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Mekong Enterprise Fund divested 100% of its investment in AA Corporation. This divestment resulted in a gross return multiple of 2.12x. The Fund originally invested $1.67 million in AA - between March 2003 to July 2005. This is the fifth full exit by the Mekong Enterprise Fund, and the eighth full exit among funds managed by Mekong Capital. www.aacorporation.com www.thegioididong.com Mekong Capital successfully completed the 8 th full exit of its funds* Divestment Spotlight on Investee Companies Spotlight on Mekong Capital MEKONG CAPITAL - 3Q11 NEWSLETTER for the period ending 30 September 2011 Please click here if you cannot view this e-mail in HTML. If you wish to unsubscribe from our mailing list, please reply to [email protected]. Click here to follow us on LinkedIn. DIVESTMENT SPOTLIGHT ON INVESTEE COMPANIES The Gioi Di Dong (“Mobile World”) – Opened 41 new stores in 3Q11, bringing total group stores to 161 Sector: Electronics Retail third quarter. The company opened an additional 40 thegioididong.com with much of the expansion happening in the provinces outside of Ho Chi Minh City and Hanoi. Mobile World is the leading mobile phone retailer in Vietnam, controlling close to 30% of the national market share by the end of the third quarter. The company also opened one new dienmay.com store, the larger retail format for consumer electronics and household appliances, during the third quarter, increasing the total number to 3 stores. To see a map of all of Mobile World’s store locations, please click here.

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Page 1: Mekong capital 3_q11_newsletter

Mekong Enterprise Fund divested 100% of its investment in AA

Corporation. This divestment resulted in a gross return multiple of

2.12x. The Fund originally invested $1.67 million in AA - between

March 2003 to July 2005.

This is the fifth full exit by the Mekong Enterprise Fund, and the

eighth full exit among funds managed by Mekong Capital.

www.aacorporation.com

www.thegioididong.com

Mekong Capital successfully completed the 8th

full exit of its funds*

DivestmentSpotlight on Investee CompaniesSpotlight on Mekong Capital

MEKONG CAPITAL - 3Q11 NEWSLETTER for the period ending 30 September 2011

Please click here if you cannot view this e-mail in HTML. If you wish to unsubscribe from our mailing list, please reply to [email protected].

Click here to follow us on LinkedIn.

DIVESTMENT

SPOTLIGHT ON INVESTEE COMPANIES

The Gioi Di Dong (“Mobile World”) – Opened 41 new stores in 3Q11, bringing total group stores to 161Sector: Electronics Retail

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third quarter. The company opened an additional 40 thegioididong.com

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with much of the expansion happening in the provinces outside of Ho Chi

Minh City and Hanoi. Mobile World is the leading mobile phone retailer in

Vietnam, controlling close to 30% of the national market share by the end

of the third quarter.

The company also opened one new dienmay.com store, the larger retail

format for consumer electronics and household appliances, during the

third quarter, increasing the total number to 3 stores.

To see a map of all of Mobile World’s store locations, please click here.

Page 2: Mekong capital 3_q11_newsletter

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third quarter, attributable to the outstanding performance of its restaurants

in the North, and the successful implementation of the company’s third

restaurant concept - Sumo-BBQ.

In 3Q11, Golden Gate opened one new Sumo-BBQ restaurant in Hanoi,

increasing the total number of Sumo-BBQ stores to 6 outlets nationwide.

The company currently operates 5 Ashima, 22 Kichi-Kichi, and 6 Sumo-

BBQ restaurants.

To see a map of all of Golden Gate’s restaurant locations, please click here.

Digiworld achieved a YTD net profit growth of 71% for the first nine months of

2011 due to successfully shifting its revenue mix towards the more profitable

products and the implementation of effective inventory and receivable management

systems.

An Giang achieved a YTD net profit growth of 32% for the first three

quarters of 2011, driven by rising rice prices in Vietnam, and a shift in

demand towards higher value-added crop protection chemical products.

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its vertically-integrated rice processing business, and commenced

construction of 2 additional rice mills in the third quarter. The company is

on track to have 4 rice mills in operation by the year-end with a combined

annual capacity of 400,000 tons of rice paddy.

Venture International (Vietnam) achieved a YTD net profit growth of 110% as of

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China to Vietnam, which is correlated with rising garment manufacturing costs in

China relative to Vietnam. The company’s management has done an exceptional

job at creating value from this opportunity by maintaining a stable and well-trained

workforce, high standards of quality control, and a culture of accountability and

results.

ACC achieved a YTD net profit growth of 54% for the first three quarters of

2011. The excellent performance was driven by the company implementing more

comprehensive KPIs while shifting its focus from revenue targets to profit targets.

Meanwhile, ACC’s food ingredient manufacturing affiliate, a joint venture between

ACC and Vinamilk, successfully closed a large contract with a leading coffee maker

in Vietnam.

www.ggg.com.vn

www.digiworld.com.vn

www.agpps.com.vn

www.vijsc.com

www.asia-chemical.com

Golden Gate – YTD net profit growth of 99%

Sector: Restaurant Chains

Digiworld – YTD net profit growth of 71%

Sector: IT Hardware Distribution

An Giang Plant Protection – YTD net profit growth of 32%Sector: Agriculture

Venture International (Vietnam) – YTD net profit growth of 110%

Sector: Garment Manufacturing

Asia Chemical Corporation (“ACC”) – YTD net profit growth of 54%Sector: Chemical Distribution

Page 3: Mekong capital 3_q11_newsletter

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Investing strongly in relationships with their Japanese clients, their orders from

Japan increased after the earthquake in early 2011. Japanese clients now account

for 50% of the company’s revenue. Meanwhile, the Vietnam Azalea Fund agreed

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2011 to support FPT’s “One-FPT” strategy.

����*'#'=##�L����@����(�!���?�R�����S������L!�������( ����������������������� ������!�����������U�Mekong Capital: The

Importance of Corporate Culture in Emerging Markets Private Equity, written by Adolfo Vinatea and Richard Turner, under the

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TRAPHACO achieved a YTD net profit growth of 35% for the first nine months of

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TRAPHACO has 11 company-owned branches nationwide, compared to 6 branches

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To see a map of all of TRAPHACO’s distribution branches, please click here.

www.fpt-software.com

www.traphaco.com.vn

FPT Software (“F-Soft”) – YTD net profit growth of 44%Sector: Software outsourcing

Best Case Study Prize at London Business School

TRAPHACO – YTD net profit growth of 35%Sector: Pharmaceuticals

Contact details MEKONG CAPITAL

Capital Place, 8th floor,

6 Thai Van Lung, District 1, Ho Chi Minh City, Vietnam

Tel: (84 8) 3827 3161 - Fax: (84 8) 3827 3162

E-mail: [email protected]

www.mekongcapital.com

*This includes only companies that were unlisted at the time of the original investment.

SPOTLIGHT ON MEKONG CAPITAL