A NEWSTANDARD

IN PRIVATE EQUITY FOR CONSISTENTLY

SETSMEKONG CAPITAL

GENERATING RETURNS

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CONTENTS

05 Private Equity Pioneer06 History Of Mekong Capital08 Investment in Customer-Driven Businesses09 Recognized for Excellence at Adding Value11 Best Practices 12 Our Team14 Our Culture 16 Vision Driven Investing 3.018 Vision19 KPIs20 Generating Breakthroughs21 CoreValues⁄Culture22 ManagementTeam⁄HRCapability24 Corporate Governance25 Outside Experts26 Customer Driven27 Focus28 Digital Transformation29 Delegation&Accountability30 Current Investments32 Pizza 4P’s33 Pharmacity34 Vua Nem 35 Chao Do36 ABA Cooltrans37 F8838 Nhat Tin Logistics 39 YOLA40 Some Of Our Exited Investments

Mekong Capital was the first private equity investor in Vietnam and has developed deep expertise as a result.

PRIVATE EQUITY PIONEER

FUNDS

FULL-TIME PEOPLE IN HO CHI MINH CITY& HA NOI

PRIVATE EQUITY INVESTMENTS

35

INVESTMENTSFULLY EXITED

26

30+

6 7

HISTORY OFMEKONG CAPITAL

Mekong Capital Building a Culture of Leadership in

Vietnam

2011Vision Driven Investingpioneered & implemented

2020The Birth of Ontological Private Equity

2001Early focus on SME Export Manufacturing companies

2008Mekong Capital corporate culture transformation2006

Shift towardsconsumerbusinesses

2010Corporate Culture Transformation Completed-HBSCase-studyPublished

8 9

INVESTMENT IN CUSTOMER - DRIVEN BUSINESSESMekong Capital is a Vietnam-focused Private Equity firm, specializinginconsumerdrivenbusinesses.MekongCapital’sinvestee companies are typically among the fastest growing and market leading companies in Vietnam’s consumer-driven sectors such as retail, restaurants, consumer products and distribution.Thesecompaniesaretypicallywell-establishedcompanies in their sectors, but operate in fragmentedand fast growing markets which present attractive growth opportunities.

RECOGNIZED FOR EXCELLENCE AT ADDING VALUE

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Peter Goodson Kimberly McGinnisClaudia Zeisberger

Mekong Capital’s Operating Advantage Boosts the Value in Golden Gate Restaurants Exit

August 2015

Case studies

Mats Lingblad

TRAPHACO: CHOICES FOR THE FUTURE

6 August 2013

Coller Institute for Private Equity

Eli TalmorRichard Turner Adolfo Vinatea

Mekong Capital: The Importanceof Corporate Culture in Emerging Markets Private Equity

February2010

CHRISTOPHER MARQUISVINAY GANTIKEVIN SMITHDOUG GUTHRIE

Mekong Capital: Building a Culture of Leadershipin Vietnam

16 July 2010

Andrew DeliosMarkus Taussig MEKONG CAPITAL AND MOBILE WORLD(A) Growing a US$100 million company inVietnam;(B)BobWillet;(C)Venturinginto new countries and segments

4 May 2018

BESTPRACTICES

Net PromoterScore

KPIscustomer

touch-points

recr

uitm

ent

custo

mer

insig

ht re

sear

chcustomer-drivenvs. product-driven

SKU

sel

ection

boar

dm

eetin

gs

in-storeexperience

Digital Transformation customer journey

KPI-linked bonus Systems

agile

A/B

tes

ting

dist

ribut

ion

Vision Driven Investing

breakdown-to-breakthroughindependent Directors

supply chainBI reportdigital marketing

managementreporting

listening to customers

12 13

MekongCapitalhascultivatedthebestteaminprivateequityinVietnam.

193 30+combinedyearsof experience at Mekong Capital teammembers

OUR TEAM

14 15

OURCULTURE

Mekong Capital’s corporate culture is the source of our effectiveness. Wehave invested extensively in developing a team that lives our core values.

JEROMOSITYRelating to other people as their commitments, intentions,possibilitiesandinherent goodness. Empowering others.

SPRINGTHROUGHInspiring ourselves and others to step out ofcomfortzones,playabiggergame,andchoose empowering contexts which lead to newactionsandbreakthroughresults.

VICTORANCEFearless and relentless perseverance until the goal is achieved regardless of whatever obstaclesseemtobeintheway.

BEAUTEGRITYHonoring our word(1) so that everything works. Working together as a unifiedpowerful force.

GENESISChoosing the view of life that we are the source of what we choose, what actions we take, what impact we have and how the world materializes around us. Being the cause rather than the effect.

RESULTERSHIPHolding ourselves and others accountableto organize around results and do whatever isnecessarytoproduceresults,butalwaysin a way that is consistent with our core values.

CORE VALUESCOMMUNIPLETECommunicating in a complete and direct way so that nothing is in the way, misunderstood or unhandled. Getting the otherpersonandbeinggotten.

INQUISITYAthletic inquisitiveness. Relentlessly pursuing the root causes and key drivers. Pushing the boundaries in generatinggame-changing insights.

(1)Honoring our word includes doing what we said we would do, doing what we know to do, doing what is expected of us by those with whom we wish to have a workable relationship at work, standing behind what we assert to be true, being and acting consistent with what we stand for, and honoring our Company’s Code of Ethics, legal and regulatory commitments.

VISIONFULFILLED

CORE FRAMEWORK EXTERNAL RESOURCES

CUSTOMERDRIVEN

CO

RPORATE GOVERNANCE

OUTSIDE EXPERTS

CORE VALUES& CULTURE

BO

NUS SYSTEM

MA

NAG

EMENT TEAM

DRI

VERS & OPTIMAL PATHW

AY

BUSINESS INTELLIG

ENCE

AN

ALYT

ICS

DIGITALTRANSFOMATION

DELEGATION & ACCOUNTABILI

TY

GENERATIN

G B

RE

AK

TH

RO

UG

HS

FOCUS

In

Out

PEOPLE SCALABILITY

KPIs

VISION

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Mekong Capital’s Vision Driven Investing approach is a framework for adding value to our investee companies whichisbasedonbestpracticesinprivateequity,strategyconsulting, change management and executive coaching.

VisionDrivenInvestinghasbeenrevisedseveraltimesbasedonouractualexperienceofwhatworkedbest,andwhatdidn’twork, at our investee companies over the last 16 years.

VISION DRIVEN INVESTING 3.0

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VISION

The company has a clear goal for its future, and all key stakeholders are aligned and working together to achieve that sharedgoal.Itisanambitiousgoalthatrequiresorganization-widebreakthroughsinperformanceandcapability.

The company has identified which actionable short-termtargets are most critical or impactful for achieving the Drivers & Optimal Pathway and has organized the team around delivering those targets.

KPIs

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GENERATING BREAKTHROUGHS

Whenthecompanyisnotontrackforachievinganytarget,wecalla“breakdown”ratherthanaproblemtobeavoided.Breakdowns are consistently used as an opportunity to get to thesourceoftheunderperformance,andcausebreakthroughsin future performance. Consequently, the company is rapidly improvingitsperformanceasaresultofbreakdowns.

CORE VALUES ⁄CULTURE

The company has a strong culture in place built aroundcorevalueswhichareactionableandwellalignedwith theVision. Employees are reliably being and acting from thecorevalues,contributingtoextraordinaryperformanceintheareasaddressedbythecorevalues.

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MANAGEMENTTEAM ⁄ HR CAPABILITY

The company has a world class management/leadership team in place for each key management position: each person can leadtheirteamtoreliablydelivertheresultsforwhichtheyareaccountable.Thecompanybringsoutthebestinpeople,and has appropriate resources and programs to attract, retain and develop an extraordinary team.

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OUTSIDEEXPERTS

Thecompanyproactivelyfindsandengagesthebestoutsideexperts,consultants,advisorsandcomparablecompaniestoquicklylearnandapplybestpractices,andexpertise,whichwould otherwise take the company much longer to discover on its own.

CORPORATE GOVERNANCEThe Board of Directors is organized around the company achieving its Vision. Each Board member has somethingvaluableandrelevanttocontribute.Withactiveparticipationby all Board members, a collective intelligence emergesthrough inclusive conversations at the Board meetings which lead to valuable new insights, initiatives or otherbreakthroughs.TheBoarddoesnotinterfereinmanagementdecisions,butratherempowersthemanagementwhileholdingthemanagementaccountableforresults.Thebestinterestsof all stakeholders are represented, including customers, employees,shareholdersandthebroadercommunity/planet.

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FOCUS

The company values focus over diversification, and simplicity overcomplexity.Thecompanyexecutesreliablyandgrowsfastbecausetheyarefocusedondoingalimitednumberofthings very well, while continuously simplifying to remove friction for customers and employees. They prioritize and allocatepeopleandresourceswhereitwillhavethebiggestimpact. The pursuit of focus applies to all levels such as majorshareholders’ interests,numberofbusinessunitsorbusinessmodels,non-coreinvestments,numberofstrategicinitiativesunderwayandbrandmessaging.

CUSTOMERDRIVENThe company is organized around customers, including listening to customers to improve customer experience, identifying actionable insights about specific groups ofcustomers, ensuring sufficient focus on themost valuablecustomers, designing customer journeys and customer experiences that fulfill on the company’s brand strategy,maintaining an active relationship with customers through engagement and loyalty programs, and acting in the bestinterests of customers.

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DELEGATION & ACCOUNTABILITYNo person is a significant bottleneck in the company.Accountability and decision rights are clearly delegated,with clear job descriptions and performance expectations.Decisionsaremadequicklybyonepersonwithaccountabilityto do so, or small cross-functional groups. People on the front linesareempoweredtomakerelevantdecisionsandcanberelied on to do so in accordance with the core values. KPIs are effectively cascaded down throughout the organization, andpeopleareheldaccountableforresults.

DIGITAL TRANSFORMATION

The company leverages the full power of digital transformation to automate business processes and create a scalableinfrastructure for growth, including an agile mindset, data-informed experimentation, e-commerce, online/offline integration, targeted digital marketing, a robust businessintelligence platform, and seamless integration of critical businessprocessesacrossfunctions.

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Our investee companies are among the fastest growing, most well managed & market leading companies in Vietnam.

CURRENT INVESTMENTS

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Pizza4P’soperateswithFarm-to-Tableconcept:homemadecheese and local ingredients and vegetables are freshlyproduced in Dalat. Pizza 4P’s menu consists of a variety of classic Naples style pizzas as well as Japanese inspired fusioncuisinewhichbringsouttheflavorsofJapan,ItalyandVietnam.Itsrestaurantsettingwithpizzasbakedinakitchentheater is always a showstopper for its customers.

AsofDecember2019,Pizza4P’shas17 restaurants across its chain in Ho Chi Minh City, Hanoi, Danang and Nha Trang. Pizza 4P’s popularity is so high that reservations normally needtobemadeuptooneweekinadvance.

PharmacitywasestablishedinMay2011andisoneofthefirstcutting-edge pharmacy retail chains in Vietnam. Pharmacity retailsbothVietnamesetraditionalandWesternmedicines,aswellasbeautyproductsandvitamins.Availableitemsatthestoresaresourceddirectlyfromauthorizeddistributorsandmanufacturers, rather than wholesalers or traders, to serve its customers with the highest quality authentic products.

As of December 2019, Pharmacity has expanded its storenetwork significantly to over 250 stores in Ho Chi Minh City, Can Tho, Binh Duong, Vung Tau, Hanoi, Dong Nai and Danang. By 2021, Pharmacity plans to enlarge its network to more than 1000 stores with national presence across Vietnam.

Number of restaurants:

pre-investment(2018):

post-investment(2019):8 17

Number of stores:

pre-investment(2017):

post-investment(2019): 54 254

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Establishedin2007byagroupof3co-founders,VuaNemistheleadingretailchainofmattressesandbeddingaccessoriesinVietnam.Thecompanyoperatesane-commercewebsiteVuanem.com.

WhilemostmattressretailersinVietnamareshowroomsfora single brand,VuaNemstores differentiate by offering amodern shopping experience with a wide range of mattress typesandmattressbrands.

post-investment(2019): 34pre-investment

(2017): 59Number of stores:

RedWok,originallynamedWrap&Roll,wasfoundedin2006byaVietnameserestauranteurwhosefamilyhasbeenintherestaurantbusinessforthreegenerations.Thecompanyhasbeenreestablishedasarestaurantholdingcompany,targetingVietnam’s casual dining segment. The focus for expansion is throughorganicallygrowingitsexistingbrands(Wrap & Roll and Lau Bo Sai Gon) as well as acquiring successful concepts positioned for growth.

Inearly2018,RedWokacquiredaminoritystakeinQuanUtUt,whichoperatesachainofBBQandcraftbeerrestaurantsin Ho Chi Minh City.

post-investment(2019):

post-investment(2019):

114

Number of restaurants:pre-investment

(2016):pre-investment

(2017):

268

RED WOK

QUAN UT UT

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ABA is the leading integrated cold-chain operator providing lastmilesolutions intheVietnammarket.AsofDecember2019, the company owns and operates 262 refrigerated trucks and two cold storage facilities with 37,000 pallets of storage in Hanoi and Ho Chi Minh City. ABA provides several types of last mile cold-chain logistic services, focusing on:

• Scheduled and on-demand delivery to retail outlets• Management of cross-docking facilities• Temperature controlled storage and value-added services• Last mile cold-chain assurance for partners

Number of owned truckspre-investment (2016):

Cold storage facilitiespre-investment (2016):

50 post-investment(2019):

post-investment(2019):

26220 Hanoi HCMC

Foundedin2013by3youngentrepreneurs,F88isthepioneerand leading chain of collateralized lending stores in Vietnam, targeting small businesses and unbanked consumers whoneed quick cash. They primarily lend against motorbikes,cars,motorbiketitles,cartitles,laptopsandsmartphones.

By December 2019, the company has over 120 stores inHo Chi Minh City, Hanoi and some Northern provinces near Hanoi.

post-investment(12/2019):136pre-investment

(01/2016): 97,969Accumulated number of customers:

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NhatTinwasestablishedinearly2015byagroupofseasonedveterans in the Logistics sector in Vietnam. The company is a provider of warehouse fulfillment and courier services. Nhat Tin is the market leader in the B2B sector, servicing leading retailers suchasMobileWorldGroup, FPTShopandotherinstitutional clients such as Samsung.

AsofDecember2019,thecompanyoperates279trucksandhasanestablisheddistributionnetworkofover250postallocations throughout Vietnam.

post-investment(12/2019): 10,000 22,000pre-investment

(3/2017):

Number of shipments per day:

YOLAwasfoundedby3co-foundersin2009.YOLAprovideskids English training (5 -10 years), junior English training (10 -15 years), foundation English training (16 years+) and academic test preparation via 15 training centers in HCMC and1inHanoi.Thecompanyfocuseson“academic”English,including scoring high on tests of English proficiency, rather than conversational English. Test preparation also includes entrance exams such as SAT, GMAT, etc.

post-investment(2019):

post-investment(2019):

pre-investment(2016):

pre-investment(2016):

Number of annual enrollments:

Number of centers:

11,024

4

25,827

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SOME OF OUR EXITED INVESTMENTS

MWG: transitionedfromasmallchainof7mobilephonestores in Ho Chi Minh City when we invested in 2007 into Vietnam’s first nationwide retailer of mobile devices andconsumer electronics, with 2,812 stores (1,009 thegioididong.com, 937 Dien may XANH, and 866 Bach hoa XANH stores) acrossall63provincesbyOctober2019.MobileWorldgrewfromnetprofitofVND6billiontoVND3,260billionbytheendofOctober2019.

MOBILE WORLD GROUP

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PNJ: the largest jewelry retailer in Vietnam. Revenues grew fromoverVND110billionwith86storeswhenweinvestedin2007,toanetprofitofVND950billionacross324storesbythe end of 2018.

PHU NHUAN JEWELRY

GOLDEN GATE: the leading restaurant chain operator inVietnam.Grewfrom7restaurantsofonebrandconcept,Ashima Mushroom Hotpot, when we invested in 2008 to more than 300 restaurants across 22+brand concepts byDecember2019.

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MASAN CONSUMER: the market leader in the sauces and condiments segment of Vietnam’s packaged foods industry. Revenues grew from US$228 million when we invested in 2009 to over US$590 million in 2017.

VAS: a dual curriculum K-12 school chain, has transitioned from a network of small campuses into a system of 8 campuses in which 5 are mega campuses, comprising 8,500 students.VASalsotransitionedfromabilingualschoolbasedon Vietnamese curriculum with supplemental English classes intoadual-curriculumschoolofferingbothlocalVietnamesecurriculumand theCambridge InternationalCurriculum(inEnglish) to its students.

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TRAPHACO: shifted from the 5th largest pharma company in Vietnam in 2007 to the 2nd largest pharma company in Vietnam by aggressively growing its nationwide networkof company-owned distribution branches and rolling out adirect-to-pharmacy sales team, in which they sell directly to more than 23,000 pharmacies, equivalent to ~55% of total pharmacies in Vietnam. Traphaco grew from net profit of VND38billionin2007toVND260billionin2017,andfrom2branchesin2007to24branchesanddistributionsubsidiariesin 2017.

ICP: ICP was a fast-moving consumer company. Revenues grew from US$8.7 million when we invested in 2006 to over US$45 million in 2016. This investment was sold to an Indian company in 2011.

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AA CORPORATION: a furniture and interior contracting company and had 2 retail brandsNha Xinh and AA Décor during the time we held the investment. Revenues grew from US$9.3 million when we invested in 2003 to US$75(e) million in 2015.

FPT SOFTWARE: Vietnam’s largest and one of the fastest growing software outsourcing companies with revenue grew from US$52 million in 2010 when we invested to US$231.5 million in 2016.

Customers include:

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DISCLAIMER

Thisdocument(the“Brochure”)doesnotconstituteanoffer tosell (or thesolicitationofanoffertobuy)anysecuritiesorother financial instruments,nordoes itconstitutean offer to provide any investment management services. This Brochure is not intended toprovide the solebasisof anevaluationbypotential investorsofany investmentorinvestmentserviceandshouldnotbeconsideredarecommendationbyMekongCapitalAdvisorsCompanyLimited(“MekongCapital”)thatanyinvestmentorinvestmentservicementionedissuitableforeveryrecipientofacopyofthisBrochure.ProspectiveinvestorsinanyinvestmentfundconsultedbyMekongCapitaloranyotherMekongCapitalconsultingproducts, or persons wishing to engage Mekong Capital to provide any investment consulting service, should contact Chris Freund – Partner. Any such transaction or engagement will onlybeenteredintoincompliancewithapplicablelawsandonthebasisofappropriatelegaldocumentation.Inparticular,MekongCapitalisrequiredbyapplicablelawtocarryout 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 forwardlookingstatementsandinformation)hasbeenobtainedfrompublishedsourcesand/orpreparedbyotherparties.Whilesuchinformationisbelievedtobereliableforthepurpose for which it is used in this Brochure, Mekong Capital, and its affiliates and their respective directors, officers, employees, partners and shareholders, do not assume any responsibilityfortheaccuracyofsuchinformation.CertaininformationinthisBrochureconstitutes“forwardlookingstatements”,whichcanbeidentifiedbytheuseofforwardlooking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “estimate”,“intend”, “continue”, or “believe”, their respective negatives and other comparableterminology.Due tovarious risksanduncertainties(including thosementionedbelow)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, prospectiveinvestors and clients should bear in mind that past performance is not necessarilyindicativeoffutureresultsandtherecanbenoguaranteeorassurancethatthefundsconsultedbyMekongCapitalwillachievecomparableresultstothosequotedinrelationtoprevious returns or to projected future returns. Prospective investors and clients should also note that market and macro-economic conditions and the prevailing regulatory and taxconstraintsaffectingMekongCapitalinthefuturemaydiffersubstantiallyfromthoseapplicabletothepreviousMekongCapitalfundsreferredtointhisBrochureandthatinthe future Mekong Capital may operate with different investment consulting and gearing strategies than those deployed in the funds referred to in this Brochure.

Ho Chi Minh City Office

(Main office in Vietnam)

Capital Place, 8th Floor

6 Thai Van Lung Street, District 1

Ho Chi Minh City, Vietnam

Tel: (84 28) 3827 3161

Hanoi Office

Lotte Hanoi Center, 31st Floor, East

Building, 54 Lieu Giai, Ba Dinh

District, Hanoi, Vietnam

Tel: (84 24) 3772 4888

E-mail: info@mekongcapital.com

www.mekongcapital.com