A NEWSTANDARD

IN PRIVATE EQUITY FOR CONSISTENLY

SETSMEKONG CAPITAL

GENERATING RETURNS

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CONTENTS

04 History Of Mekong Capital05 Private Equity Pioneer 06 Focused07 Investment in Customer-Driven Businesses08 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 Investments31 Vua Nem 32 Chao Do33 ABA Cooltrans34 F8835 Ben Thanh Jewelry (Precita) 36 Nhat Tin37 Yola38 Some Of Our Exited Investments

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

PRIVATE EQUITY PIONEER

HISTORY OFMEKONG CAPITAL

2016 Vision Driven Investing 3.0 implemented

2015 Mekong Enterprise Fund III(MEF III) launched

2012 Vision Driven Investing 2.0 implemented

2010 Corporate Culture Transformation Completed-HBSCase-studyPublished

2009 Vision Driven Investing pioneered & implemented

2007 Vietnam Azalea Fund (VAF) launched

2006 Mekong Enterprise Fund II (MEF II) launched

2003 First investments made

2002 Mekong Enterprise Fund (MEF) launched

2001 Mekong Capital Ltd incorporated

FUNDS

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

PRIVATE EQUITY INVESTMENTS

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INVESTMENTSFULLY EXITED

26

30+

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FOCUSEDMekongCapitalbelievesin: beingfocused; mastering what we do.

ONLY VIETNAM

INVESTMENT IN CUSTOMER - DRIVEN BUSINESSESMekong Enterprise Fund III (MEF III), the fourth fund advised byMekong Capital focuses on consumer driven sectors inVietnam, typically deploying $8-15 million per investment.

The primary investment objective ofMEF III is to achievea high internal rate of return by investing in Vietnameseconsumer-driven businesses such as retail, restaurants,consumer products, and consumer services. It may also invest in companies involved in the convergence betweenonline and offline, especially in the retail space.

MEFIIIcanmakebothminorityandbuy-outinvestments.

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Peter Goodson Kimberly McGinnisClaudia Zeisberger

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

August 2015

RECOGNIZED FOR EXCELLENCE AT ADDING VALUE

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

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MekongCapitalhasdeepexperienceofapplyingbestpracticesin retail and other consumer-driven sectors.

BESTPRACTICES

Option 1

Net PromoterScore

KPIscustomer

touch-points

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ent

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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.

164 30+combined yearsof experience at Mekong Capital teammembers

OUR TEAM

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OUR CULTUREMekong Capital’s corporate culture is the source of our effectiveness.Wehaveinvestedextensivelyindevelopingateam that lives our core values.

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

SPRINGTHROUGHInspiring ourselves and others to step out of comfortzones,playabiggergame,andchooseempowering contexts which lead to new actions andbreakthroughresults.

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

BEAUTEGRITYHonoring our word(1) so that everything works. Workingtogetherasaunifiedpowerfulforce.

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 accountable toorganize around results and do whatever is necessary toproduce results,butalways inaway that is consistent with our core values.

CORE VALUES

COMMUNIPLETECommunicating in a complete and direct way so that nothing is in the way, misunderstood or unhandled.Gettingtheotherpersonandbeinggotten.

INQUISITYAthletic inquisitiveness. Relentlessly pursuing the root causes and key drivers. Pushing the boundariesingeneratinggame-changinginsights.

(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.

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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

WHAT PEOPLE CAN’T SEE

WHAT PEOPLE SEE

DELEGATION &ACCOUNTABILITY

CUSTOMERDRIVEN

CORPORATEGOVERNANCE

KPIS

MANAGEMENTTEAM/HR

CAPABILITY

COREVALUES &CULTURE

BONUSSYSTEM

VISION

DRIVERS/ANNUAL

MILESTONES

GENERATINGBREAKTHROUGHS

MANAGEMENT& FINANCIALREPORTING

FOCUS

OUTSIDEEXPERTS

DIGITALTRANSFORMATION

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VISION

Mekong Capital works with each of our investee companies to generate a clear compelling long-term vision or goals on whicheachcompanyandMekongCapitalarebothinspiredand aligned.

Mekong Capital works with the investee companies to create monthly KPI targets, which are the top priority results which the management teams needs to deliver in order for the companies to achieve their visions.

KPIs

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GENERATING BREAKTHROUGHS

WhenMekongCapitaland/ortheinvesteecompaniesforeseesthat the companies will be off-track from achieving itsTargets/KPIsinawaythatwouldlikelyleadtothevisionnotachieved, Mekong Capital coaches our investee companies on a framework to get to the source of the issue and identify what’snexttogettheinvesteecompaniesbackontracktoachieve its vision.

CORE VALUES ⁄CULTURE

Mekong Capital facilitates the opportunities for the investee companies to generate a set of core values consistent with thevisionisinexistenceandguidingemployees’behavior/actionswitheachother,with customersandwithbusinesspartners.Wecontinuouslyworkwiththecompaniestoenablethe customer-touching employees consistently demonstrate the core values.

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MANAGEMENTTEAM ⁄ HR CAPABILITY

Mekong Capital works with the investee companies to ensure they proactively recruit a strong team that can reliablydeliver the expected results, and continue to train the team necessary to achieve the annual milestones and vision.

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OUTSIDEEXPERTS

Mekong Capital actively works with the investee companies to successfully implement relevant insights or bestpracticesprovidedbyoutsideexpertsincludingvalue-addedindependentBoardmembersandoutsideconsultants.

CORPORATE GOVERNANCE

Mekong Capital works closely with the investee companies to ensure each company has an actively participating, well-informed, value-added Board of Directors.

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FOCUS

Mekong Capital ensures each company is focused on a single business,orrelatedbusinesseswithsimilarsuccessdrivers.

CUSTOMERDRIVEN

Mekong Capital ensures each company organizes around understanding what customers want, and how to improve customer experience and satisfaction.

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DELEGATION & ACCOUNTABILITY

Mekong Capital works with each investee company to ensure accountabilities and decision rights are clearly delegated,withclearjobdescriptionsandperformanceexpectations.

DIGITAL TRANSFORMATION

MekongCapitalprovidessignificantcoachingtoenableinvesteecompanies leverage the full potential of digital transformation toautomatebusinessprocesses,createnewgrowthandmakedata-informed experimentation and decisions.

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CURRENT INVESTMENTS

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

MEFIIIhasinvestedinto:

Established in2007byagroupof four co-founders,Vua Nem is the leading retail chain of mattresses and bedding accessories with 60 stores as of December2018.Thecompanyoperatesane-commercewebsitehttp://Vuanem.com.

WhilemostmattressretailersinVietnamareshowroomsfor a single brand, Vua Nem stores differentiate byoffering a modern shopping experience with a wide rangeofmattresstypesandmattressbrands.

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ABA is the leading integrated cold-chain operator providing last mile solutions in the Vietnam market. The company owns and operates 240 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 logisticservices,focusingon:

• 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

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.

Bytheendof2018,RedWokhas15Wrap & Roll outlets and 12 Lau Bo Sai Gon restaurants in Vietnam. In early 2018, Red WokacquiredaminoritystakeinQuanUtUt,whichoperatesachainofBBQandcraftbeerrestaurantsinHoChiMinhCity.

No. of owned trucks (2016):

Cold storage facilities (2016):

50 post-investment(2018e):

post-investment(2018):

24020

post-investment(2018e):

post-investment(2018e):

114

no. of restaurants(2016):

no. of restaurants(2017):

279

RED WOK

QUAN UT UT Hanoi HCMC

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Ben Thanh Jewelry (BTJ) is a jewelry retailer which wasestablishedin1987aspartofBenThanhGroup.In2016MEFIII made a significant investment into BTJ which was used to launchasecondjewelrybrand,PRECITA.

PRECITAisthejewelerofchoiceforpeoplebuyingbeautifuldiamondjewelryinVietnam. PRECITA targets modern women and the jewelry selection ismore fashionable and design-focused thanwhat is typically available inVietnam.BTJ ismanagedbyateamofprofessionalexpertsinjewelryretail,merchandising, marketing and store operations.

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.

ByDecember2018, thecompanyhas46stores inHanoi,Ho Chi Minh City, and some Northern provinces near Hanoi.

post-investment(2018e): 0pre-investment

(2016): 16Number of PRECITA stores:

post-investment(Nov 2018):220pre-investment

(2016): 17,355Number of active customers:

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YOLAwasfoundedby3co-foundersin2009.YOLAprovideskids English training (5 -10 years), junior English training(10 -15 years), foundation English training (16 years+) and academic test preparation via 10 training centers in HCMC and 1 in Hanoi. The company focuses on “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.

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 such as Mobile World Group, FPTShop and otherinstitutional clients such as Samsung.

Asof30October2018,thecompanyoperates242trucksandhasanestablisheddistributionnetworkofover185postallocations throughout Vietnam.

post-investment(2018e):

post-investment(2018e):

pre-investment(2016):

pre-investment(2016):

Number of enrollments:

Number of centers:

11,024

4

19,000

11post-investment(Oct 2018):

10,000

18,000

pre-investment(Mar 2017):

shipmentsper day

shipmentsper day

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SOME OF OUR EXITED INVESTMENTS

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MOBILEWORLD: Transitioned from a small chain of 7 mobilephonestoresinHoChiMinhCitywhenweinvestedin2007intoVietnam’sfirstnationwideretailerofmobiledevicesand consumer electronics, with more than 2,944 stores (1,782 thegioididong.com, 749 Dien may XANH, and 413 Bach hoa XANHstores)acrossall63provincesbyOctober2018.MobileWorld grew fromnet profit of VND6billion in2007toVND2,207billionbytheendof2017.

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.

MWG MOBILEWORLD

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VAS: VAS, a dual curriculum K-12 school chain, has transitioned from a network of small campuses into a system of 9 campuses in which 5 are mega campuses, comprising 7,200+studentsbyDecember2018.VASalsotransitionedfromabilingualschoolbasedonVietnamesecurriculumwithsupplemental English classes into a dual-curriculum school offeringbothlocalVietnamesecurriculumandtheCambridgeInternational Curriculum (in English) to its students.

PNJ:thelargestjewelryretailerinVietnam.Netprofitgrewfrom US$7.0 million with 86 stores when we invested in 2007, toUS$32.5millionacross257storesbytheendof2017.

PHU NHUAN JEWELRY

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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.

GOLDEN GATE: the leading restaurant chain operator inVietnam.Grewfrom7restaurantsofonebrandconcept,Ashima Mushroom Hotpot, when we invested in 2008 to 277 restaurantsacross22+brandconceptsbyDecember2018.

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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.

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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MAISON: a luxury fashion retailer in Vietnam, we invested in 2008, with 7 stores across 4 brands (Mango, Nike, Faconnable, Charles & Keith). In 2018 they have 77+ stores nationwidewith23+brands.

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.

Customersinclude:

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DISCLAIMER

This document (the “Brochure”) does not constitute an offer to sell (or the solicitation ofanoffertobuy)anysecuritiesorother financial instruments,nordoes itconstitutean offer to provide any investment management services. This Brochure is not intended toprovide the solebasisof anevaluationbypotential investorsofany investmentorinvestmentserviceandshouldnotbeconsideredarecommendationbyMekongCapitalAdvisors Company Limited (“Mekong Capital”) that any investment or investment service mentionedissuitableforeveryrecipientofacopyofthisBrochure.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 necessarilyindicativeoffutureresultsandtherecanbenoguaranteeorassurancethatthefundsconsultedbyMekongCapitalwillachievecomparableresultstothosequotedinrelationtopreviousreturnsortoprojectedfuturereturns.Prospectiveinvestorsandclientsshouldalso 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)

c/o:CapitalPlace,8th Floor

6 Thai Van Lung Street, District 1

Ho Chi Minh City, Vietnam

Tel:(8428)38273161

Hanoi Office

Lotte Hanoi Center, 31st Floor, East

Building, 54 Lieu Giai, Ba Dinh

District, Hanoi, Vietnam

Tel:(8424)37724888

E-mail:info@mekongcapital.com

www.mekongcapital.com