, including, in private equity and strategic investments
at Sun Group, management consulting with Accenture and an entrepreneurial stint in investment banking. He has worked
in India, Middle-East, Russia and United Kingdom.
Samresh graduated with a PGDM from the Indian Institute of Management, Calcutta, and a BTech in Mechanical
Engineering from the Indian Institute of Technology, New Delhi.
Nguyen Bich Ha Nguyen
Nguyen Bich Ha Nguyen joined Masan in 2000 and is a senior executive responsible for our local execution efforts and key
relationships. He has raised local project finance for Masan Resources and plays a leading role in de-risking the Nui Phao
mining project post-acquisition.
Prior to joining Masan Group, he worked for the Department of Planning and Investment Services in Binh Duong Province,
in charge of the province's investment activities such as sourcing, appraising and implementing transactions.
Nguyen graduated from University of Ho Chi Minh where he majored in Planning and Investment. He also holds an MBA.

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Scott Tan
Scott Tan is responsible for Masan Group’s Strategic Initiatives Unit. He is primarily focused on our business development
and new business initiatives from a strategic human capital perspective. Scott was also instrumental in building Masan
Group’s pioneer business execution team, and currently oversees our Singapore representative office.
Before joining Masan Group, Scott was a founding partner of, a successful global boutique executive search firm based out
of Singapore, Hong Kong and Tokyo specializing in the financial markets. Prior to that, Scott was the Head of Business
Development and Management Consultancy in an international investment advisory firm in Kuala Lumpur and Seoul. Scott
has also previously owned several businesses. He was also a News Anchor for an Asian TV channel and radio
personality.
Scott holds a B.S. (Hons.) in Information Technology majoring in Management from the University of Malaya, Malaysia
Hanh N. Huynh
Vice President
Hanh N. Huynh is responsible for developing and managing Masan Group’s corporate operations and support platform and
executing on strategic corporate initiatives. Hanh leads our executive recruiting efforts for Masan Group and our
businesses and has established our overseas operations, including our representative office in Singapore.
Before joining Masan Group, Hanh was an equity research associate for five years at global multi-billion asset
management firm AllianceBernstein in New York and San Francisco, where she performed fundamental and quantitative
research and analysis in technology sector.
Hanh graduated magna cum laude from the University of San Francisco with a BA in Business Administration.
Danny Le
Vice President
Danny Le has built out our corporate communications platform and played a critical role in the transformation of Masan
Consumer from a packaged food company into a larger consumer company, including helping to form a partnership with
global investment firm KKR. He continues to play a key role in developing Masan Consumer growth strategy and, at the
group, manages our 3rd party relationships.
Prior to joining Masan Group, Danny advised financial institutions at Morgan Stanley, New York, working with multinational
clients to execute M&A, capital markets and privatization transactions.
He graduated from Bowdoin College with a BA in Sociology.
Paritosh Gupta
Vice President

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Paritosh Gupta has been instrumental in establishing our resources platform where he led the technical and financial due
diligence process for the acquisition of the Nui Phao project. Since the transaction, he has worked closely with Masan
Resources management on strategic initiatives to advance the project and helped form a partnership with global
investment firm Mount Kellett. He also focuses on analyzing new business opportunities for Masan Group and leads our
analysts and associate trainings.
Prior to joining Masan Group, Paritosh worked at Lehman Brothers in its Asia Special Situations Group, a proprietary
investment desk.
Paritosh holds a PGDM from the Indian Institute of Management, Bangalore and a B.Tech. in Chemical Engineering from
the Indian Institute of Technology, Bombay.
Nick Poole
Vice President
Nick Poole works in business development for Masan Group from a human capital perspective.
He was previously a pioneer and one of the founders of the Asian division of a global executive search firm, Akamai
Financial Markets, which received several accolades in financial services. Prior to that, Nick worked at Morgan Stanley
investment bank. He has a decade of research and consulting experience in the Asian financial markets. Nick commenced
his career as a sale and purchase Ship Broker for P&O in Hong Kong.
Nick holds a B.A. in Maritime Business and Law at the University of Plymouth and is an Associate Member of the AIMR
and Hong Kong Society of Financial Analysts. He's qualified in arbitration and
Thu Nguyen
Senior Associate
Thu Nguyen is responsible for transaction and business execution and working with our subsidiaries on strategic initiatives.
Prior to joining Masan Group, Thu was an Assistant Vice President at State Street Corporation, a global leader in financial
services for institutions, where he was responsible for corporate M&A and advisory services to the Board. Thu has also
worked at Keybanc Capital Markets and UBS.
Thu graduated from Boston College’s Carroll School of Management where he earned a B.S. in Business Administration –
Finance & Accounting.
Salil Rajadhyaksha
Senior Associate
Salil Rajadhyaksha is a corporate finance lawyer with experience in capital markets, banking and corporate transactions.
He has worked with investment and commercial banks, private equity funds and issuers on Rule 144A and Reg S global
offerings, PIPEs, convertible and straight debt offerings, private placements, syndicated and secured bank loans and
structured finance transactions. He has also worked on cross-border M&A, joint ventures, securitizations, restructurings
and privatizations. Salil's experience includes both inbound and outbound acquisitions and growth equity investments in
various sectors.
Prior to joining the Masan Group, Salil worked at Linklaters and Trilegal.He graduated from University of Mumbai
(Government Law College) with a First Class Honours Degree in law and has passed the CFA Level III exam.

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Punendu Sharma
Senior Associate
Prior to joining Masan Group, Punendu worked at Trefis.com, a Boston based start-up venture pioneered by IIT and MIT
engineers and Wall Street analysts. He was responsible for fundamental valuations of US large-cap stocks across
consumer goods, financial services and travel sectors, and frequently had his analyses published on forums such as
Forbes, Seeking Alpha and the NASDAQ blog.
Punendu has worked at Procter & Gamble as Finance Manager and as Product Supply Finance Manager at healthcare
manufacturing plant in India. He comes to Masan Group with a diverse global work experience, which encompasses
private equity at Dubai International Capital, investment banking at BNP Paribas in Paris and corporate finance at
Thomson Reuters in London.
Punendu holds a M.S from ESCP Europe, Paris with a major in Finance along with a B.Tech from the Indian Institute of
Technology, Delhi.
Nguyen Thao Anh
Senior Associate
Nguyen Thao Anh works closely our subsidiaries on key business initiatives and has also assisted in building out our
corporate communications platform, implementing our monitoring process for compensation and resettlement at Masan
Resources and reviewing the logistics operations of Masan Consumer.
Prior to joining Masan Group, she was Senior Analyst at KPMG Corporate Finance in Singapore where advised corporates
on M&A, restructuring and financial reporting.
Thao Anh holds an MBA (finance specialization) from Nanyang Business School, Singapore.
Nguyen Dang Hieu
Associate
Nguyen Dang Hieu has contributed to the build out of our management information systems and our analytics and research
platform. He currently monitors our existing businesses and evaluates new business opportunities.
Hieu previously worked at Tiger Investment Management (TIM). He graduated from the National University of Singapore
with a Bachelor degree in Business Administration and is a Certified Financial Risk Manager.
Nguyen Thi Hong Van
Senior Analyst
Nguyen Thi Hong Van works closely with Masan Consumer and assists with Masan Group’s corporate operations and

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research.
Before joining Masan Group, Van was an investment analyst for Asset Management Consulting AG of Switzerland, where
she was responsible for equity, industry, economic and regulatory research.
Van has BA degrees from Banking Institute and from the University of Social Sciences and Humanities, Ho Chi Minh City.
Dang Van Duc
Senior Analyst
Dang Van Duc is responsible for local execution and has been involved with the business development initiatives at Masan
Resources.
Prior to joining Masan Group, Duc was an auditor with an accounting services company.
Duc holds a BA degree from the University of Economics, Ho Chi Minh City.
MANAGEMENT TEAM
FINANCE & ACCOUNTING
Eric Chan Hong Wai
Chief Financial Officer
Eric Chan Hong Wai is responsible for finance and accounting operations for Masan Group and subsidiaries. Eric has been
instrumental in moving Masan Group from Vietnam Accounting Standard to IFRS reporting.
Prior to joining Masan Group, Eric has had more than 10 years of work experience with Ernst & Young, Kuala Lumpur and
PricewaterhouseCoopers, Shanghai. His role involved auditing and participating in capital market transactions for
companies in a variety of industries including oil and gas, property development, high technology manufacturing, consumer
staples and green technology and in various markets such as the U.S., Malaysia, China and Hong Kong.
Eric is a Fellow of the Association of Chartered Certified Accountants of the UK and graduated from Sunway University
College, Malaysia.
Nischay Saraf
Vice President
Nischay Saraf works with our subsidiary companies to enhance their finance and accounting operations and is responsible
for our IFRS initiative.
Nischay was formerly with PricewaterhouseCoopers. He graduated from Bangalore University and is a member of the
Institute of Chartered Accountants of India.

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Ta Thi Thuy Trang
Chief Accountant
Ta Thi Thuy Trang is responsible for our financial reporting and managing the financials of our businesses.
Trang has spent over 10 years in various senior financial positions with Masan and affiliated companies. She was
previously the Assistant CFO at OV Container Line Representative Office and Chief Accountant at TUV SUD PSB
Vietnam.
Trang holds a B.A. in Accounting – Auditing from the Economics University, Ho Chi Minh City, Vietnam.
Doan Thi My Duyen
Finance Manager
Doan Thi My Duyen is responsible for our IFRS initiative, financial reporting, announcements.
Prior to joining Masan Group, Duyen was formerly with KPMG, Vietnam.
Duyen graduated from University of Economics, Ho Chi Minh City.
Tran Cam Van
Finance Manager
Tran Cam Van is responsible for our financial reporting and announcements and managing the consolidation of Masan
Resources’ financials.
Prior to joining Masan Group, Van was formerly with Citigroup, U.S. and PricewaterhouseCoopers, Vietnam.
Van graduated from University of Maine.
MANAGEMENT TEAM
LEGAL & COMPLIANCE
Tran Quang Chuc
Chief Legal Counsel
Before joining Masan Group, Tran Quang Chuc was a lawyer for Allens Arthur Robinson and YKVN Lawyers. He was also
Chief Legal Counsel for TNK Capital Partners. Prior to practicing law, Mr. Tran was a lecturer at the Hanoi Banking

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Institute.
Chuc holds an LLM from the University of Melbourne, Australia and an LLB from the Hanoi Law School.
Le Thanh Tung
Senior Legal Officer
Before joining Masan Group, Le Thanh Tung was a lawyer for Baker & McKenzie and LuatViet Advocates & Solicitors.
Prior to practicing law, Mr. Le was a project officer at Fisheries Law Project, which is under the auspices of the Ministry of
Fisheries and funded by Norwegian Agency for Development.
Tung holds an LLM from the University Panthéon-Assas (Paris II), France and an LLB from the Vietnam National
University, Hanoi – Faculty of Law.
Dang Ngoc Ca
Legal Officer
Prior to joining Masan Group, Dang Ngoc Ca was an Associate at Allens Arthur Robinson and Paralegal at Luat Viet law
firm, Vietnam. He earned his LLB at Ho Chi Minh City University of Law.
Do Thi Hoang Yen
Legal Officer
Do Thi Hoang Yen was formerly with Ho Chi Minh City Housing Management and Trading Company. She graduated from
Ho Chi Minh City University of Law.
OUR PARTNERS
MASAN GROUP INVESTOR
Our partners provide us strategic advice, access to opportunities and long-term capital for growth.

OUR BUSINESS PARTNERS AND INVESTORS

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NEWS
Masan Consumer Acquires 50.11% of Vinacafe Shares
13 October 2011
Masan Group Raises US$108 Million Loan Facility
18 August 2011
EARNINGS RELEASE

TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm. With
more than US$2.5 billion under management, TPG Growth targets investments in a broad range of industries and
geographies, utilizing leveraged buyout, growth equity, and private investment in public equity structures. The firm is
backed by the resources of TPG, with more than US$48 billion of assets under management. TPG Growth has offices in
the United States, China and India.

International Finance Corporation (IFC), a member of the World Bank Group, is the largest global development institution
focused on the private sector in developing countries. IFC creates opportunities for people to escape poverty and improve
their lives. IFC provides financing to help businesses employ more people and supply essential services, by mobilizing
capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic
uncertainty, its new investments climbed to a record US$18 billion in fiscal year 2010.

R.F. Chandler
Invested in Masan Group in 2010.

Goldman Sachs
Invested in Masan Group in 2010 through a convertible loan.

The BankInvest Group was founded in Denmark in 1969 and is one of the largest asset managers in Scandinavia with
US$30 billion under management, hereof US$6 billion invested in emerging markets.

In 2006, BankInvest launched the PENM (Private Equity New Markets) fund and currently has two funds with capital of
US$240 million over 2 funds. Through PENM, BankInvest provides capital and business know-how and focuses on
medium sized companies with high growth opportunities. Since 2007, BankInvest has officially become a strategic partner
of 14 Vietnam enterprises including Masan Group.

Dragon Capital Group is an investment group with exclusive focus on Vietnam. Established in 1994, the Company
manages assets of over US$1.3bn on behalf of private and public institutions from around the globe.
INVESTOR CENTER

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MSN 3Q11 Earnings Release
25 October 2011
25 July 2011
CORPORATE PRESENTATIONS
CEO Presentation at MSN AGM 2011
25 April 2011
Factsheet
15 August 2010
COMPANY RESEARCH
Viet Capital Securities
28 July 2011
Kim Eng Securities
7 June 2010
Masan Consumer Acquires 50.11% of Vinacafe Shares
13 October 2011
Masan Group Raises US$108 Million Loan Facility
18 August 2011
Masan Group Raises US$159 Million with 10% Sale of Masan
Consumer to KKR
13 April 2011
Masan Group Raises USD$100 Million from Mount Kellett
24 January 2011
Masan Group Signs US$30,000,000 Convertible Loan Agreement
17 November 2010
Masan Group to appoint Dominic Heaton as CEO of Masan
Resources
4 October 2010
CEO’S BLOG
Coming soon ...
BUSINESS UPDATE
NEWS
2011
2010

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Masan Group Issues Shares to Orchid Fund Pte Ltd
4 October 2010
IFC Invests in Masan Group to Support Its Business Building
Initiatives
11 May 2010
Masan Enters The Resources and Infrastructure Sectors With The
Acquisition of Nuiphaovica
4 May 2010
Masan CEO Speaks With The Investor Community at a Conference
Hosted by Dau Tu Chung Khoan, Vietnam’s leading investment
publication
16 December 2009
Masan Group Lists on The Ho Chi Minh Stock Exchange
5 November 2009
Masan Group Secures Private Equity Investments by TPG and
BankInvest Endorsing the Group’s Business Strategy and Growth
Potential
26 October 2009
Masan Food Corporation and Mekong Capital’s Vietnam Azalea
Fund Join Forces for a BIG Future
1 May 2009
BankInvest Invests in Masan Food
6 November 2008
CEO Presentation at MSN AGM 2011
25 April 2011
Factsheet
15 August 2010
Factsheet
28 December 2009
Annual Report 2010
25 April 2011
2009
2008
BUSINESS UPDATE
CORPORATE PRESENTATIONS
BUSINESS UPDATE
ANNUAL REPORTS

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Annual Report 2009
20 April 2010
Masan Group 2010 Audited Financial Statements
Shareholders’ resolutions
Written circular to shareholders
Notice on shareholders book closing date
Board Resolutions Collection of shareholders written
opinions
Agenda AGM 2011
Back Up Voting Card at AGM 2011
Hand Voting Card at AGM 2011
Voting Procedures at AGM 2011
Working Principals at AGM 2011
Power of Attorney
Proposal on Issuance of Securities
2011 Earnings Forecast
Report of Chief Executive Officer
Proposal on Issuance of New Shares Under ESOP
Proposal on Amendment of Charter at AGM 2011
Proposal on Dividend Distribution at AGM 2011
Notification of 2011 AGM
Board of Directors Report
Masan Group Share Issuance
13 October 2010
BOD Resolutions
18 November 2009
Notice on The Book Closing Date to Shareholders
BUSINESS UPDATE
CORPORATE ANNOUNCEMENTS
2011
Documents of the 2011 AGM
20 Apr 2011
2010
Documents of the 2010 AGM
20 Apr 2010
2009

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18 November 2009
VND Million
RESEARCH REPORT
COMPANY

Research Firms Analyst Date Research Reports Phone
Viet Capital Securities Marc Djiandji 28 July 2011 Report +84 8 38145588
Kim Eng Securities Nguyen Thi Ngan Tuyen 28 December 2010 Report +84 8 38386636
Kim Eng Securities Nguyen Thi Ngan Tuyen 7 June 2010 Report +84 8 38386636
Ho Chi Minh Securities Fiachra Mc Cana 30 November 2010 Report +84 8 38233299
Ho Chi Minh Securities Fiachra Mc Cana 4 February 2010 Report +84 8 38233299
Viet Capital Securities Marc Djiandji 19 November 2009 Report +84 8 39143588
Trang An Securities Vu Hoang Son 28 December 2009 Report +84 4 39446213

RESEARCH REPORTS
MACRO-ECONOMIC
Coming soon…
FINANCIAL INFORMATION
ANNUAL FINANCIAL STATEMENTS
Extract data to Excel
(*) VND/USD exchange rate of 21,000

VAS IFRS
INCOME STATEMENT 2010 2009 2010 2009
Audited Audited Pro Forma* Pro Forma
Gross Sales 5,688,900 4,078,200 5,688,900 4,078,200
Less Sales Deduction 102,900 119,700 102,900 119,700
Net Sales 5,586,000 3,958,500 5,586,000 3,958,500
Cost of Goods Sold 3,194,100 2,583,000 3,194,100 2,583,000
Gross Profit 2,391,900 1,373,400 2,391,900 1,373,400

VND

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SG & A 1,165,500 741,300 1,165,500 741,300
Administrative Expenses
Financial Income 1,621,200 159,600 382,200 159,600
Financial Expenses 270,900 102,900 270,900 102,900
Net Operating Profit 2,576,700 688,800 1,337,700 688,800

Other Profit / (Expense) 8,400 (4,200) 8,400 (4,200)
Share of Profit in an Associate 159,600 48,300 600,600 491,400
Profit before Tax 2,746,800 732,900 1,946,700 1,176,000

Tax 117,600 52,500 117,600 52,500
Profit after Tax 2,629,200 680,400 1,829,100 15,823,500

Attributable to
Minority Interests 346,500 262,500 346,500 262,500
Equity Holders of the Company 2,282,700 415,800 1,482,600 854,700
(*) Pro forma is our unaudited financial numbers that are derived from our audited results with adjustments made to
reflect normalized earnings. These adjustments include applying Masan Group's 2010 year-end economic interest
percentage in our subsidiaries and affiliates as of the beginning of 2009, adding back the amortization of goodwill from
the restructuring of our ownership in Techcombank and reversing the recognition of negative good will in connection
with the acquisition of the Nui Phao project.
BALANCE SHEET 2010 2010 2009
Audited Pro forma** Audited
CURRENT ASSETS 4,626,300 4,626,300 2,442,300
Cash 3,393,600 3,393,600 1,123,500
Short-term Investment 489,300 489,300 777,000
Net Operating Receivables 54,600 54,600 54,600
Other Receivables 260,400 260,400 228,900
Inventories 289,800 289,800 199,500
Other Current Assets 138,600 138,600 58,800

LONG TERM ASSETS 16,501,800 16,501,800 4,575,900
Fixed Assets 8,261,400 8,261,400 604,800
   Tangible Fixed Assets 560,700 560,700 466,200
   Leasing Fixed Asset 12,600 12,600 14,700
   Intangible Fixed Asset 73,500 73,500 73,500
   Construction in Progress 7,616,700 7,616,700 52,500
Investment in Real Estate -
Long Term Investments 8,099,700 8,099,700 3,920,700
Other Long-term Asset 140,700 140,700 50,400
TOTAL ASSETS 21,000 21,000 7,016,100

CURRENT LIABILITIES 3,225,600 3,225,600 1,211,700
Short-term Debt 1,125,600 1,125,600 686,700
Current Account Payables 443,100 443,100 266,700
Advance from Customers 8,400 8,400 10,500
Tax Payables 153,300 153,300 77,700
Payroll Payables 6,300 6,300 148
Accrued Expense 501,900 501,900 163,800
Other Payables 987,000 987,000 4,200

LONG TERM LIABILITIES 5,756,100 1,495,200 737,100
Long-term Debt 5,000,100 739,200 735,000

Report
MSN 2010 Audited Financial Statement
MSN 3Q11 Unaudited Results
4 December 2011
3 December 2011
2 December 2011
MSN 1H11 Financials Review
1 December 2011
4 December 2011
Other Long-term Liabilities 756,000 756,000 2,100
LIABILITIES 8,981,700 4,720,800 1,946,700

EQUITY 10,623,900 14,884,800 4,762,800
Chartered Capital 5,153,400 5,896,800 4,853,100
Capital Surplus 2,165,100 5,682,600 1,421,700
Other Capital 9,651,600 9,651,600 -
Differences in Forex Revaluation 4,200 4,200 -
Other Reserves 9,061,500 9,061,500 1,946,700
Retained Earnings 2,711,100 2,711,100 434,700
Other Funds - - 2,100

MINORITY INTEREST 1,524,600 1,524,600 306,600
TOTAL RESOURCES 21,000 21,000 7,016,100
(**) Pro forma is our unaudited financial numbers that are derived from our audited results with adjustments made to
reflect the conversion of all convertible debt instruments that are "in the money" which will impact our long-term debt
and equity
Audited Financial Statements
[back to top]
QUARTERLY FINANCIAL STATEMENTS
2011
2010

Report
MSN 1H10 Financials Review
25 October 2011
25 July 2011
29 April 2011
26 January 2011
2 November 2010
MSN 2009 Earnings Release
16 April 2010
2009
EARNINGS RELEASE
2011
2010
2009
TRACK RECORD
Masan Group share price performance since listing

Report
Source:
Hochiminh Stock Exchange, USD/VND exchange rate of VND21,000
Financial performance
STOCK INFORMATION
Profile Quote Charts Historical Data
Intraday Price - MSN
MSN: HOSE Last (VND '000) 89.0
Change (VND '000) -0.5
Open (VND '000) 89.0
High (VND '000) 89.0
Volume (Shares) 88,690
52 Wk High (VND '000) 158.0
Shares Outstanding (mn) 545.1
Quote Time 12/26/2011 11:00 VNT
% Change -0.6 %
Prev.Close (VND '000) 89.5
Low (VND '000) 86.5
Market Cap (bn VND) 48,518
52 Wk Low (VND
'000)
66.0
Market HoSE
HANG SENG 18,629.20 250.94 S&P 500 1,265.33 11.33 FTSE 100 5,512.70 55.73
Today 5d 1m 3m 1y 3y All

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